Here's a question: if Democrats want "Medicare for all," much increased college tuition support, and a "Green New Deal," how can they possibly backtrack on the mild tax hike that President Trump's tax bill imposed on wealthy citizens in blue states?
I'm referring to the reduced state and local tax deduction caps under the 2017 Republican tax reform legislation. The SALT deduction, as it is known, forced federal income taxpayers in states such as Florida and Tennessee, which don't have state income taxes, to pay proportionally more to the federal government than residents of states with high income taxes. That was wrong. By capping the deduction and lowering rates for everyone, Trump's tax bill made the system fairer, reducing taxes overall while eliminating a massive loophole for very wealthy individuals in high-tax states.
But I find it amusing, as CNBC notes, Democrats from high state income tax California, New Jersey, New York, and Illinois are working to increase the SALT caps. In other words, Democrats are now working urgently to cut tax bills for high-earners in Westchester, N.Y., Lake, III., and Los Angeles, Calif., counties.
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7 comments:
Democrats wants / pushes for these expensive programs, then their supporters should pay for them not raise my taxes as a senior citizen or someone earning under $75,000 a year. Eliminate our taxes.
SALT taxes are just plain and simple a double taxation, punish the blue states and a violation of States rights. Everything that the Republican party used to not do . But this is the new party of Trumpism and not longer the Republican party that i joined
Because they are thieves and commies
"SALT taxes are just plain and simple a double taxation..."
There is no law, whether federal or state or local, forbidding double taxation. There is no law against triple or quadruple taxation, either. Government is free to tax almost anything at anytime for any amount. The only exemption is duty on exports. You can look it up!
This article and you agree with it are totally backwards. In high cost of living states, there are plenty of regular Joes who are negatively impacted by the reduction in SALT cap. In DC, one can barely find a 2BR condo for $650k in a safe area. Young people coming out of college who may have a good paying job but are struggling with debt do all they can to save up enough to get into these places. They are the main one's who need the tax relief from deducting income and property tax. On the other end of the spectrum are the plenty of older craftsmen who worked for years to save up enough to purchase a home on the Jersey Shore or other locale but who get socked on income and property tax. This isn't just a "protect the wealthy" thing. And even if you agree with the premise of the article, you should be raving mad that the GOP wrote a tax bill that drastically reduces taxes on the rich, has minimal positive impact on the middle class, and will be a serious detriment to the whole country. We have a booming economy but the debt and deficits are skyrocketing.
The tax cuts actually raised taxes on the wealthy and they are mad as hell.
6:29 the inconvenient facts do not agree with you
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