More Criticism of House Dems’ SALT Push as a “Waste of Money”

June 5, 2020 — Blog    — Coronavirus Bulletin    — In Case You Missed It...    — Press Releases   

As part of the HEROES Act, Speaker Pelosi and House Democrats pushed for a tax break for millionaires that Jason Furman, a former economic advisor to President Obama, called a “complete waste of money.” Bloomberg reported Mr. Furman made the comment while speaking at an event hosted by the left-leaning Tax Policy Center.

The Tax Policy Center has confirmed that repealing the SALT cap would be a massive giveaway to wealthy individuals in high-tax states. Their research finds that “the top 1 percent of households, those making $755,000 or more, would receive more than 56 percent of the tax cut.”

Other liberal groups have dismissed Democrats’ relentless efforts to repeal the SALT cap.  The Center for American Progress has said that repealing the SALT cap “should not be a top priority.”

Nonpartisan estimates also find that Democrats’ proposal would only help the affluent. The nonpartisan Joint Committee on Taxation finds that taxpayers earning “$1 million a year or more would collectively reap $40 billion of those benefits,” as reported by the New York Times.

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SUBCOMMITTEE: Select Revenue Measures