Faricy cited in NYT article on state and local tax deduction debate

Faricy,-ChrisChristopher Faricy's book "Welfare for the Wealthy: Parties, Social Spending, and Inequality in the United States" (Cambridge University Press, 2015) was cited in the New York Times article, "Why a $10,000 Tax Deduction Could Hold Up Trillions in Stimulus Funds." The state and local tax deduction (SALT) allows people to deduct payments like state income and local property taxes from their federal tax bills. The deduction, previously unlimited, was capped at $10,000 as part of the 2017 tax bill. Proposals to raise or undo the cap have since been discussed as part of the stimulus packages passed during the COVID-19 pandemic. Such benefits are known as “tax expenditures,” or tax breaks that flow mostly to the highest-earning households, which Faricy discusses in his book. 05/04/21