Democrats complain of “tax cuts for the rich” while pressing to raise rates on the wealthy, but it’s the Democratic Party that is now the “party of the rich,” according to IRS data.
Democrats comprised 65% of taxpayers with a household income of $500,000 or more in 2020, according to IRS data, the Washington Examiner reported.
Meanwhile, 74% of taxpayers in Republican districts have household incomes of less than $100,000.
The perception that the Republicans represent the “fat cats” and the Democrats the poor and middle-class worker nevertheless persists.
Indeed, in 1993, as the Examiner points out, the typical Republican congressional district was 14% wealthier than its Democratic counterpart.
But in 2020, data showed those Republican districts were 13% poorer.
The Examiner noted that some Democrats are pushing to end former President Donald Trump’s 2017 tax law, which caps the federal deduction for state and local taxes at $10,000.
It’s the much maligned “1%,” the nation’s wealthiest households, that would benefit the most from ending the measure.
Residents of Democratic-majority states such as New York and California, where state income taxes are the highest, have been affected the most by the SALT (state and local tax) cap.
Democratic New York Rep. Tom Suozzi, who won one of the districts in the state that flipped from red to blue in 2020, said he won’t vote for any change in the Trump tax law unless the SALT tax deduction is restored.
New Jersey Democratic Rep. Josh Gottheimer is among the lawmakers that even have threatned to derail President Joe Biden’s $2 trillion infrastructure package if it does not include reversing the deductions.
“We’re going to keep fighting until this is part of the bill. It’s as critical as a road or a bridge or a tunnel, which is why we are going to keep fighting for it until the end,” he said.
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