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This Is Rich: Democrats Fight To Protect A $1.8 Trillion Tax Break That Benefits The Top 1%
Investor's Business Daily ^ | 10/24/2017

Posted on 10/24/2017 8:43:48 AM PDT by george76

Tax Reform: 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.

...

Fewer than 22% of tax filers even claim the state and local tax deduction, and the vast majority of these are higher-income families. While 78% of those with incomes above $200,000 claim the deduction, just 7% of those making between $30,000 and $40,000 do. For most taxpayers, the standard deduction is more valuable.

...

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.

...

The benefits of the SALT deduction are heavily skewed toward wealthy high-tax states, for the simple reason that the more someone pays in state and local taxes, the more they can deduct from federal income taxes.

In fact, just seven states — California, Connecticut, Illinois, Maryland, Massachusetts, New Jersey, and New York — account for more than half the deduction's cost, according to the Heritage Foundation. California alone is responsible for almost 20%.

...

In effect, then, the SALT tax break has turned into a massive federal subsidy of profligate liberal states, paid for by fiscally conservative states.

That's why Democrats are so determined to keep it. Not because they care about working class families, but because they don't want to see their rich friends who live in deep-blue states get hurt.

(Excerpt) Read more at investors.com ...


TOPICS: Crime/Corruption; Extended News; Government; News/Current Events; Politics/Elections; US: California; US: Connecticut; US: Illinois; US: Maryland; US: Massachusetts; US: New Hampshire; US: New Jersey; US: New York
KEYWORDS: congress; corruption; fraud; govtabuse; salt; salttaxbreak; taxbreak; taxes; taxpayers; tyranny; uniparty
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To: DoodleDawg

I am surprised that you didn’t answer my question, seriously.


41 posted on 10/24/2017 12:16:14 PM PDT by Balding_Eagle ( The Great Wall of Trump ---- 100% sealing of the border. Coming soon.)
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To: Balding_Eagle
I am surprised that you didn’t answer my question, seriously.

I am serious. I'm not alone in this. Thousands of people are facing loss of deductions and corresponding increases in taxable income. How is raising our taxes to the benefit of the country?

42 posted on 10/24/2017 12:20:52 PM PDT by DoodleDawg
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To: DoodleDawg

I know you’re serious, I also know you ducked my question twice now.

That’s okay, ducking twice is an answer in and of itself.

Disappointing.


43 posted on 10/24/2017 4:47:38 PM PDT by Balding_Eagle ( The Great Wall of Trump ---- 100% sealing of the border. Coming soon.)
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To: Balding_Eagle

I duck your question and you duck mine. We’re even I guess.


44 posted on 10/24/2017 6:27:33 PM PDT by DoodleDawg
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To: DoodleDawg

No, only in your mind are we even.

I asked my question first.

But I do understand why you ducked it, because you can’t answer it honestly.


45 posted on 10/25/2017 9:18:05 AM PDT by Balding_Eagle ( The Great Wall of Trump ---- 100% sealing of the border. Coming soon.)
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To: Balding_Eagle
But I do understand why you ducked it, because you can’t answer it honestly.

Nor can you, so we'll have to just disagree and leave it at that.

46 posted on 10/25/2017 10:11:43 AM PDT by DoodleDawg
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To: DoodleDawg

I can answer honestly, I’ve just chosen not to.

My answer would be based on what is best for the American people, which is diametrically opposed to your answer that you’ve already given


47 posted on 10/25/2017 11:16:47 AM PDT by Balding_Eagle ( The Great Wall of Trump ---- 100% sealing of the border. Coming soon.)
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To: AdmSmith; AnonymousConservative; Berosus; Bockscar; cardinal4; ColdOne; Convert from ECUSA; ...

Thanks george76.
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... Fewer than 22% of tax filers even claim the state and local tax deduction... 78% of those with incomes above $200,000 claim the deduction, just 7% of those making between $30,000 and $40,000 do... The benefits of the SALT deduction are heavily skewed toward wealthy high-tax states, for the simple reason that the more someone pays in state and local taxes, the more they can deduct from federal income taxes... California, Connecticut, Illinois, Maryland, Massachusetts, New Jersey, and New York -- account for more than half the deduction's cost, according to the Heritage Foundation. California alone is responsible for almost 20%.

48 posted on 10/25/2017 12:09:54 PM PDT by SunkenCiv (www.tapatalk.com/groups/godsgravesglyphs/, forum.darwincentral.org, www.gopbriefingroom.com)
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To: george76

Harvey Weinstein and his Hollywood pals need the tax break... democrats know who butters their bread...


49 posted on 10/25/2017 8:25:49 PM PDT by GOPJ ("Once is happenstance. Twice is coincidence. Three times is enemy action". - Ian Fleming)
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To: txrefugee; P-Marlowe

Having been assigned to New Jersey a couple times with the US Army, I have a feel for the cost of living in that area. At the time I was there, a hundred fifty thousand to $200,000 house in New Jersey was costing half that in Ohio suburbs. It wasn’t really a significant house. At the same time, salaries structures were much higher.

IOW, due to higher costs and salaries, the middle middle class appeared to be more affluent than their midwest peers.

They weren’t living beyond their means. They were just dealing with the cards they were dealt.

This salt tax thing really needs to take cost of living in different parts of the country into account.


50 posted on 10/26/2017 7:29:36 AM PDT by xzins (Retired US Army chaplain. Support our troops by praying for their victory. L)
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To: GOPJ

Harvey Weinstein and his Hollywood pals need the tax breaks... democrats know who butters their bread. Democrats: white liberal ‘elites’ - propped up by black and brown pets...


51 posted on 10/26/2017 9:07:28 AM PDT by GOPJ (Once is happenstance. Twice is coincidence. Three times is intentional..)
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To: DoodleDawg
How is raising our taxes to the benefit of the country?

You are still spreading this BS nonsense about taxes being raised?
52 posted on 10/26/2017 11:26:38 AM PDT by Brown Deer (America First!)
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To: Brown Deer
You are still spreading this BS nonsense about taxes being raised?

My taxable income certainly is being raised. Why should I not believe my taxes aren't going up as well? Do you know something about the proposed brackets that nobody else does?

53 posted on 10/26/2017 11:29:24 AM PDT by DoodleDawg
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To: DoodleDawg
My taxable income certainly is being raised.

You got a raise, so might pay more taxes, and then say that taxes rates are climbing?
54 posted on 10/26/2017 1:12:30 PM PDT by Brown Deer (America First!)
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To: Brown Deer
You got a raise, so might pay more taxes, and then say that taxes rates are climbing?

That's a dumb analogy. If my income goes up and I pay more in taxes, I still have more at the end of the day. If my income remains the same but my taxes go up I don't. Not hard at all to understand.

55 posted on 10/26/2017 1:23:19 PM PDT by DoodleDawg
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To: DoodleDawg

Once again, you are not making any sense! Either your income went up or it didn’t. The fact is, there is absolutely no plan whatsoever to raise taxes! Not hard at all to understand.


56 posted on 10/26/2017 1:54:51 PM PDT by Brown Deer (America First!)
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To: Brown Deer
The fact is, there is absolutely no plan whatsoever to raise taxes! Not hard at all to understand.

Of course not.

57 posted on 10/26/2017 3:07:05 PM PDT by DoodleDawg
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To: george76

I realized this earlier. Nice to see it confirmed.


58 posted on 10/27/2017 8:29:15 AM PDT by jospehm20
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To: Brown Deer

DoodleDawg is an anti-Trumper, pro-Hillary liberal. He has been against Trump since Trump filed for the campaign in 2015.


59 posted on 10/27/2017 8:34:25 AM PDT by CodeToad (CWII is coming. Arm Up! They Are!)
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To: george76; 100American; Abundy; Albion Wilde; AlwaysFree; AnnaSASsyFR; bayliving; BFM; Bigg Red; ...

Democrats and blue state Republicans: soaking the rich . . . except when they don’t.

Maryland “Freak State” PING!


60 posted on 10/31/2017 8:30:52 PM PDT by Tolerance Sucks Rocks (Environ-MENTAL-ism is MENTAL)
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