Some tax experts, however, estimate that the benefits of restoring the deduction would go to the richest Americans: “House Democrats included a provision suspending the cap for 2020 as part of a COVID relief package last year. [The Institute on Taxation and Economic Policy] estimated that this would cost more than $90 billion in a single year. We found that 62 percent of the benefits would go to the richest 1 percent and 86 percent would go to the richest 5 percent,” according to a study by Institute on Taxation and Economic Policy. Read more
March 31, 2021
Washington Post: Power Up: Unions, liberal groups urge Biden to go even bigger on tax hikes for infrastructure plan
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