Democrats Push for Massive Tax Cut for the Richest

[Anonymous]

I would have posted this in the Politics sub. But, I heard we have flyover from FT that hates us fiscal conservatives. So, for that person, read em and weep. :001_tongue:



Democrats Push for Massive Tax Cut for the Richest, Brookings Says

WASHINGTON—Democrats are pushing to lift the cap on the federal tax deduction for state and local taxes (SALT), but a Brookings Institution study says this would be a handout to the rich.



"Lifting the cap on the SALT deduction would massively favor the rich, with most of the benefit going to the top 1 percent," Richard Reeves and Christopher Pulliam from the Brookings Institution wrote in a recent report.



House Democrats passed the $3 trillion HEROES Act in May. Buried in the 1,815-page relief bill is a provision that would eliminate the limitation on the SALT deduction for 2020 and 2021.



Blue state Democrats believe the SALT cap is unfair to their residents. Blue states, especially those with higher individual income and property tax rates, objected to this cap and even tried to create tax maneuvers to avoid this limitation.



Republicans, on the other hand, argue that the SALT deduction mostly benefits wealthy individuals and is unfair to residents in lower-tax states. They argue that lifting the SALT cap forces people in low-tax states such as Tennessee and Texas to subsidize high-tax states such as California and New York.



Almost all benefits of repealing the $10,000 SALT cap would go to the top quintile, with the top 1 percent getting an average tax cut of $33,100 and 0.1 percent receiving nearly $145,000, according to Tax Policy Center estimates.



Lifting the SALT cap would give essentially no benefit to the middle class, contrary to what Democrats have argued. Only 4 percent of the benefit would go the middle class, "for an average annual tax cut of a little less than $27," the report stated.

https://www.theepochtimes.com/democrats-push-for-massive-tax-cut-for-the-richest-says-brookings_3494101.html?ref=brief_News&utm_source=morningbriefnoe&utm_medium=email">https://www.theepochtimes.com/democrats ... dium=email">https://www.theepochtimes.com/democrats-push-for-massive-tax-cut-for-the-richest-says-brookings_3494101.html?ref=brief_News&utm_source=morningbriefnoe&utm_medium=email

[Anonymous]

The democRAT party is owned lock, stock, and barrel by rich hypocrites. The grassroots of that corrupt party do their bidding for them. The non Trump RepublicRATs are the same elitist shit.

[Anonymous]

SALT is the number one tax break for rich people in Dem states. Trump capped it at $10,000 which pissed off the Dems mega rich liberal donors. The Dems in congress want this special privilege for ,01 percent back and they will block other parts of the Biden agends if they don't get what they want.



SALT-Cap Foes Threaten Biden Tax Plan as Repeal Bid Gains Steam

https://www.bloomberg.com/news/articles/2021-03-30/salt-cap-repeal-advocates-near-numbers-to-block-biden-tax-plan">https://www.bloomberg.com/news/articles ... n-tax-plan">https://www.bloomberg.com/news/articles/2021-03-30/salt-cap-repeal-advocates-near-numbers-to-block-biden-tax-plan

[Anonymous]

They are giving tax cuts to the ultra rich, that means the Jews! The demoscum doesn't really about blue collar workers or black  or hispanics, because they don't donate to their party

[Thiel]

I would have posted this in the Politics sub. But, I heard we have flyover from FT that hates us fiscal conservatives. So, for that person, read em and weep. :001_tongue:



Democrats Push for Massive Tax Cut for the Richest, Brookings Says

WASHINGTON—Democrats are pushing to lift the cap on the federal tax deduction for state and local taxes (SALT), but a Brookings Institution study says this would be a handout to the rich.



"Lifting the cap on the SALT deduction would massively favor the rich, with most of the benefit going to the top 1 percent," Richard Reeves and Christopher Pulliam from the Brookings Institution wrote in a recent report.



House Democrats passed the $3 trillion HEROES Act in May. Buried in the 1,815-page relief bill is a provision that would eliminate the limitation on the SALT deduction for 2020 and 2021.



Blue state Democrats believe the SALT cap is unfair to their residents. Blue states, especially those with higher individual income and property tax rates, objected to this cap and even tried to create tax maneuvers to avoid this limitation.



Republicans, on the other hand, argue that the SALT deduction mostly benefits wealthy individuals and is unfair to residents in lower-tax states. They argue that lifting the SALT cap forces people in low-tax states such as Tennessee and Texas to subsidize high-tax states such as California and New York.



Almost all benefits of repealing the $10,000 SALT cap would go to the top quintile, with the top 1 percent getting an average tax cut of $33,100 and 0.1 percent receiving nearly $145,000, according to Tax Policy Center estimates.



Lifting the SALT cap would give essentially no benefit to the middle class, contrary to what Democrats have argued. Only 4 percent of the benefit would go the middle class, "for an average annual tax cut of a little less than $27," the report stated.

https://www.theepochtimes.com/democrats-push-for-massive-tax-cut-for-the-richest-says-brookings_3494101.html?ref=brief_News&utm_source=morningbriefnoe&utm_medium=email">https://www.theepochtimes.com/democrats ... dium=email">https://www.theepochtimes.com/democrats-push-for-massive-tax-cut-for-the-richest-says-brookings_3494101.html?ref=brief_News&utm_source=morningbriefnoe&utm_medium=email

SALT deduction is the reason the very wealthy in states like California and New York support higher taxes.

[Anonymous]

A bipartisan group of lawmakers is pushing to eliminate the cap on federal tax deductions for state and local taxes (SALT) but many argue that such a move would massively favor the rich.



For decades, the ability to deduct SALT has been an important tax break for taxpayers who itemize deductions on their federal income tax returns. The 2017 Tax Cuts and Jobs Act (TCJA), however, limited the deduction for SALT payments to $10,000 a year. Any state and local individual income or property tax payments in excess of that amount are no longer deductible by taxpayers.



Blue states, especially those with higher individual income and property tax rates, have objected to this cap and some even tried to create tax maneuvers to avoid this limitation.



A growing number of House Democrats have recently indicated that they wouldn't support Biden's infrastructure and tax plan unless the cap is repealed.



Last week, more than 30 bipartisan members of the House formed the SALT Caucus to push for a repeal of the $10,000 limit passed in TCJA.



According to Tax Policy Center estimates, however, almost all benefits of repealing the $10,000 SALT cap would go to the top quintile, with the top 1 percent getting an average tax cut of $33,100 and 0.1 percent receiving nearly $145,000.



"Lifting the SALT cap would give essentially no benefit to the middle class," contrary to what Democrats and some Republicans have argued, a Brookings Institution report stated last year. Only 4 percent of the benefit would go the middle class, "for an average annual tax cut of a little less than $27."

[Anonymous]

Vermont Independent Sen. Bernie Sanders ripped Democratic efforts to reinstate state and local tax deductions, saying that the move sends a "terrible, terrible message."



Former President Donald Trump capped SALT deductions at $10,000 during his term, but many Democrats, including House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer, support reinstating them. The tax predominantly affects wealthy voters from high-tax states and cities, most of whom lean Democratic.



The repeal would overwhelmingly benefit the top 1% of Americans, according to the Tax Policy Center, since they generally pay more in income, property and overall taxes.



"It sends a terrible, terrible message when you have Republicans telling us that this is a tax break for the rich," Sanders told Axios' Jonathon Swan, who likened SALT deductions to "a tax break for rich people in blue states."

[Anonymous]

All bullshit.

[Anonymous]

All bullshit.

You are right for a change. It's all bullshit and the Democratic party pandering to their billionaire donors.

[Anonymous]

The state and local tax (SALT) deduction cap will be eliminated for five years as part of the Build Back Better social spending package, according to multiple reports.



The SALT provision allows Americans to deduct already-paid state and local taxes from their federal tax burden. As a result, the main beneficiaries tend to be wealthier residents of blue states and suburbs.



Eliminating the cap would constitute a $475 billion tax cut, with $400 billion of the cash accruing to some of the wealthiest Americans, according to the Committee for a Responsible Federal Budget. It would be the costliest provision in the entire Build Back Better package.

https://dailycaller.com/2021/11/02/josh-gottheimer-salt-cut-bernie-sanders/">https://dailycaller.com/2021/11/02/josh ... e-sanders/">https://dailycaller.com/2021/11/02/josh-gottheimer-salt-cut-bernie-sanders/

[Anonymous]

The state and local tax (SALT) deduction cap will be eliminated for five years as part of the Build Back Better social spending package, according to multiple reports.



The SALT provision allows Americans to deduct already-paid state and local taxes from their federal tax burden. As a result, the main beneficiaries tend to be wealthier residents of blue states and suburbs.



Eliminating the cap would constitute a $475 billion tax cut, with $400 billion of the cash accruing to some of the wealthiest Americans, according to the Committee for a Responsible Federal Budget. It would be the costliest provision in the entire Build Back Better package.

https://dailycaller.com/2021/11/02/josh-gottheimer-salt-cut-bernie-sanders/">https://dailycaller.com/2021/11/02/josh ... e-sanders/">https://dailycaller.com/2021/11/02/josh-gottheimer-salt-cut-bernie-sanders/

The democrats are the party of the super rich coastal elites. This proves it.

[Anonymous]

I would have posted this in the Politics sub. But, I heard we have flyover from FT that hates us fiscal conservatives. So, for that person, read em and weep. :001_tongue:

Kinda interested to know who it is from FT who could affect your posting habits so, if only for my own amusement. At this point in time all I know is it's not me, and the few others there who have shown any interest in this forum are already registered here. Most of them are conservatives too, or conservative leaning now that Beijing Biden has taken to shitting his Depends on a regular basis.



As for the dems, considering who makes up the lions share of their donor class, are you really surprised? I'm sure not. I saw how easily Sanders rolled over on his cherished convictions in 2016. Be it known that the only policy of his that I saw any truck in whatsoever was to get the Big Money out of government, presumably taking the associated corruption along with it.



There was only one other person whose pre-ballot messaging showed any congruence in that laudable aim... and the media continues to vilify that man to this day, even as his successor torches all the gains seen over the recent years.

[Anonymous]

lol, those poor rich progtards. ac_toofunny

SCOTUS rejects attempt by blue states to get tax cuts for the rich



The U.S. Supreme Court on Monday rejected an attempt by Democratic-led states to get a massive tax cut for the rich.



The court has declined to review a challenge brought by New York, Connecticut, New Jersey, and Maryland to the $10,000 federal cap on state and local property and income tax deductions, also known as the SALT cap.



In the 2017 tax reform law signed by former President Donald Trump, Congress imposed a limit on how much in state and local tax payments individuals could deduct from their federal income tax payments. The measure was included as a revenue cost offset to income and corporate tax cuts included in the law, needed to meet a House budget reconciliation requirement that no more than $1.5 trillion would be added to the federal deficit over a 10-year budget period.



Ironically, while congressional Democrats attacked the whole tax reform law as a massive tax break for the wealthy, Democratic-run states were particularly opposed to the SALT cap because it increased the federal tax burden of their wealthiest residents. New York and the other states sued, arguing that Congress had violated the Constitution by interfering with the states' ability to levy taxes.

https://www.theblaze.com/news/scotus-rejects-attempt-by-blue-states-to-get-tax-cuts-for-the-rich?utm_source=theblaze-breaking&utm_medium=email&utm_campaign=20220418Trending-AirplaneMandate&utm_term=ACTIVE%20LIST%20-%20TheBlaze%20Breaking%20News">https://www.theblaze.com/news/scotus-re ... ing%20News">https://www.theblaze.com/news/scotus-rejects-attempt-by-blue-states-to-get-tax-cuts-for-the-rich?utm_source=theblaze-breaking&utm_medium=email&utm_campaign=20220418Trending-AirplaneMandate&utm_term=ACTIVE%20LIST%20-%20TheBlaze%20Breaking%20News

[Anonymous]

lol, those poor rich progtards. ac_toofunny

SCOTUS rejects attempt by blue states to get tax cuts for the rich



The U.S. Supreme Court on Monday rejected an attempt by Democratic-led states to get a massive tax cut for the rich.



The court has declined to review a challenge brought by New York, Connecticut, New Jersey, and Maryland to the $10,000 federal cap on state and local property and income tax deductions, also known as the SALT cap.



In the 2017 tax reform law signed by former President Donald Trump, Congress imposed a limit on how much in state and local tax payments individuals could deduct from their federal income tax payments. The measure was included as a revenue cost offset to income and corporate tax cuts included in the law, needed to meet a House budget reconciliation requirement that no more than $1.5 trillion would be added to the federal deficit over a 10-year budget period.



Ironically, while congressional Democrats attacked the whole tax reform law as a massive tax break for the wealthy, Democratic-run states were particularly opposed to the SALT cap because it increased the federal tax burden of their wealthiest residents. New York and the other states sued, arguing that Congress had violated the Constitution by interfering with the states' ability to levy taxes.

https://www.theblaze.com/news/scotus-rejects-attempt-by-blue-states-to-get-tax-cuts-for-the-rich?utm_source=theblaze-breaking&utm_medium=email&utm_campaign=20220418Trending-AirplaneMandate&utm_term=ACTIVE%20LIST%20-%20TheBlaze%20Breaking%20News">https://www.theblaze.com/news/scotus-re ... ing%20News">https://www.theblaze.com/news/scotus-rejects-attempt-by-blue-states-to-get-tax-cuts-for-the-rich?utm_source=theblaze-breaking&utm_medium=email&utm_campaign=20220418Trending-AirplaneMandate&utm_term=ACTIVE%20LIST%20-%20TheBlaze%20Breaking%20News

Hollywood wept.