The Conservative Cave
Current Events => The DUmpster => Topic started by: franksolich on June 28, 2019, 07:07:18 PM
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This is posted here in the DUmpster because it's not so much for the illumination of decent and civilized people, but more so a question being asked of the primitives--why do they want a tax cut for the rich?
They do too much of this sort of thing, and there won't be anything left to pay for free medical care for all.
https://thehill.com/opinion/finance/450188-blue-state-democrats-want-one-of-biggest-ever-tax-cuts-for-the-rich
Blue-state Democrats want one of the biggest-ever tax cuts — for the rich
…..Democrats want to repeal a feature of the Trump tax cut that capped the deduction of state and local taxes at $10,000 per filer. The House Ways and Means Committee, under the control of Democrats, is holding hearings today to make the case for bringing back the state and local tax deduction (SALT) – because they worry that it hurts high-tax blue states. Democratic governors like Andrew Cuomo of New York have been among the loudest critics of the cap on this tax write-off, and have even called the tax change “diabolical.”
But here’s the problem for liberals: This tax change had almost no impact on the tax payments of working-class Americans because, under the new tax system, almost nine of ten tax filers don’t itemize their deductions. Instead, they check off the box for the standard deduction – which was doubled under the new tax law. Also, most Americans don’t pay state and local taxes of more than $10,000 a year.
So, then, who would benefit if we brought back this tax loophole? According to the Urban Institute/Brookings Institution Tax Policy Center, about 90 percent of the tax cut would go to the richest 5 percent of Americans. Almost 60 percent of the benefit would go to the top 1 percent. Let’s put this in dollar terms: The Democrats want to give a tax benefit to millionaires and billionaires that would reduce their average federal tax burden by $142,000 a year. The average-income American would save, at most, about $70 a year......
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The salt deductions concealed how expensive it is to own property in high tax blue states and taking it away only furthered the ongoing exodus
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Salt deductions are the liberal states' scam to have the rest of the country subsidize their over-zealous taxation plans.
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For years I have been seeing comments from libbies about how the blue states subsidize the red states with twisted reasoning concerning facts/figures.
Well guess what libbies? Turns out you blue state pukes, especially the wealthy, were/are getting the break.
Personally I think there should be no fed tax break for state taxes period. Let the coastie liberals die a death of the taxes they voted for.