Obama’s Top Economic Chief Rips Democrats Over ‘Obscene’ Tax Move: ‘Would Do More For The Super-Rich’
Jason Furman, the former chairman of former President Barack Obama’s Council of Economic Advisers (CEA), slammed Democrats on Tuesday for reportedly closing in on a deal that would repeal the cap on the deduction for state and local taxes (SALT), which would amount to a tax cut for the ultrawealthy.
The Wall Street Journal reported:
The party is still working through a few other issues in the bill, including immigration and measures curbing carbon emissions, and lawmakers also closed in on a plan for repealing the cap on the deduction for state and local taxes.
Reuters noted that repealing SALT is important to Democrats because it hits high-tax states along the coasts that represent the core of the Democrat Party.
“My guess is the majority of Americans with a net worth of $50 to $300 million would get a tax cut under the Build Back Better plan with a full repeal of SALT,” Furman wrote on Twitter. “The bill would do more for the super-rich than it does for climate change, childcare or preschool. That’s obscene.”
“Some billionaires would get a net tax cut from Build Back Better + SALT repeal,” Furman added. “I haven’t run the numbers on net worth but the SALT deduction is worth much more than any of the tax increases for people making up to $10 million (because most of the tax increases don’t kick in until $10 million).”
Furman said that if a person’s wealth was $200,000,000 that their income was likely to be below $10,000,000. He said that under the SALT provision, combined with the rest of the bill, households making up to nearly $40,000,000 “will get a net tax cut.”
“There are people with a net worth of $1b with annual incomes less than $40m,” he added. “If they’re living in California then chances are BBB + SALT repeal will give them a net tax cut.”
I haven’t run the numbers on net worth but the SALT deduction is worth much more than any of the tax increases for people making up to $10 million (because most of the tax increases don’t kick in until $10 million). https://t.co/p1cTdyglO7
— Jason Furman (@jasonfurman) November 2, 2021
Socialist Sen. Bernie Sanders (I-VT) slammed the news that Democrats were pushing for repealing SALT, saying that it was “beyond unacceptable” and that he would not support the plan:
According to media reports, Democratic negotiators are working on a repeal of the SALT deduction cap for up to
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