Posted on 07/16/2020 12:51:52 PM PDT by knighthawk
Senate Minority Leader Chuck Schumer (D-NY) is pushing for a repeal of the state and local tax (SALT) deduction cap in the next round of coronavirus relief — giving a tax cut to the wealthiest 1% of taxpayers, especially in “blue” states.
In his landmark tax reform law, the Tax Cuts and Jobs Act of 2017, President Donald Trump and the Republicans offset some of the revenue losses from low tax rates by restricting deductions. The law capped the SALT deduction at $10,000.
Previously, those taxpayers wealthy enough to file a list of itemized deductions could count all of the taxes they paid to state and local governments toward a deduction in their federal tax liability. That meant wealthy taxpayers in the most heavily taxed states — primarily run by Democrats — benefited most. The SALT deduction also gave Democrats political room to raise taxes higher, because it made rich taxpayers less likely to resist: they could claim some of the money back.
(Excerpt) Read more at breitbart.com ...
Ping.
It wasn’t just the top 1% who were hurt by the SALT cap.
Not good that I had a reduction of income but ONLY because of that the new Standard Deduction was a wash.
“Senate Minority Leader Chuck Schumer (D-NY) is pushing for a repeal of the state and local tax (SALT) deduction cap”
Of course he is. whahahaha
Anything for a vote....right Chuckie?
Party of the 1 percent.
Soon the ignorant will be calling Democrats the party of the 1%.
The headline furthers a lie.
The part of the tax change I liked the best was SALT reduction combined with increased standard deduction. It simplified taxes and gave renters more of a break. The worst part of SALT is the mortgage interest deduction. Wish they’d kill it completely.
His first name should have been “dick”
Worst part of the increased Standard Deduction is that it has disincentivized charitable giving for most taxpayers, except perhaps those on the front end of a mortgage with just around the $10K limit in SALT.
Yes votes from his high tax blue state colleagues; MA, IL, CA, ... If only the same drop of 25% in NY City real estate was happening in DC (read my tagline!)
Again.
For the millionth time with this shiite.
The Progressive Satan Inspired Wilson hoisted income tax is on your income. Just because you choose to live in a thieving SHIITEHOLE that imposes confiscatory taxes on you at the point of a gun doesn’t mean everyone else has to bail you out.
That $10K SALT cap is enough for most folks EXCEPT Wealthy Suburban homeowners and coastal dwellers.
EVERYBODY else is better off.
Don’t give to charity because it’s not deductible?
WTF kind of “charitable” giving is that? That rationale for charitable giving has always pissed me off.
Give beacause you want to. Because it will make a difference, Because it will do what you want done. Because your better half tells you to. NOT BECAUSE you get to save a few pieces of silver. THAT is bot charitable giving. That’s just a tax dodge.
Render unto Caesar the things that are Caesar’s
I’ll second that and I live in a coastal state, within my means.
It is exactly why the Hollywood pimps and whores are whining .... they have to pay for their lifestyle.
Go away Chuck your Depends are Full
It’s a wash for me I am just over the cap now and it didn’t make any difference tax wise.
Nope. No federal deductions for the state income taxes your welfare state is collecting.
I’d suggest that Schumer lobby the DemocRATS running his state to make Federal taxes DEDUCTIBLE when computing state income taxes. I’d be OK with that.
I’d also be OK with totally eliminating SALT as itemized deductions for federal tax purposes,
Hey Chuckie, keep on taxing taxing taxing. Let’s see how well that’s accepted.
Between the sanctuary / racist / Commie / freak
supporting Churches do these days they
should be defunded before anything else
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