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Ray Dalio Says End of the SALT Deduction Will Further Divide the Nation

Billionaire legislation. The Senate bill mirrors the House legislation by calling for the repeal of state and local tax deductions, while allowing up to $10,000 for property tax deductions. According to a study by the Tax Policy Center, 7 percent of taxpayers would pay more tax in 2019, 10 percent in 2025, and 48 percent in 2027, compared to current law. On average in 2027, taxes would change little for lower- and middle-income groups and decrease for higher-income groups. Tax Revenues On its face, ending so-called Read more about the…

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Mnuchin Says Its Very Hard Not to Give Tax Cuts to the Wealthy

U.S. Treasury Secretary Steven Mnuchin said in an interview published Wednesday that the Republican tax plan will include breaks for the wealthy, a rhetorical reversal that contradicts President told CNBC that Trump wanted “no absolute tax cut for the upper class,” which prompted Democrats to label that promise the “Mnuchin Rule.” In the ensuing months, Mnuchin softened that promise in public remarks — in June, he

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