Posted on 09/08/2021 8:57:35 PM PDT by 11th_VA
Rep. Thomas Suozzi (D-NY) said Tuesday he would not support the $3.5 trillion infrastructure bill if Democrats would not increase the state and local tax (SALT) deduction, which primarily benefits wealthy Democrat states.
“No SALT, no deal,” Suozzi, a House Ways and Means Committee member, said Tuesday. The committee, which writes tax policy, will have large sway over the crafting of the $3.5 trillion infrastructure bill.
“I’m pushing for full repeal,” he added.
Republicans limited the SALT deduction to decrease most Americans’ taxes with the Trump Tax Cuts and Jobs Act. The Trump tax bill limited the SALT cap to $10,000. Increasing the SALT cap would primarily benefit taxpayers making more than $100,000 per year in many wealthy blue states such as California, New York, and New Jersey...
(Excerpt) Read more at cbnc.com ...
SALT taxes the rich, so TOO BAD.
SALT ping!
The 2017 revision was a wash for this middle class taxpayer.
Lower deductions (used the Standard for the first time in three decades) were barely offset by lower tax rates.
Good! No fkg deal then. Another $3.5 TRILLION!!?? PUT IT BACK!! Thats over $5 Trillion that these brilliant politicians have insisted is needed since the beginning of 2020, for this make believe crisis...that they wont even allow proven meds (ivermectin) be used to treat people for. These politicians steal taxpayer money and then rig the healthcare system even though it means people must die. Let people get back to work! Get the prices back down for small business so that they can actually turn a profit.
If the democrats are not for the uber wealthy, who is?
“If the democrats are not for the uber wealthy, who is?”
First, they came for the uber-wealthy . . .
How about just reforming SALT to be 1/2 * (income + property + sales)? Allowing a claim for 1/2 of the value helps stop bleu states from hiding their massive tax increases, and the resulting burden is ameliorated by being able to count all three types of tax, rather than just 2 out of 3 like it is now.
Like it or not, fellow Trump fans, the hard $10,000 cap hurt a lot of people and quite possibly helped cost the GOP the House in 2018.
Suozzi. Was that the sixth ‘Family’?
Democrats pushing tax cuts for the wealthy?
“… Like it or not, fellow Trump fans, the hard $10,000 cap hurt a lot of people and quite possibly helped cost the GOP the House in 2018.”
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I gladly took the personal “financial bullet” to see this SALT limitation implemented. Sadly, it was capped instead of eliminated as it should have been.
But hey they are going to add a dental plan to the healthcare plan now!
/s
Not sure why Trump has any mention here. This was a Paul Ryan and Mitch McConnell tax reform bill. And it didn’t “possibly” cost the House for the GOP in 2018 — it DID cost them the House.
Interestingly, dopes like Suozzi are desperate to repeal these SALT limits because they represent swing districts in deep “blue” states that will determine who controls the House after 2022. The GOP surprisingly gained seats in the House in 2020 by winning many of these districts back after getting their asses kicked in 2018.
We know folks who pay over 10 grand a year in property taxes on houses worth less than 300 grand. They’re upper middle class, but far from wealthy.
That said, lifting the cap will help nobody but politicians and bureaucrats in NYS.
Without some incentive to fix our confiscatory property tax, people will still end up renting the homes from state and local government.
I’m for doing away with the SALT deduction entirely, but I know that, even here, that makes me about as popular as a skunk at a picnic with some folks.
Seems as though our priorities have FLIPPED.
Dims favor corps and rich.
Pubbies favor middle class, working, traditional, backbone of America people.
I’ll take it.
It’s an authoritarian nightmare (as if we’re not living that now) to track all sales tax.
Democrat Demands Tax Cut for Wealthy Blue States
Kick backs for their support in the election preparing for the next two.
The Infrastructure bill is their gold mine hello freezer money.
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