Graham on Biden Economic Agenda: Tax Cuts for the Rich, Inflation for the Middle Class

WASHINGTON – Senate Budget Committee Ranking Member U.S. Senator Lindsey Graham (R-South Carolina) today reacted to a report from the Tax Policy Center on the Democrats’ tax proposals in the latest version of their Reckless Tax and Spend legislation. 

Graham noted that under the Biden Administration and Congressional Democrats’ plan, changes to the State and Local Tax (SALT) deduction would mean nearly two-thirds of taxpayers making more than $1 million could see an average tax cut of $16,760.

“What a joke.  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. 

“According to the Tax Policy Center, the latest SALT deduction changes would overwhelmingly benefit Blue State millionaires.  All the while middle class working families, already suffering from rising prices, would see inflation skyrocket under the Democrats’ socialist spending bill. 

“Finally, the changes that we made to the SALT deduction in 2017 under the Trump tax cuts were long overdue.  There is no reason for low tax states like South Carolina to subsidize Blue State high taxation.  Now Democrats are trying to bring the SALT deduction back as a giveaway to millionaires and are willing to sock it to the middle class in the process.  Their plan is wrong and must be stopped in Congress.” 

Background:

Politico: Most millionaires could get tax cut under House Dems' tax plan

Tax Policy Center Analysis, November 11, 2021

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