“Build Back Better” is purported to be legislation that transforms our economy from the so-called trickle-down effects of capitalism, which benefits only the rich, to one that presumes to grow from the bottom up and the middle out, that works for the good of lower and middle classes. A significant source of the revenue to pay for the changes is to come from income tax increases to those not paying their fair share, the very rich.
The income tax cuts of the Trump Administration provided for a $10,000 cap on the income tax deduction for state and local taxes by wealthy taxpayers. At a reduction in tax revenues estimated at $300 billion from these richest taxpayers, “Build Back Better” raises that cap to $80,000. To put the impact of that tax reduction in perspective, the combined cost contained in the bill for paid preschool, extending the child care tax credit and increasing the earned income tax credit is estimated to be less than the $300 billion tax savings for the very rich from this provision. How disingenuous is that?
Ken Mowl
Derry