Rich Democrats Revolt Over SALT As Biden Tax Hikes Face Pressure From Both Sides | WHAT REALLY HAPPENED X-Frame-Options: SAMEORIGIN

Rich Democrats Revolt Over SALT As Biden Tax Hikes Face Pressure From Both Sides

Rich Democrats - typically 'coastal elites' - have publicly supported President Biden's tax hikes as long as the money is well spent, and, as long as Biden removes a Trump-era 10% cap on a special deduction for rich taxpayers known as SALT (State and Local Tax), which forced wealthy Americans to pay an additional $88.7 billion in 2021 alone.

The revolt puts Biden in a tough spot - after he promised to redistribute wealth from the rich, while promising that households making under $400,000 per year (ostensibly $200,000 for individuals) wouldn't see an increase. By removing Trump's SALT cap, Biden would be doing the exact opposite of making the rich pay 'their fair share.'

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