SALT Deduction Cap Will Get ‘Meaningful’ Change, Democrats Say

The transcript discusses the Democrats' strategies to raise funds for a $3.5 trillion plan, focusing on changes to SALT deductions, which affect high-tax states like New Jersey. The debate highlights tensions between moderate Democrats and progressives, with figures like AOC opposing the changes. Proposed tax rates for corporations and capital gains are lower than President Biden's initial requests. Speculation arises about potential trade-offs, including a 3% surtax on incomes over $5 million, which could align with progressive goals and address deficit concerns.

What is the main focus of the Democrats' discussion regarding the $3.5 trillion plan?

• Increasing military spending

• Changes to SALT deductions

• Reducing healthcare costs

• Expanding education funding

Which group of Democrats is particularly interested in lifting the SALT cap?

• Progressive Democrats

• Moderate Democrats from high-tax states

• Democrats from low-tax states

• Republican allies

What corporate tax rate has the House Ways and Means Committee proposed?

• 30%

• 25%

• 26.5%

• 28%

What is the proposed capital gains tax rate according to the House Ways and Means Committee?

• 20%

• 30%

• 25%

• 28%

What is the proposed surtax on individuals earning over $5 million annually?

• 2%

• 3%

• 5%

• 4%