Posted on 10/28/2017 2:30:22 PM PDT by TBP
What do you call a tax break that delivers 88% of the benefits to upper-income families and subsidizes rich states at the expense of poor ones? If you're a Democrat, you call it a sacred cow.
One provision of the Republican's tax-cutting plan that has drawn intense opposition from Democrats is the elimination of state and local tax deductions for those who itemize.
Rep. Nancy Pelosi said it was "an insidious effort to raise taxes on middle class families … across America." Sen. Ron Wyden said that "hardworking middle-class folks are not going to appreciate Congress double taxing them." New York Gov. Andrew Cuomo called it "a pure tax increase."
So what is it that Democrats are valiantly trying to protect?
This SALT deduction, as it's sometimes called, will cost the federal government $1.8 trillion over the next decade, according to the Tax Foundation.
And the benefits go almost entirely to upper-income families.
(Excerpt) Read more at investors.com ...
Yes let me pay a tax on a tax. Republicans are ridiculous on this. I’m tired of subsidizing Alabama etc.
The reporter also doesn’t tell you that residents of those states pay more to the federal government than they receive from the federal government. F the South.
What the left wants to protect are the rich celebrities who donate millions to Planned Parenthood and other far left groups..these celebrities give big bucks to Dems they dont want to lose their meal tickets
It is interesting to watch the liberals squirm on the elimination of the deduction for state and local taxes. Not sure if it gets signed into law but it is sure providing good entertainment in the meantime.
Keep can your SALT if give up all your Sanctuary Cities and States you Blue Landers.
Simple solution. Flat tax.
10% on EVERYBODY. No excuses. No deductions.
Maybe only exception below poverty level.
What? The benefits of SALT go to high tax states, such as New York and California. Alabama subsidizes the high tax states since the reduction of federal tax in the high tax states has to be made up by taxing the other states.
But don’t take my word for it. This comes from the Tax Foundation, which provided the statistics for the article above.
The deduction favors high-income individuals who are concentrated in high-tax states. Six states—California, New York, New Jersey, Illinois, Texas, and Pennsylvania—claim more than half of the value of the deduction.
https://taxfoundation.org/eliminating-salt-deduction-big-six-tax-plan/
The Joint Committee on Taxation calculates that for those earning more than $200,000, the SALT deduction cuts their federal tax bill by an average $6,295. For those with incomes of between $100,000 and $200,000, it’s just $857. Those earning from $30,000 to $40,000 get an average of $93 off their federal tax bill.
Interesting. But I don’t think it’s just rats, Rino also will fight this. The destruction of the middle class is always the result of progressivism.
Know a guy who works for a major news network. On the team that followed Obama, Shillary and Kerry now Trump to foreign countries or where ever. When I told him I thought the ruling elites only are interested in one class, the donor class. He gave me a surprised look and said “You get it!”
This is a tax break that benefits anyone who itemizes.
>Six states—California, New York, New Jersey, Illinois, Texas, and Pennsylvania—
>claim more than half of the value of the deduction.
Texas has a sales tax but no state income tax.
-Frank
As I understand it, you can choose to deduct state income tax OR state sales tax.
There are LOTS of middle class people, in many different states, who would be harmed and harmed BADLY, if the property, city, and state tax deductions are taken away!
I’ve NEVER donated to PP in my entire life, nor donated to or voted for any DEM candidate.
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The title of this rant is an absolute lie.
The State tax deduction benefits all who actually pay taxes, and go through the trouble to itemize their deductions.
This has nothing to do with “Elites.”
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Those people poverty level pay NO taxes; but they live on yours and mine!
Those here, who rejoice in "sticking it" to those who live in states with high taxes, are hypocrites, who would scream blue murder, if THEIR ox was being gored!
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This is one of those rare cases where Nancy Pelousey is right and the greedy taxers are wrong.
If this deduction is lost, it will harm the economy considerably.
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WRONG !
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Eliminating this deduction will turn Trump’s “Tax cut” into a tax increase for all middle class payers.
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