It’s true: Eliminating the limit on the SALT deduction would be more costly than the other parts of Biden’s social spending agenda, including the extension of the child tax credit, universal pre-K, affordable childcare and more.
Steve Wamhoff, a tax expert at the Institute on Taxation and Economic Policy, echoed this point: “We could be looking at a bill that cuts taxes for a lot of rich people — which is the opposite of what we’ve been led to expect.”
This bill was not supposed to be about millionaires. Yet nearly every millionaire (93 percent) would get a tax cut if we eliminated the cap on SALT, with an average size of $48,000, Catherine Rampell of the Washington Post reports. Read more