The biggest problem with Trump’s tax cuts is that the proposals benefit specific people – not the majority of people who pay taxes.
Let’s start with the State and Local Tax deduction – better known as the SALT deduction.
The problem with the SALT deduction
The problem with SALT is that it double-taxes the middle-of-the-road taxpayer, not the wealthier taxpayer that it was intended to address.
And due to inflation, the SALT exemption of $10,000 is far too low. The amount should be increased to $20,000 or even higher to $30,000.
Any more than $30,000 and we are giving tax breaks to the rich or to wealthy income earners making over $400,000 a year – and that is not middle-class tax relief.
Hollywood and Trump’s tax cuts
Why was Hollywood so adamant to get rid of Trump during the 2024 election?