Bruce Jenket: Democrats are trying to cut taxes for the rich with Build Back Better bill

To The Daily Sun,

Did anyone watch Annie Kuster on WMUR answer questions from viewers? Here is a link to the 30-minute interview: https://tinyurl.com/ye974z3u. It’s riddled with misinformation but focus on her response to “Why did you vote with Biden to spend trillions of our dollars and cause inflation?”

Not only did she not answer the question, she repeated the lie that the Trump tax cuts benefited the rich. Her statement was based on a flawed study by the Brookings Institute, that ignored the State and Local Tax limit.

Most voters don’t know what SALT is because it’s utilized only by the rich. Simply put, it limits how much state and local taxes they can deduct on their federal tax return to $10,000. Here is how that works: If a billionaire owns a $10 million home on Governor’s Island, they pay $122,800 annually to the town of Gilford. Before the tax cuts, that was fully deductible. After the tax cuts, it was limited to $10,000 so the billionaire had to pay federal taxes on an additional $112,800. Assuming they were in the 37% tax bracket, that comes to an additional $41,736.

How many readers know that Biden's original Build Back Better bill included a clause to eliminate the $10,000 cap so that billionaire above could keep his $41,736? Had Joe Manchin from West Virginia not blocked that bill, it would have passed with all four of our D.C. representatives signing on. A CNBC article (https://tinyurl.com/5n723pra) says Democrats wanted to increase the limit to $80,000. That was after the original proposal to eliminate it was rejected earlier.

Democrats are not only burdening the low-income and middle class with higher costs on everything, they are pursuing tax breaks for their rich donors. Vote them out in November.

Bruce Jenket

Moultonborough