Thegrio Politics
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Build Back Better Plan Gives $285B Tax Break to Upper-Middle Class
Posted
November 18, 2021
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November 18, 2021
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12:05Now PlayingHouse Democrats hope to vote on the Build Back Better spending bill as early as Nov. 18.
There is a lesser touted provision in the bill: a $285 billion tax break for the country’s upper-middle class.
In the most recent version of the bill, Democrats raised the amount of state and local taxes, also known as SALT, as Americans can deduct on their federal tax returns. High-income families will be able to increase their annual deductions from $10,000 a year to $80,000 through 2030.
Guy Numa, associate professor of economics at Colorado State University, and Dr. Julianne Malveaux, dean of College of Ethnic Studies at California State University, Los Angeles, join Charles Blow on “Prime” to discuss this provision.
All this and more on “Prime.”
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