Joe Biden campaigned on raising taxes on the wealthy and cutting taxes for the middle class.
But what does Biden’s “Build Back Broke” agenda actually do? The exact opposite.
The Democrats’ plan would raise the cap on the State and Local Tax Deduction (SALT) to $80,000—with 80% of the benefits going to those making over $200,000. In contrast, Americans making $50,000 could see tax hikes under his spending spree.
If you’re shocked by this, you’re not alone. Obama’s Chair of the Council of Economic Advisers Jason Furman called the plan “obscene,” while former Obama and Clinton economic adviser Larry Summers said it “doesn’t make any sense.”
Former Obama economic adviser Larry Summers says it "doesn't make any sense" that the Democrats' tax-and-spending plan CUTS taxes for millionaires. pic.twitter.com/Ql09YQSrJW
— RNC Research (@RNCResearch) November 4, 2021
They’re right.
The Democrats’ bill is just an obscene tax cut for wealthy, Democrat donors in blue states at the expense of middle-class Americans.
