Editor's Note: Below is a brief excerpt from today's Early Look written by U.S. Macro analyst Christian Drake. Click here to learn more about the Early Look.
If you’re going to prioritize corporate tax relief while successfully painting the individual tax code with a populist brush, the base question becomes a relatively simple one:
What is the source pool of funds for redistribution? …or, more colloquially, who can we take money from? The answer, in large part, is upper middle income earners – particularly in SALT states. Not necessarily the top 5% or 1%, but the rest of the top quintile. SALT deductions for CA, NY, and NJ alone totaled $220B in the latest data.
