While President Biden has called for higher taxes on wealthy Americans and corporations to finance a $3.5 trillion budget agreement, some Democrats in Congress are undermining this agenda by demanding that the agreement cut taxes on their affluent constituents. These lawmakers argue that the $10,000 cap on the state and local tax (SALT) deduction created by the GOP’s 2017 tax law undermines their states’ ability to raise revenue through progressive tax policy.
But in reality, any effort to weaken or repeal the cap would simply be a pointless giveaway to the rich. Democrats should reject this regressive tax cut that would draw critical resources away from needed public investments.
