Two-Thirds of Millionaires Get a Tax Cut Under Build Back Better, Due to SALT Relief
This week, the Tax Policy Center (TPC) released new estimates for how the Build Back Better Act will affect the tax burden of individuals at various points along the income spectrum. When including tax credits, the bill delivers a tax cut to low- and middle-class families as expected, while raising revenue from the very highest earners. Most of the revenue, and nearly all of the non-corporate revenue, comes from households making over $500,000 per year.
However, because Build Back Better would raise the $10,000 cap on the state and local tax (SALT) deduction, it would cut taxes for the majority of very wealthy families as well. According to TPC, two-thirds of households making over $1 million per year would receive a tax cut under the Build Back Better Act. More than three-quarters of households earning between $500,000 and $1 million would also receive a tax cut, as would two-thirds of those earning between $200,000 and $500,000…
READ MORE — Two-Thirds of Millionaires Get a Tax Cut Under Build Back Better, Due to SALT Relief >>>
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