Posted on 11/18/2021 12:45:44 PM PST by ChicagoConservative27
CLAIM: Raising the cap on the amount of state and local taxes, known as the SALT cap, that can be deducted from income for federal tax purposes would benefit lower-income Americans. “Those with lower incomes would be able to fully write-off state and local taxes,” Whitehouse press secretary Jen Psaki said in a press conference Thursday.
VERDICT: False. No low-income taxpayers will benefit from raising the cap on state and local tax deductions.
(Excerpt) Read more at breitbart.com ...
Beneficiaries are the wealthy residents of Morris County, NJ and others in the northern half of the state.
no... and i live here
When did this happen? This morning?
I swear I felt warm wind up my backside...
This provision of Trump’s tax cut legislation was not smart, in any case. People noticed that their taxes went up because of this. On the other hand, the stupid party increased take-home pay by reducing withholding. This made low income people angry at the end of the year when they did not get a refund. Since almost everyone’s paycheck goes into direct deposit, and many people just spend whatever is in there, they never even noticed that it was more than it had been before.
Congress to pass bill requiring people to jump off the roof of their houses.
Jen Psaki: this will help people’s health.
And the media will run with it.
Only if your a lower income person who has a very expensive home and mortgage. I would say you had to be rich at one time and now you are low income. And can’t afford your home.
So you need to have a home over $750K
You need a mortgage
and you need a large enough income to shield over $10K in taxes
That can’t be too many people.
Raising the salt cap will only give me back some of my hard earned money. Back to a level of obscene confiscation.
More blatant lies from the Brandon Administration.
By definition, lower income taxpayers are paying lower taxes. Therefore, they aren’t reaching the current SALT cap.
I wonder how the “fact-checkers” will provide cover for this statement? I guess they will claim that those making less than seven figure salaries are considered lower income.
Many New Yorkers pay 6-10,000/year on school taxes alone.
Is she: 1)stupid, 2) a liar, or 3) both?
Almost all lower income people like myself (My primary source of income is Social Security) use the Standard Deduction rather than itemization of deductions. Even so, I support reinstating the SALT deduction because I don’t believe in double taxation of income.
“Those with lower incomes would be able to fully write-off state and local taxes,” Whitehouse press secretary Jen Psaki said in a press conference Thursday.
NO effin way...
The intent was to hurt middle and upper class people in blue states. It worked.
I know Republicans and right-leaning independents who had to pay a *LOT* more in taxes here in California.
But since CA would never go for Trump anyway, to hell with us. Conservatives here are just ‘collateral damage’ if we can stick it to the libs, right?
So many Americans don’t understand tax deductions. The Standard deduction for a married couple will be $25,900 in 2022. So it’s not just those with SALT taxes over $10,000 who will benefit, you still have to have $25,900 in total deductions (including SALT) before your SALT deduction gains you a penny in tax savings. So it’s really the very highly taxed, both property and state income taxes, who actually benefit. Say, taxes for 1.a house at $11,000; 2. a second Home at $9,000 then State Income Tax of $5,900 just to BEGIN any value from this. You’re talking the top 5% in only the high tax states! Maybe 1-2% top wealthy in the USA. Othrs never meet the $25,900 so SALT deduction no use to them...
If you own a home that pays more than 10 thousand in SALT,
you are not poor or LOW INCOME>
IMO.
1] Are reporters so stupid that there was no even feeble questioning of this lie?
2] Where are the pubbies loudly proclaiming this is a tax cut for the rich?
yeah: crickets all around.
Does Ginger Gobbels even listen to what she is saying?
1) The press is nothing but stenographers for the Brandon Admin.
2) Some options: They are afraid to comment on it; they are complicit; or it helps them in some way (but not necessarily their constituents).
Actually (and very ironically) Bernie Sanders is the one screaming that this is indeed a huge tax cut for the very rich. So we are counting on Bernie for sanity on the left...
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