2aguy
Diamond Member
- Jul 19, 2014
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No, not really.This affects you or rather your parents since you're in the high tax commuter zone of Gotham
And it's on topic target ...something the left wingers have a real hard time with
Democrats try to restore a tax cut for the rich
by Washington Examiner
| December 15, 2019 12:00 AM
Some people may be surprised to see Democrats fighting to expand a tax deduction for the wealthy. We are not.
It makes perfect sense, if you think about it.
The House Ways and Means Committee voted nearly along party lines to repeal a part of the 2017 Republican tax cut. But it wasn’t the corporate-rate cut Democrats were targeting. It wasn’t some imagined tax cut for corporate jets. Rather, Democrats passed a bill to scrap the cap on very-high-income individuals’ ability to deduct their state and local taxes on their federal tax returns.
The deduction for state and local taxes, or SALT, still exists. Republicans merely capped the deduction at $10,000. Since Republicans also doubled the standard deduction, this cap really only affects the uberwealthy. To repeat, after more than a decade of campaigning against "tax cuts for the rich," Democrats are now fighting tooth and nail for a special interest deduction that helps only the wealthy.
Democrats call their bill the Restoring Tax Fairness for States and Localities Act, but it should be titled, “Expanding Tax Breaks for Wealthy White Suburban Democratic Voters Act.” Expanding the deduction won’t help most taxpayers in New York, California, or New Jersey. It will help only those whose incomes or property values are very high.
“It is too simple to say that the deduction only benefits high-tax states,” Nicole Kaeding at the Tax Foundation recently testified. “It is better understood as benefiting high-income individuals, many of whom reside in high-tax jurisdictions with high housing values.”
If the Democratic bill becomes law, it would not cut taxes for any families whose total deductible expenses, including state and local taxes, are below $24,000; those taxpayers will still take the standard deduction as current law allows. The Democratic bill would not cut taxes for anyone whose state and local income taxes add up to less than $10,000. In other words, this can in no way be mistaken for a middle-class tax cut.
Read the rest at the Washington Examiner
Democrats cut taxes = bad.
Republicans cut taxes = good.
Got it.
Wow way to spin and project like a leftard
That's a disappointment
You're bitching about tax cuts for the rich ....I gave you something you we're just bitching about ...
I'm a right wing capitalist pig
tax cuts , deregulation and hang john brennan at dawn for all
In the 1950's we had a top bracket tax rate of 91%.
1950's economy was good, infrastructure was good, and debt was far lower.
Presumably if we didn't budge that down to less than half of that, we wouldn't have all this debt.
We could use more taxes to pay off the debt, and build newer, and better infrastructure.
The only reason that didn't wreck our economy is the industrial base of every other European and Asian country had been blown up during World War 2............and our rebuilding their industries allowed us to make lots of money.
We are talking about taxing rich civilians more, Corporate tax rates are a different story.
Again...in the 1950s the industrial base of the civilized world was gone......bombed into rubble during the war....we helped rebuild Europe and Japan, and that allowed us to survive those insane, moronic tax rates.