MINOT, N.D. — The Democrats have become the party of the rich.
“Democrats represented 65% of taxpayers with a household income of $500,000 or more in 2020, according to IRS data, while 74% of taxpayers in Republican districts have household incomes of less than $100,000,” the Washington Examiner reports. “In 1993, the dynamic was reversed, with the typical Republican congressional district showing it was 14% wealthier than its Democratic counterpart. In 2020, data shows those Republican districts were now 13% poorer.”
SALT stands for state and local taxes, and as tax policy, it is what it sounds like. Tax filers who itemize can deduct certain state and local taxes on their federal income taxes. That’s a big deal for people who live in high-tax states which, not coincidentally, tend to have Democratic leadership.
It’s easier to live with higher state and local taxes when using those payments to reduce your federal tax obligation.