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CNBC: Malloy “Helping Millionaires” By Fighting GOP Tax Bill’s SALT Changes

May 30, 2018 By Staff
CNBC: Malloy “Helping Millionaires” By Fighting GOP Tax Bill’s SALT Changes

The business network hinted at the irony that the governor is criticizing the GOP tax bill as a "massive giveaway for the very wealthy," while he helps the wealthy avoid SALT changes.

CNBC noted on Tuesday that, in fighting changes to the state and local tax (SALT) deduction enacted in the 2017 GOP tax bill, Gov. Dan Malloy (D-Conn.) is ironically “helping millionaires” avoid a higher tax bill.

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Robert Frank wrote:

While decrying the federal tax cut as a “massive giveaway for the very wealthy,” Connecticut Governor Dannel P. Malloy spearheaded the state’s plan to help owners of pass-through businesses (where the wealthy account for most of the income) and help those who want to deduct more than $10,000 in state and local taxes.

Noted, but not written, in Frank’s analysis is the irony of Malloy decrying the tax bill’s cuts for wealthy individuals and business owners while Malloy protects those same people from SALT.

Reclaim Connecticut covered this topic in March, noting that an overwhelming majority of SALT-related tax hikes in the GOP bill will impact the top 20 percent of income-earners in the country. We noted the Tax Policy Center said:

High-income households will be the biggest losers from the SALT deduction cap. More than 96 percent of the tax increases would be paid by those in the top 20 percent of the income distribution (those making $150,000 or more in 2018), and more than half would hit those in the top one percent, who make more than $730,000.

Gov. Dan Malloy (D-Conn.) has made no secret of his disdain for the GOP tax cuts passed in December, saying last year that the bill will “not provide relief to the middle class, but for the wealthiest few.” In pushing for ways around the new rules, though, Malloy is, indeed, protecting the “wealthiest few.”

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