Joe Biden in his speech about “Build Back Better,” said he is tired of the rich not paying their fair share. He said Trump’s 2017 tax cut was a “giant giveaway to corporations and the top 1%.”
The Democrats are proposing a change in the tax laws to tax the top 1%. But in the bill, they want to expand the SALT deductions. Currently, the “State and Local Tax” deduction is limited to $10,000.
If they go to unlimited deduction of SALT — the top 1% will see a tax savings of about $35,000. The middle-class taxpayer will see a savings of about $37.
We must ask the question — what is really in this tax proposal? Too often we see only what the news reports and do not see the total package.
This lack of true reporting is a problem in many of the topics affecting every day of your life.
I read the Luxembourg (overseas) news almost every day.
I also read the Wall Street Journal every day. This gives me different information than I see on the major news channels. We as citizens need to expand our source of information. Sorry to say we as a nation lack the information we need to be informed.
The truth about the SALT proposal is just one of the examples of the lack of truth given to us by Congress.