This is who benefits from repealing the SALT cap - http://www.crfb.org/blogs/repealing-salt-caps-would-cost-another-500-billion … https://twitter.com/jimtankersley/status/1244766430312136704 …
Posted on 03/31/2020 9:07:20 AM PDT by jazusamo
As Congress’ dual chamber effort to pass an economic relief for Americans affected by COVID-19 continues, with another phase of stimulus relief in talks, Speaker of the House Nancy Pelosi is considering lifting the State and Local Tax (SALT) cap. The limit was a key part of the 2017 Tax Cuts and Jobs Act, and caps the ability to deduct state and local taxes from federal taxes at $10,000. A handful of blue states with high taxes, including New York, Connecticut and New Jersey, have sued to repeal the SALT cap, as the cap affects wealthier filers the most.
Sen. Chuck Grassley (R-IA), Chairman of the Senate Finance Committee, told Fox news that a repeal of the SALT cap was a “nonstarter:”
"This is a nonstarter. Millionaires don’t need a new tax break as the federal government spends trillions of dollars to fight a pandemic," he said.
Congress’ Joint Committee on Taxation found last year that American households earning $1 million per year or more would overwhelmingly see the benefits of a SALT cap repeal, with federal revenue declining by $77 billion if the cap is lifted. A repeal of the SALT cap would benefit the wealthiest Americans, not working class families, as Speaker Pelosi claims it would.
This is who benefits from repealing the SALT cap - http://www.crfb.org/blogs/repealing-salt-caps-would-cost-another-500-billion … https://twitter.com/jimtankersley/status/1244766430312136704 …
House Democrats in wealthy swing districts floated a repeal of the SALT cap in 2018, but Republicans stand behind the provision, as it overwhelmingly helps middle-class families.
The SALT Cap should have been equal to the Standard Deduction, $12,000 for Single Filers and $24,000 for Married Filing Jointly.
We lost Congressional Seats in Blue States in areas considered “conservative” in part due to the $10,000 SALT Deduction Cap.
Where I lived in S. CA, Property Taxes alone equaled or exceeded the $10,000 SALT Cap. Two of my Trump Voting Neighbors were pissed and Voted Democrat in 2018.
When I pointed out that their Income Tax Rates were reduced in the Tax Legislation, they were not convinced.
Actually those states need to lower their taxes because to continue is to transfer wealth from low tax states to high tax states. Socialist wet dream.
I think this thing may have cost us votes in exactly the kinds of districts we lost in 2018, NJ was almost a wipeout.
Rather amusing to see a rat want to cut taxes on the “rich” though.
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