Bloomberg: The Myth of the Middle-Class SALT Cap Victim

Once again, if you make well under $1 million a year and your tax rate really did go up from 2017 to 2018 because of the SALT cap, I’m not denying that your suffering is real. But you appear to be in a distinct minority even in New York, New Jersey, Connecticut, California and other places whose representatives in Congress are clamoring to repeal the cap. A 2018 analysis by the Urban-Brookings Tax Policy Center found that 56.5% of the benefits from SALT-cap repeal would flow to those in the top 1% of the income distribution; a more recent one by the Institute on Taxation and Economic Policy concluded that 66.8% would flow to White taxpayers making $200,000 or more a year. Read more