Posted on 04/01/2020 11:03:52 PM PDT by knighthawk
House Speaker Nancy Pelosi, D-Calif., is pushing for a new stimulus bill that would roll back the state and local tax deduction (SALT), a measure that would predominately help wealthy individuals making more than $100,000 -- including most residents in Pelosi's district and perhaps even Pelosi herself.
A 2019 report from the Joint Committee on Taxation projected that of those who would face lower tax liability from the elimination of the SALT cap – which only affects those who itemize tax deductions – 94 percent earn at least $100,000. The government would lose out on $77.4 billion in tax dollars, with more than half of that amount being saved by taxpayers earning $1 million or more. Those earning more than $200,000 would reap most of the balance.
California's 12th congressional district, which Pelosi represents, is among the wealthiest in the U.S., with a median income of $113,919, according to census data. The average household income is $168,456 -- meaning most residents would benefit from any significant cut to SALT.
(Excerpt) Read more at foxnews.com ...
“Just say, No!”
The feds should not subsidize very rich liberals. It should cost to vote for liberal idiots who do stupid things with your money.
Mariner,
This is right up your ally, you are now fully inline with pelosi.
HELL NO! And I’m saying that from the high State & Local tax state of Maryland.
“you are now fully inline with pelosi”
I always support tax cuts. For everyone.
It’s a tax cut for me and several million others.
But I can understand why somebody would be jealous. Did you know that jealousy is at the root of all things commie?
“I always support tax cuts. For everyone.”
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You’re hot to support DemocRAT destruction of our nation at the state and local level...so long as your financial support of said DemocRATS’ mission is subsidized by reduction of your federal taxes.
No. We in the other states don’t need to be paying taxes to California and other states like it by allowing people in those states to deduct their commie state and local property taxes from their federal taxes. They can push for lowering their own commie state and local taxes.
This measure is aimed at staving off disaster for “deep-blue” urban dumps like NYC, San Francisco, Boston and Chicago. Because between the tax burden and the COVID-19 fiasco, anyone with a modicum of intelligence is already making plans to flee from those places like they’re on fire.
You don’t support the reduction of federal taxes who those who took an increase in the last round?
Perhaps you would like to eliminate all exemptions?
I know I would. Then you could pay at the same rate as me.
What happened to the Democrat cry of “don’t enrich the 1% at the expense of the 99%”?
“You don’t support the reduction of federal taxes who those who took an increase in the last round?
Perhaps you would like to eliminate all exemptions?
I know I would. Then you could pay at the same rate as me.”
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Two things.
First, you don’t have the slightest idea of the rate or the amount of federal taxes that I pay.
Second, if the 10K SALT cap is lifted, anyone using it should figure their taxes under the tax rates and brackets that existed BEFORE the Trump tax reforms.
And third, yeah I’ll go with the elimination of all exemptions as long as ALL itemized deductions are eliminated. And that would, of course, include elimination of both ALL SALT deductions and ALL mortgage interest deductions. Then we’ll all swim and compete in THAT pond.
“First, you don’t have the slightest idea of the rate or the amount of federal taxes that I pay.”
I’ve got a pretty good idea that you didn’t end up paying more after the last round of cuts.
“Second, if the 10K SALT cap is lifted, anyone using it should figure their taxes under the tax rates and brackets that existed BEFORE the Trump tax reforms.”
And pay less tax? I’m in.
But I give you respect for being a flat taxer.
Eliminate all deductions and exemptions for everything and everybody. While we’re at it, eliminate progressive rates.
Nancy, stimulate the whole world. Put on a hijab and hide in a windowless room. Do it out of a sense of shame, or a sense of basic decency. We do not want to see or hear you.
This isn’t stupid. Self-dealing, yes. But not stupid.
Funny how a viral outbreak that has turned these Democrat strongholds into Mad Max scenes suddenly makes Pelosi realize how destructive Democrat tax policies have been for decades.
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