[Yahoo] - Democrats are ready to repeal a Trump-era policy that cut tax breaks for residents of wealthy states.
- Democrats have previously argued that capping the deduction for local taxes impacts wealthier blue states more.
- However, one budget expert calls it a "gigantic expensive tax cut for the rich."
Democrats are about to include a tax break in their $1.75 trillion social spending plan that will overwhelmingly benefit higher-earning Americans.
On Tuesday, Rep. Josh Gottheimer
(Dem representing NJ-5)
of New Jersey wrote on Twitter that the provision had been added into the plan. A Democratic aide familiar with negotiations told Insider that Democrats were eyeing a five-year tax break that runs through 2025, a development first reported by Punchbowl News.
The break would also be retroactive to this year.
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