Let it be noted that one of the biggest items in the Build Back Better bill — its second-most-expensive provision — is its massive tax cut for the rich.
BBB raises the cap on deducting state and local taxes (SALT) on your federal return from $10,000 to $72,500, then gradually to $80,000.
That works out to $285 billion in tax cuts for the rich, notes the Committee for a Responsible Federal Budget — which is more than the bill spends on paid family and medical leave, an item Democrats talk a lot more about. And it gives those high-end taxpayers nearly 50 times what far less wealthy Americans would get from its expanded child tax credits.