President Joe Biden repeatedly said he would raise taxes only on the rich to pay for his Build Back Better plan, but now he’s backing a tax break for millionaires and billionaires, contradicting his promises. …The plan allows taxpayers to deduct up to $80,000 of state and local taxes against their federal income taxes, a sharp increase from the current $10,000 cap. This means many among the rich would pay lower federal income taxes than they currently pay. …Under the House plan, roughly one third of the tax benefits would go to the richest 1 percent and three-quarters would go to the richest 5 percent, according to an analysis by the left-leaning Institute on Taxation and Economic Policy. …Sanders criticized Democrats over their “hypocrisy.”
