Under the latest version of the Democrats’ Reckless Tax and Spend bill, the non-partisan Joint Committee on Taxation (JCT) analysis confirms it gives tax breaks to the wealthy.
Democrats are even taking issue with tax provisions their fellow Democrats pushed to include in the multi-trillion dollar bill.
FROM THE DEMOCRATS:
Chairman of the Senate Budget Committee U.S. Senator Bernie Sanders (I-Vermont):
“You can’t be a political party that talks about demanding the wealthy pay their fair share of taxes and then end up with a bill that gives large tax breaks to many millionaires. You can’t do that. The hypocrisy is too strong. It’s bad policy, it’s bad politics.” Politico: Dems agonize over tax cuts for rich: ‘Bad policy, bad politics’
U.S. Senator Jon Tester (D-Montana):
“Not a big fan because I think it gives tax breaks to the wrong people: Rich people.” Politico: Dems agonize over tax cuts for rich: ‘Bad policy, bad politics’
U.S. Representative Jared Golden (D-Maine):
“Proponents have been saying that the BBB taxes the rich. But the more we learn about the SALT provisions, the more it looks like another giant tax break for millionaires. The fact that more people and orgs on the Democratic side aren’t up in arms about this is wild.” Tweet, November 17, 2021
Jason Furman, former Chair of the Council of Economic Advisors during the Obama Administration:
“Congress adding a SALT expansion to Build Back Better is even worse than I had feared. Under the bill: 36% of those making up to $200,000 get a tax cut ($1,994 average tax cut), 66% of those making over $1 million get a tax cut ($16,760 average tax cut).” Tweet, November 11, 2021
FROM THE REPUBLICANS:
Ranking Member on the Senate Budget Committee U.S. Senator Lindsey Graham (R-South Carolina):
“I give credit where credit is due. I actually agree with Bernie Sanders. He’s right on this point. The Democrats’ Reckless Tax and Spend bill is a windfall for Blue State millionaires, and it comes at the expense of the American middle class.
“What kind of bill are the Democrats proposing? Working men and women of the American middle class get higher inflation. Blue State millionaires get federal government tax breaks and rebates. It’s past time we stop the madness.”