{"id":1019013,"date":"2021-11-16T09:44:16","date_gmt":"2021-11-16T14:44:16","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1019013"},"modified":"2021-11-16T09:44:25","modified_gmt":"2021-11-16T14:44:25","slug":"joe-biden-democrats-seek-625-billion-tax-cut-for-wealthy-coastal-elites","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/joe-biden-democrats-seek-625-billion-tax-cut-for-wealthy-coastal-elites\/","title":{"rendered":"Joe Biden, Democrats Seek $625 Billion Tax Cut for Wealthy Coastal Elites"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fjoe-biden-democrats-seek-625-billion-tax-cut-for-wealthy-coastal-elites%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1019013&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p class=\"subheading\">President Joe Biden\u2019s \u201cBuild Back Better Act,\u201d&nbsp;a filibuster-proof $1.75 trillion budget reconciliation package, gives $625 billion in tax cuts to the nation\u2019s wealthiest blue state residents.<\/p>\n<p>Slipped into the reconciliation package are hundreds of billions of dollars worth of tax cuts for the Democrat Party\u2019s wealthiest donors, that would be paid for by America\u2019s working and middle class.<\/p>\n<figure id=\"D-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"M-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"gmxrevmore\" class=\"H\"><\/figure>\n<p>A newly released analysis of Biden\u2019s budget finds that plans to increase the State and Local Tax (SALT) deduction cap from its current $10,000 to $80,000 would effectively amount to a <a href=\"https:\/\/www.crfb.org\/blogs\/build-back-better-cost-would-double-extensions\">$625 billion<\/a> tax for the wealthiest of Americans living in blue states.<\/p>\n<p>The analysis reveals that \u201ca household making $1 million per year will receive ten times as much from SALT cap relief as a middle-class family will receive from the child tax credit expansion.\u201d<\/p>\n<div id=\"attachment_18762986\" class=\"wp-caption alignnone\" readability=\"32\"><a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/11\/Screen-Shot-2021-11-15-at-5.33.18-PM.png\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-18762986\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/11\/Screen-Shot-2021-11-15-at-5.33.18-PM.png\" alt=\"CRFB\" width=\"1642\" height=\"1284\" \/><\/a><\/p>\n<p class=\"wp-caption-text\"><em>(Chart via Committee for a Responsible Federal Budget)<\/em><\/p>\n<\/div>\n<p>\u201cRoughly 98 percent of the benefit from the increase would accrue to those making more than $100,000 per year, with more than 80 percent going to those making over $200,000,\u201d prior <a href=\"https:\/\/www.crfb.org\/blogs\/build-back-better-salt-gains-rich-eclipse-child-credit-boost\">analysis<\/a> from the Committee for a Responsible Federal Budget noted.<\/p>\n<figure id=\"M-ROS-B2\" class=\"a8d\"><\/figure>\n<p>Biden has repeatedly claimed that his budget will aid middle class Americans the most. In one statement, Biden wrote that his budget \u201cwill lower costs for American families.\u201d In another statement, he wrote that his budget will \u201ccut taxes for the middle class.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\" readability=\"8.422641509434\">\n<p lang=\"en\" dir=\"ltr\">My Build Back Better Act will lower costs for American families and give folks a little bit of breathing room \u2014 and it\u2019s paid for by ensuring those at the top pay their fair share in taxes.<\/p>\n<p>Let\u2019s get this passed.<\/p>\n<p>\u2014 President Biden (@POTUS) <a href=\"https:\/\/twitter.com\/POTUS\/status\/1459993289164304388?ref_src=twsrc%5Etfw\">November 14, 2021<\/a><\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\" readability=\"12.219081272085\">\n<p lang=\"en\" dir=\"ltr\">American families across the country are facing rising costs on everything from gas to groceries. <\/p>\n<p>The Build Back Better Act will lower costs for health care, child care, and elder care\u2014and cut taxes for the middle class. Let\u2019s pass it.<\/p>\n<p>\u2014 Joe Biden (@JoeBiden) <a href=\"https:\/\/twitter.com\/JoeBiden\/status\/1460256274386464776?ref_src=twsrc%5Etfw\">November 15, 2021<\/a><\/p>\n<\/blockquote>\n<p>The left-wing Tax Policy Center, though, <a href=\"https:\/\/gop-waysandmeans.house.gov\/with-inflation-at-40-year-high-american-families-cant-afford-4-trillion-tax-spending-bill\/\">estimates<\/a> that Biden\u2019s budget will provide massive tax cuts to the nation\u2019s top five percent of earners while increasing taxes on 20 to 30 percent of middle class earners.<\/p>\n<p>Specifically, the estimate found that Biden\u2019s budget will give a tax cut to 66 percent of Americans earning more than $1 million annually while 78 percent of Americans earning $500,000 to $1 million will get a tax cut.<\/p>\n<p>At the same time, 27 percent of Americans earning $75,000 to $100,000 would see a tax increase along with 19 percent of Americans earning $50,000 to $75,000.<\/p>\n<p>In 2017, former President Trump had the SALT deduction capped at $10,000. Since then, Democrats have sought to deliver their wealthy, blue state donors with a massive tax cut by eliminating the cap altogether or greatly increasing it.<\/p>\n<p>Biden, for instance, <a href=\"https:\/\/www.breitbart.com\/politics\/2021\/01\/16\/democrats-again-consider-bailing-out-the-wealthy-with-billions-in-tax-cuts\/\">had sought<\/a> to include tax cuts for his billionaire donors in a Chinese coronavirus relief package earlier this year. The plan was ultimately cut from the package. House Speaker Nancy Pelosi (D-CA), in May 2020, also <a href=\"https:\/\/www.breitbart.com\/politics\/2020\/05\/16\/pelosi-coronavirus-plan-bails-out-the-rich-with-tax-breaks-cheap-labor\/\">tried to include<\/a> the plan in a coronavirus relief package.<\/p>\n<p><strong><em>John Binder is a reporter for Breitbart News. Email him at jbinder@breitbart.com. Follow him on Twitter&nbsp;<a class=\"x5l\" href=\"https:\/\/twitter.com\/JxhnBxnder\" target=\"_blank\" rel=\"noopener external\">here<\/a>.&nbsp;<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden\u2019s \u201cBuild Back Better Act,\u201d\u00a0a filibuster-proof $1.75 trillion budget reconciliation package, gives $625 billion in tax cuts to the nation\u2019s wealthiest blue state residents. Slipped into the reconciliation &#8230;<\/p>\n","protected":false},"author":14,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1019013","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1019013","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1019013"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1019013\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1019013"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1019013"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1019013"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}