Schumer Seeks a Tax Cut For the Rich Over Common Good

Schumer Seeks a Tax Cut For the Rich Over Common Good
(AP Photo/Carolyn Kaster)

National crises such as this one should be a time for all Americans to band together and work for the good of the country as a whole. Unfortunately, Senate Minority Leader Chuck Schumer (D-NY) has clearly staked out a position of defending the interests of his home state at the cost of other Americans.

When the Tax Cuts and Jobs Act (TCJA) passed at the end of 2017, one of the provisions that provoked the most ire among high-tax states was the capping of the state and local tax (SALT) deduction at $10,000. Limiting the benefit taxpayers could receive from the SALT deduction primarily affected the wealthiest Americans — prior to the TCJA, 84 percent of the benefits of the deduction went to taxpayers with adjusted gross incomes above $100,000.

 

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