Clyburn: Spending Bill Does Cut Taxes for Rich, But It’s ‘Not to Give Them a Tax Cut Alone’

On Wednesday’s broadcast of CNN’s “New Day,” House Majority Whip James Clyburn (D-SC) conceded that the state and local tax provisions in the Build Back Better reconciliation bill will cut taxes for the wealthy, but argued, “this is not to give them a tax cut alone. The state and local taxes affect everybody.”

Co-host John Berman asked, “The Joint Committee on Taxation reports that the wealthiest Americans, largely in the northeast and out west, are going to get a huge tax break for this, and this has to do with raising the limits on the SALT, state and local tax deductions. People making over a million dollars are going to save a lot of money, and it’s a big item in this bill. It’s one of the most expensive items in this bill. Why do these people need tax cuts?”

Clyburn responded, “Well, this is not to give them a tax cut alone. The state and local taxes affect everybody. You own a home, you own an automobile, all of these things affect you as well. And so, we’re not here to punish people who do well. We’re here to do what we can to give the assistance to low-income people and I think that’s one of the best things we can do. … I think that everybody who owns a home, owns an automobile, they know what that means and they benefit from that as well.”

Follow Ian Hanchett on Twitter @IanHanchett

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