Democrats have no intention of making the rich pay their 'fair share'

For all their talk about raising taxes on the top 1% and forcing the wealthy to pay its “fair share,” Democrats have absolutely no intention of doing either.

Congressional Democrats quietly slipped a tax policy into their $1.75 trillion reconciliation package that would effectively allow rich residents in blue states not only to pay less in state and local taxes, but also to earn back those taxes they’ve paid in the past.

This policy, known as the state and local tax deduction, or by its acronym SALT, allows high-income residents in high-tax jurisdictions to deduct their state and local taxes from their federal bill. Under former President Donald Trump’s 2017 tax law, that deduction was capped at $10,000 through 2025. Democrats’ new proposal in the Build Back Better Act would raise that cap to $80,000 through 2030, after which it would return to $10,000. In other words, Democrats want to repeal the SALT deduction cap without actually repealing it.

And that’s not all. Democrats also plan to apply this cap retroactively increase to the start of this year, which means wealthy taxpayers who were only able to write off $10,000 in state and local taxes this past year might be eligible for a refund, according to several reports.