Democrats keep cutting taxes for the rich

While Kamala Harris and Tim Walz are too busy spreading “ joy ” to come up with any policies, Sen. Majority Leader Chuck Schumer is laying out an agenda if Democrats control the federal government.

Speaking at the Democratic National Convention, Schumer said , “We Democrats, as long as I’m leader, when state and local deductibility expires, it will be gone.”

Schumer was referring to the current cap on the deductibility of state and local taxes.

If you itemize your deductions on your federal taxes, alongside your mortgage interest and your charitable contributions, you can deduct the property and income taxes you pay to your state, county, or city — but only $10,000.

When Schumer says “it will be gone,” he means that $10,000 cap will be gone if Democrats are in charge. Democrats will allow taxpayers to deduct many tens of thousands of dollars in state and local taxes.

This is obviously and clearly a tax cut for the rich, and unlike the tax cuts that Democrats attack as “tax cuts for the rich,” the Schumer plan provides basically no benefit for lower-income taxpayers. In order to benefit from the Schumer plan, you need to have state and local taxes greater than $10,000, plus other itemizable deductions greater than $19,000.

So, who benefits?

High earners in high-tax states.

But the push for unlimited SALT deduction isn’t the only Democratic embrace of tax cuts for the rich. The Biden-Harris administration’s misnamed “Inflation Reduction Act,” gave billions of dollars to rich people, too.

Biden’s IRA included green energy tax credit that covered 30% of the cost of clean-energy improvements to your house. If you install solar panels or fuel cells or shell out for battery storage in your house, there’s no limit to the tax credit you can get for it.

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Unsurprisingly, rich people were the main beneficiaries of this law.

There’s a pattern here.