Commentary President Joe Biden repeatedly said he would raise taxes only on the rich to pay for his Build Back Better plan, but now he’s backing a tax break for millionaires and billionaires, contradicting his past promises. While the White House calls it a “compromise” to move the president’s agenda forward, this is a big…
NTD Business Full Broadcast (Nov. 3)
The federal reserve announcing its plan to start pumping less money into the economy. What does it mean for the market and for you? Mixed messaging from Democrats. As they try to raise taxes on the rich, some are also considering a massive tax cut– by getting rid of the cap on state and local…
Bulk of SALT Cap Repeal Benefits Would Go to Households Earning Half a Million or More: Study
Around 70 percent of the benefit from repealing the federal cap on the state and local tax (SALT) deduction would go to households making $500,000 or more per year, while just one percent of the benefit would go to those earning $100,000 or less, according to a recent study from the Tax Policy Center. Earlier in…
Bulk of SALT Cap Repeal Benefits Would Go to High-Income Households: Study
Around 70 percent of the benefit from repealing the federal cap on state and local tax (SALT) deductions would go to households making $500,000 or more per year, while just 1 percent of the benefit would go to those earning $100,000 or less, according to a recent study from the Tax Policy Center. Earlier in April,…
Repealing Trump’s SALT Cap Deemed Unpopular as It Benefits Rich
WASHINGTON—A bipartisan group of lawmakers is pushing to eliminate the cap on federal tax deductions for state and local taxes (SALT) but many argue that such a move would massively favor the rich. For decades, the ability to deduct SALT has been an important tax break for taxpayers who itemize deductions on their federal income tax returns. The 2017 Tax Cuts and Jobs Act…
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