On Thursday, May 22nd, the House of Representatives passed its major tax and spending legislation, which included last-minute revisions that made it even more favorable for the wealthy. The tax provisions discussed in our analysis of a prior version of the bill remain, but it now includes an additional increase in the deduction for State and Local Taxes (SALT), which will mostly benefit high-income, wealthy households. When combined with record-setting cuts to safety net programs and increased household costs due to tariffs, this bill ensures that those struggling to make ends meet will continue to do so.
Kentucky Center for Economic Policy: Program Cuts and Tariff Costs Will Leave Many Kentucky Families Worse Off, Even with Modest Tax Cuts
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