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

EXCERPT:

FRANK: "Repealing SALT could create what some are calling a super SALT windfall for the wealthy. That’s because, according to the Tax Foundation, repealing SALT and restoring the AMT and Pease gives the one percenters a tax cut of around $7,000 a year. If they just repeal SALT without bringing back those other two clauses, the tax cut is around $25,000 a year. Now, earners between $200,000 and $500,000 a year, they get a tax cut of $2,400 with straight SALT repeal, but a tax increase of $2,000 if you repeal SALT and you bring back those other two provisions. So these were provisions, guys, that basically limited the impact and the benefits of salt. If you don’t also bring those back, then this not only could become a regressive tax, but even more regressive than we had pre- tax cuts and Job Act."