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Hoover Institution Distinguished Visiting Fellow Kevin Hassett discusses inflation and how the Biden administration is responding to the surge in prices. A majority of millionaires would receive a tax cut under the newest reconciliation framework unveiled by House Democrats, according to a new analysis published this week. The non-partisan Tax Policy Center found that two-thirds of people making more than $1 million a year would see an average tax cut of $16,800 next year. That’s largely because a coalition of House Democrats are seeking to repeal a Trump-era limit on state and local tax deductions as part of President Biden’s signature economic plan. BIDEN PITCHES REVAMPED MILLIONAIRES TAX, GLOBAL MINIMUM TO FUND SPENDING BILL The so-called SALT deduction cap, which is poised to sunset in 2026, limits the amount of state and local taxes that Americans can deduct from their federal taxes to $10,000. Centrist Democrats have been pushing for months to include a full repeal in the president’s $1.75 trillion “Build Back Better” plan, but have faced opposition from left-wing lawmakers.   Under the latest proposal currently being considered by the House Rules Committee, the deduction cap would rise from $10,000 to $72,500 for five years (it would be retroactive to 2021). The measure would then extend the cap through 2031. The analysis is certain to exacerbate intra-party fighting between progressiv …

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