The Corner

The Democrats’ Favorite Tax Cut for the Rich

The tax law enacted by Republicans at the end of 2017 capped the federal deduction for state and local taxes. Democrats, especially from high-tax states, want to lift the cap. Who would benefit? Based on the same methods Democrats usually use to judge the distribution of tax cuts, the answer is: Households that make more than a million dollars a year would get most of the benefit.

A Bloomberg account continues, “The benefit is largely concentrated among top-earning households, according to the Joint Committee on Taxation’s figures. About 94% of the breaks generated from repealing the cap would be claimed by taxpayers with at least $200,000 in income, according to the data.”

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