CNBC: Repealing SALT Deduction Cap Gives the Wealthy a ‘Super Salt Windfall’ of $25,000 a Year

FRANK Repealing SALT could ░░░░░░░░ what some are calling ░░░░░░░░ super SALT windfall for ░░░░░░░░ wealthy That s because ░░░░░░░░ to the Tax Foundation ░░░░░░░░ SALT and restoring the ░░░░░░░░ and Pease gives the ░░░░░░░░ percenters a tax cut ░░░░░░░░ around 7 000 a ░░░░░░░░ If they just repeal ░░░░░░░░ without bringing back those ░░░░░░░░ two clauses the tax ░░░░░░░░ is around 25 000 ░░░░░░░░ year Now earners between ░░░░░░░░ 000 and 500 000 ░░░░░░░░ year they get a ░░░░░░░░ cut of 2 400 ░░░░░░░░ straight SALT repeal but ░░░░░░░░ tax increase of 2 ░░░░░░░░ if you repeal SALT ░░░░░░░░ you bring back those ░░░░░░░░ two provisions So these ░░░░░░░░ provisions guys that basically ░░░░░░░░ the impact and the ░░░░░░░░ of salt If you ░░░░░░░░ t also bring those ░░░░░░░░ then this not only ░░░░░░░░ become a regressive tax ░░░░░░░░ even more regressive than ░░░░░░░░ had pre tax cuts ░░░░░░░░ Job Act QUICK This ░░░░░░░░ t be lost on ░░░░░░░░ legislators I would assume ░░░░░░░░ know all of this ░░░░░░░░ they ve taken it ░░░░░░░░ account Robert FRANK One ░░░░░░░░ assume Becky I reached ░░░░░░░░ to Josh Gottheimer many ░░░░░░░░ those on the SALT ░░░░░░░░ they didn t respond ░░░░░░░░ we ll see What ░░░░░░░░ s interesting about this ░░░░░░░░ they don t bring ░░░░░░░░ other two pieces back ░░░░░░░░ creates even more of ░░░░░░░░ incentive in high tax ░░░░░░░░ to raise taxes because ░░░░░░░░ is even more benefit ░░░░░░░░ deducting those taxes than ░░░░░░░░ had even before the ░░░░░░░░ tax cuts.”