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Rich Democrats Revolt Over SALT As Biden Tax Hikes Face Pressure From Both Sides


by Tyler Durden
Tuesday, Apr 20, 2021 - 03:34 PM
Rich Democrats - typically coastal elites - have publicly supported President Biden s tax hikes as long as the money is well spent,
and, as long as Biden removes a Trump-era 10% cap on a special deduction for rich taxpayers known as SALT (State and Local Tax), which forced wealthy Americans to pay an additional $88.7 billion in 2021 alone.
The revolt puts Biden in a tough spot - after he promised to redistribute wealth from the rich, while promising that
households making under $400,000 per year (ostensibly $200,000 for individuals) wouldn t see an increase. By removing Trump s SALT cap, Biden would be doing the exact opposite of making the rich pay their fair share. ....

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