"Democrats are at loggerheads over a progressive Trump-era revision to the tax code," writes LBJ student Ardian Shaholli in The Baines Report. "The Tax Cuts and Jobs Act of 2017 slashed taxes for the rich and corporations — with 83 percent of the benefits trickling up to the top 1 percent. However, it also instituted a $10,000 deduction cap on state and local taxes (SALT). Prior to this reform, individuals and households could deduct an unlimited amount in state and local property, sales, and income taxes. Democratic leadership broadly supports maintaining the cap. Meanwhile, a coalition of 20 Democrats and nine Republicans have formed the State and Local Taxes Caucus — threatening the passage of President Biden's infrastructure and tax priorities if all the proposals exclude a SALT cap repeal."
Read the rest at The Baines Report
- Trump Was Right About the SALT Cap (The Baines Report, Oct. 27, 2021)
- The Baines Report