This is such an abuse of power.
House Speaker Nancy Pelosi and President Biden are about to give some of their wealthiest Democratic donors a massive financial benefit if they can successfully repeal a Trump-era limit on state and local tax (SALT) deductions.
According to Fox Business, the SALT deduction cap is set to expire in 2026, which limits how much wealthy Americans can write off as a tax deduction up to $10,000.
Now, it appears that Speaker Pelosi and Biden will use the Build Back Better spending plan to increase the $10,000 tax write off limit to $80,000.
If this proposed increase to the SALT cap isn’t removed top Democratic donors in California and New York will greatly benefit financially from their actions.
If that wasn’t bad enough, when Pelosi was asked by reporters about this blatant abuse of power, she simply said that this decision was “not about tax cuts for wealthy people.”
Other Democrats such as Sen. Bernie Sanders is completely against this move by Pelosi and Biden and said, “Let me say it again. 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.”