Democrats have pledged to sock it to the rich with tax hikes in 2025, if they win back Congress. But not if the millionaires and billionaires live in high-tax blue states. In that case, they want to bring back a loophole for the top one percent to deduct their state income taxes from the federal taxes. This would be one of the sweetest deals for the super-rich in California, New York, and New Jersey in American history.
Yesterday, Senate Democratic Leader Chuck Schumer of New York promised that the tax write-off for his Manhattan upper-class voters would be resurrected if Democrats win back the Senate next year.
So much for building a fair tax code if Democrats win back the Senate.
Are these the biggest tax-cut hypocrites in American history? Maybe.