WASHINGTON, Nov. 2 – Sen. Bernie Sanders (I-Vt.), chairman of the Senate Budget Committee, Tuesday issued the following statement on the changes to the state and local tax deduction proposed to be included in the reconciliation bill:

“According to media reports, Democratic negotiators are working on a repeal of the SALT deduction cap for up to five years, which would cost $475 billion and give the richest 5% $400 billion in tax cuts. As a result, the top 1% would pay lower taxes after passage of the Build Back Better plan than they did after the Trump tax cut in 2017. This is beyond unacceptable.

“At a time of massive income and wealth inequality, the last thing we should be doing is giving more tax breaks to the very rich. Democrats campaigned and won on an agenda that demands that the very wealthy finally pay their fair share, not one that gives them more tax breaks. I am open to a compromise approach which protects the middle class in high tax states. I will not support more tax breaks for billionaires.”