On Thursday night, the House voted 220 - 213 to pass Biden’s reckless Build Back Broke bill. There are so many things wrong with this legislation like Green New Deal mandates, higher taxes on the middle class, energy taxes that will raise your monthly bills, and much more.
One of the provisions in the bill that’s very alarming is the Dems’ plan to give blue state millionaires a massive tax break while the little guy has to pay for skyrocketing inflation.
So, we decided to fight back and will continue to highlight the millionaire tax break House Dems agreed to by voting for this bill.
Case in point––on Tuesday, we announced a $1.25 million TV and digital ad buy targeting five ‘moderate’ House Democrats over their millionaire tax break included in this reckless bill.
Democrats agreed to give millionaires in high tax states a tax break by raising the State and Local Tax (SALT) deduction cap.
What’s the SALT deduction cap?
- Prior to the 2017 Trump tax cuts, taxpayers could deduct their state and local taxes from their federal income tax. So, the higher your state and local taxes are, the less you pay in federal taxes.
- The 2017 Trump tax cuts put a cap of that deduction to $10,000. Most people never reach that cap. Only richer taxpayers pay more than $10,000 in state and local taxes, so with the new cap they could only deduct up to $10,000 from their federal tax.
- In Biden’s Build Back Broke bill, the Democrats raise the deduction to $80,000. That means millionaires in high tax states (blue states) can deduct more and more state and local taxes from their federal income tax. It’s a blue state millionaire bailout, and even the liberal Washington Post concedes the blatant hypocrisy of the Left.
Check out the ad here