As The Daily Poster reported back in January, congressional Democrats in states like New York and New Jersey have been pushing for a repeal of the SALT deduction caps. Biden declined to include the SALT cap repeal in the American Rescue Plan.
If the SALT cap was fully repealed, nearly all — 96 percent — of the tax benefits would flow to the top quintile of earners, and more than half of the benefits would go to the top 1 percent of earners, according to data from the Brookings Institution. Congress’s Joint Committee on Taxation found that the majority of the benefits of a SALT cap repeal would flow to households earning more than $1 million.
The probe follows a Daily Poster investigative series detailing how one of Cuomo’s biggest donors, the Greater New York Hospital Association (GNYHA) — a lobby group that represents hospital systems and nursing home operators — said it “drafted and aggressively advocated for” the corporate immunity provision. Cuomo’s administration quietly inserted the measure into his state’s budget as thousands lay dying from COVID-19 in New York nursing homes.
Critics say that the immunity law removed a key deterrent to corporate malfeasance, and victims and their families were subsequently stripped of their legal rights. Cuomo’s original executive order shielding front line health care workers from lawsuits was widely reported, but not the governor’s separate budget language extending immunity to hospital and nursing home corporations’ executives and board members.
Author(s): David Sirota, Joel Warner, Andrew Perez, Julia Rock
As a spending bill, the ARP’s impact cannot be overstated. It is the mirror opposite of the Trump tax cuts, targeting most of its benefits to the bottom end of the income ladder, rather than the top. It will send stimulus checks up to $1,400 to an estimated 280 million Americans, continue additional $300 weekly unemployment benefits until the end of August, and distribute up $3,600 to families per child through monthly payments over one year beginning on July 1.
These three measures are expected to increase the incomes of the poorest 20 percent of Americans by an average of 33 percent, while the poorest 60 percent could see their incomes increase by an average of 11 percent, according to estimates from the Institute on Taxation and Economic Policy. One estimate suggests that the legislation will slash child poverty in half.