{"id":1122919,"date":"2021-12-15T19:58:38","date_gmt":"2021-12-16T00:58:38","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1122919"},"modified":"2021-12-15T19:58:42","modified_gmt":"2021-12-16T00:58:42","slug":"analysis-joe-bidens-build-back-better-would-make-the-rich-even-richer","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/analysis-joe-bidens-build-back-better-would-make-the-rich-even-richer\/","title":{"rendered":"Analysis: Joe Biden&#039;s &#039;Build Back Better&#039; Would Make the Rich Even Richer"},"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%2Fanalysis-joe-bidens-build-back-better-would-make-the-rich-even-richer%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=1122919&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 is set to give a tax cut to about 67 percent of the nation\u2019s richest Americans \u2014 those earning more than $885,000 every year.<\/p>\n<p>A new <a href=\"https:\/\/www.crfb.org\/blogs\/two-thirds-one-percent-get-tax-cut-under-build-back-better-due-salt-relief\">analysis<\/a> from the&nbsp;Committee for a Responsible Federal Budget reveals that the filibuster-proof reconciliation package will give a tax cut to two-thirds of the top one percent of earners even as the top one percent now <a href=\"https:\/\/www.breitbart.com\/politics\/2021\/10\/09\/feds-americas-elite-now-hold-more-wealth-than-entire-middle-class\/\">hold more wealth<\/a> than the entire American 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>\u201cThis is true despite the fact that Build Back Better would raise taxes substantially for the extremely rich (mainly those making over $10 million per year),\u201d the analysis states.<\/p>\n<p>In effect, those in the top one percent would receive an average tax cut of more than $16,000 in 2022 under Biden\u2019s plan. The tax cuts for the wealthy would be a result of the plan\u2019s&nbsp;increasing the State and Local Tax (SALT) deduction cap.<\/p>\n<p>As Breitbart News has reported, the plan amounts to a <a href=\"https:\/\/www.breitbart.com\/politics\/2021\/11\/15\/joe-biden-democrats-seek-625-billion-tax-cut-for-wealthy-coastal-elites\/\">$625 billion tax cut<\/a> for the wealthiest of Americans living primarily in blue states.<\/p>\n<figure id=\"M-ROS-B2\" class=\"a8d\"><\/figure>\n<div id=\"attachment_19149634\" class=\"wp-caption alignnone\" readability=\"32\"><a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/12\/Screen-Shot-2021-12-15-at-6.04.33-PM.png\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-19149634\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/12\/Screen-Shot-2021-12-15-at-6.04.33-PM.png\" alt=\"(Chart via Committee for a Responsible Federal Budget)\" width=\"1658\" height=\"1232\" \/><\/a><\/p>\n<p class=\"wp-caption-text\"><em>(Chart via Committee for a Responsible Federal Budget)<\/em><\/p>\n<\/div>\n<p>\u201cIn other words, the largest tax cuts in dollars in Build Back Better would go to households in the top five percent and especially the top one percent,\u201d the analysis continues. \u201cMany make millions of dollars of annual income and tens of millions of dollars in assets.\u201d<\/p>\n<p>At the same time, Biden\u2019s plan would squeeze an <a href=\"https:\/\/www.breitbart.com\/politics\/2021\/11\/26\/bidens-build-back-better-irs-audits-for-working-class-tax-cuts-for-the-rich\/\">extra $200 billion<\/a> out of American taxpayers by mostly targeting working and middle class earners with more Internal Revenue Services (IRS) audits.<\/p>\n<p>The plan ensures nearly 600,000 more working and middle class Americans earning $75,000 or less a year would be audited by the IRS.&nbsp;Of those new IRS audits, more than 313,000 would target the poorest of Americans who earn $25,000 or less a year.<\/p>\n<p>Biden\u2019s \u201cBuild Back Better Act\u201d has <a href=\"https:\/\/www.breitbart.com\/politics\/2021\/11\/19\/democrats-approve-billion-dollar-tax-cut-for-their-rich-blue-state-donors\/\">already passed<\/a> the House, thanks entirely to Democrat support, and now awaits scrutiny in the United States Senate.<\/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,&nbsp;<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>&nbsp;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&nbsp;<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>&nbsp;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 is set to give a tax cut to about 67 percent of the nation\u2019s richest Americans \u2014 those earning more than $885,000 every &#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-1122919","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\/1122919","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=1122919"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1122919\/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=1122919"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1122919"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1122919"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}