Are you paying attention yet?
Despite endless claims by Joe Biden and his cadre of liars that ‘Build Back Better’ is the savior for America’s middle class, the fine print in the bill reveals something far different.
If that were the case, why would billionaires from the most liberal states be rooting it on so enthusiastically?
Simply put: Joe Biden’s Build Back Better plan includes a multi-billion dollar tax cut for the wealthiest Americans in Blue states while slapping middle class Americans with a massive tax hike.
The House passed Biden’s social spending bill and the cornerstone in his Build Back Better agenda on Friday morning. The bill includes provisions that hike state and local tax deductions, which overwhelmingly favor Democrat-run states, while raising taxes on up to 30% of middle-class earners.
In 2017, then-President Donald Trump signed a tax bill into law that placed a $10,000 cap on the amount of state and local taxes that one could deduct from their federal tax bill. Prior to the cap, one could deduct essentially all state and local taxes (SALT) from the federal tax bill. The cap is set to expire in 2025.
In other words, the critique lodged at Trump’s tax bill, the exact point of contention for liberals is exactly what Biden’s bill contains. The level of hypocrisy is incomprehensible.
Biden’s social spending bill raises the SALT cap to $80,000 until 2031 before dropping back down to $10,000.The benefits of such a maneuver would accrue mostly to wealthy individuals living in deep blue, high tax states.
In total, the SALT cap raise in Biden’s Build Back Better legislation is equivalent to a “$285 billion tax cut that would almost exclusively benefit high-income households over the next five years,” according to non-partisan analysis of Biden’s bill.
At the same time, the social spending bill also targets the middle class, hiking taxes on 20% to 30% of households making less than $400,000 a year.
Biden, both during his campaign and as president, has pledged to not raise taxes on the middle class.
And while he hasn’t met most of his campaign promises as of yet, it seems this one will surely tank his chances of reelection.
Or will corporate media propagandists concoct a way to spin the narrative just as they did to Trump’s tax plan?
Author: Elizabeth Tierney