Commentary President Joe Biden repeatedly said he would raise taxes only on the rich to pay for his Build Back Better plan, but now he’s backing a tax break for millionaires and billionaires, contradicting his past promises. While the White House calls it a “compromise” to move the president’s agenda forward, this is a big deal, according to critics, as Biden and Democrats will likely face a messaging problem heading into 2022 elections. House Democrats on Nov. 19 passed Biden’s nearly $2 trillion social and climate spending plan. The bill, called the Build Back Better Act, contains a wide variety of tax provisions, including an increased federal deduction for state and local taxes, or SALT. The plan allows taxpayers to deduct up to $80,000 of state and local taxes against their federal income taxes, a sharp increase from the current $10,000 cap. This means many among the rich would pay lower federal income …
RSS Feed | The Epoch Times