City Pages: Emmer, Paulsen, and Lewis Decide the Deficit Isn’t So Important After All
media mentionThe 1 percent gets served first, of course. The wealthiest Minnesotans will receive 62 percent of the state’s tax cuts next year for an average of $66,000, according to the nonpartisan Institute on Taxation and Economic Policy. Middle-class Minnesotans get 7 percent of cuts, or an average of $370.
Unfortunately, this presents a new problem. All those tax cuts are going to inflate the national debt by $1.5 trillion over 10 years.
One way to make some money back is to eliminate the federal State and Local Tax (SALT) deduction, which helps nearly a third of all taxpaying Americans, i.e. the middle class. There’s been some contention in the GOP on this point, leading 20 House Republicans to defect in Thursday’s vote at the prospect of screwing over too many of their constituents.