(Washington Times) They criticized President Trump’s tax cut bill as a giveaway to the rich, but now congressional Democrats are eyeing their own $620 billion tax break that would go heavily to wealthier Americans.
As they prepare to take control of the House, one high priority for Democrats from northeastern states is to look at rolling back the $10,000 limit on state and local tax deductions included in the Republicans’ 2017 overhaul of the federal tax system.
But analysts say repealing the state and local tax limit is worth just dollars to the average middle-class taxpayer. For the wealthy, though, the proposal could lower tax bills by tens of thousands of dollars.
