04/14/2021 | News release | Distributed by Public on 04/14/2021 13:50
President Biden's tax hikes face a new hurdle: House Democrats.
In a letter to House Leadership, a group of House Democrats made clear they'll withhold support for the President's plan unless and until it includes repeal of the cap on state and local tax (SALT) deductions claimed by high-income households.
Put another way, the group of House Democrats say they will supportBiden's $2 trillion tax hikeon ordinary Americans only if it includesabigcarveout forwealthy Americans.
Last week, JPMorgan Chase CEO Jamie Dimon slammed efforts to repeal the SALT deduction cap, saying that 'over 80% of those deductions will accrue to people earning more than $339,000 a year.'
The nonpartisan Joint Committee on Taxation reports that households earning over $1 million would receive an average of $67,000 per year under Democrats' SALT giveaway plan.
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