Yahoo! Finance: Silence from congressional liberals as Democrats move toward SALT tax cut for wealthy
media mentionThe issue has made odd bedfellows of Republicans and some Democrats, with the liberal-leaning Institute on Taxation and Economic Policy blasting a repeal as “inequitable.”
ITEP found that if the cap were repealed, two-thirds, or some $67 billion, would flow to white taxpayers who make over $200,000 per year. The report said that a clean removal of the cap would exacerbate wealth and racial divides in the country.
“An uncapped SALT deduction primarily rewards families who simultaneously have high levels of both income and wealth, and it would, therefore, add to the nation’s unconscionable racial income and wealth gaps,” an April report from ITEP reads. “The vast majority of families — regardless of race — would not benefit from SALT cap repeal, and families of color are even less likely to see any tax benefit.”