McClatchy: Lifting the Cap on This Tax Break Would Benefit California’s Rich

The figures were developed by the nonpartisan Institute on Taxation and Economic Policy. to project the likely effects if the Democrats’ proposal went into effect in 2022. That’s likely the earliest year when Democrats could have their policies go into full effect if the party takes control of the White House and Congress in 2021.

But raising the top rate is “not nearly enough,” said Steve Wamhoff, the institute’s director of federal tax policy, to make up for income lost by repealing the cap and easing the burden on middle and lower class earners.

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