WASHINGTON – Sen. Chuck Grassley (R-Iowa)
today will offer an
amendment
to the Democrats’ partisan $4.2 trillion reckless spend and tax budget that
would prevent the lifting of the State and Local Tax (SALT) Deduction cap as
many Democrats have advocated, a move that would amount to a six-figure tax
break for the wealthiest Americans mostly in blue states.
“My Democratic colleagues claim the
wealthy are not paying their fair share, while at the same time would like to
give millionaires six figure tax cuts. If Democrats are really concerned about
the wealthiest Americans paying higher taxes, than they should have no problem
supporting my amendment,” Grassley said.
“This commonsense amendment will add language to ensure any so-called SALT cap
relief doesn’t line the pockets of millionaires.”
The current budget resolution has a
reserve fund purporting to protect taxpayers making less than $400,000 from tax
hikes. Grassley’s amendment would add language to the reserve fund to prevent
it from being used to make changes to the SALT deduction that would give tax
cuts to the wealthy.
According to the liberal Tax Policy
Center, the top one-tenth of one percent of households would receive an average
tax cut of nearly $144,000. Furthermore, According to Joint Committee on
Taxation, under a repeal or one year suspension of the SALT cap, over 50
percent of the tax benefit would go to those making over $1 million, while
those with incomes under $50,000 wouldn’t see any benefit.
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