Good day all. One of the first items of business that President Trump pushed through was the Trump tax cuts. The goal was to return money to the taxpayers and lower the costs of business in the United States by encouraging corporations to repatriate money they had been keeping offshore.
The tax cuts worked spectacularly for everyone but the Rich Progressive Liberal Elites. They actually took it in the shorts, along with the cities and states that have been long under Democratic CommuNazi mismanagement. This led to the rich progressive elites to do two things.
First, get the hell out of the high tax states under Democratic CommuNazi mismanagement, and second, try to get their bought and paid for politicians to repeal the part of the tax code that limits the deductions of state taxes. Now, San Fran Nan, who is also getting hammered by the new tax code, is looking to repeal the SALT section of the tax code to improve her economic standing. Here are the details from Fox News:
House Speaker Nancy Pelosi, D-Calif., is pushing for a new stimulus bill that would roll back the state and local tax deduction (SALT) cap, a proposal that would predominantly help wealthy individuals — including most residents in Pelosi’s district and perhaps even Pelosi herself.
Gee, I thought San Fran Nan and all the other rich Progressive Liberal Democratic CommuNazis were for the “Little guy” and the “working class.” If they were, then the Senile Speaker of the House wold be all for “Sticking it to the rich.” I guess the truth is, all Liberals are liars and are only interested in enriching themselves. So just how much could San Fran Nan save by switching to Geico screwing over the American people?
A 2019 report from the Joint Committee on Taxation projected that of those who would face lower tax liability from the elimination of the SALT cap – which only affects those who itemize tax deductions – 94 percent earn at least $100,000. The government would lose out on $77.4 billion in tax dollars, with more than half of that amount being saved by taxpayers earning $1 million or more. Those earning more than $200,000 would reap most of the balance.
As for San Fran Nan and her “Constituents?” Just how would they do if she gets her way?
California’s 12th congressional district, which Pelosi represents, is among the wealthiest in the U.S., with a median income of $113,919, according to census data. The average household income is $168,456 — meaning most residents would benefit from any significant cut to SALT.
Pelosi and her husband have a property tax liability of approximately $198,337.62 considering their two homes, a winery and two commercial properties, public records show, indicating that the couple could reap substantial benefits in the event of a full SALT repeal.
Of course, this is just pure coincidence that Pelosi stands to make a nice pile on the backs of the middle class taxpayers. Just pure happenstance, and if you believe that, I have a bridge in San Francisco I think you may be interested in.
Just days after taking heat for successfully demanding $25 million in stimulus funds for the John F. Kennedy Center for the Performing Arts in Washington, D.C., Pelosi specifically declared this week that it might be wise to “retroactively undo SALT,” which was enacted as part of the 2017 tax cuts and prevents households from deducting more than $10,000 per year of their state and local tax expenditures from federal tax bills.
About that $25 million Pelosi scammed out of the bill? Theoretically, it was meant to make sure the staff was going to be taken care of. It didn’t actually work out that way. Now members of congress are looking to suspend the Pelosi payoff to the management of the Kennedy Center.
A Pelosi spokesperson said that a SALT drawdown would be “tailored to focus on middle-class earners and include limitations on the higher end.”
However, it was unclear exactly what the limitations would be in the proposed SALT shakeup. House Democrats voted last year to mostly repeal the SALT cap, and haven’t hidden their desires to try again should control of the Senate change in November.
Hey, it’s just the Progressive Liberal Democratic CommuNazis doing the job they’re paid to do. Screw over the average American in favor of the progressive liberal elites. I’ll be blunt, the Republican campaign ads are writing themselves. In fact, there’s so much material available to the Republican media people, they’re going to have a hard time choosing the best to hammer the hypocrites on the left.
The cap has been particularly unpopular in high-tax blue states. New York, New Jersey, Maryland and Connecticut have even sued to repeal the SALT cap; that lawsuit was dismissed by a federal judge, and the states are appealing. The SALT cap is set to expire in 2025.
Why is the SALT cap so unpopular with New York and Maryland? The answer is simple. The Progressives in the state legislatures have, for years, jacked the taxes up on the wealthy in their states knowing that it would be a financial wash, thanks to their ability to deduct those taxes from their federal taxes.
That money had to be made up at the federal level somewhere, and it came from low tax states that didn’t have over the top taxes on their residents. In some cases, such as in New Hampshire, there was no state income tax, therefore there was nothing that could be deducted at the federal level. Also, most people don’t live in McMansions, and the mortgage deduction is still in place for them. Those that have multi-million dollar mortgages? Yep, they get slammed. Where are the majority of these mortgages? In high tax blue states. Personally, I want to see the SALT cap made permanent. The ultra rich can afford it.
“The ink is hardly dry on a $2 trillion-plus emergency package,” Sen. Patrick J. Toomey, R-Penn., told the Times. “It’s far too soon to know whether and of what nature additional legislation is needed. If we determine that another measure is necessary, it should not be the vehicle for Speaker Pelosi’s partisan, parochial wish list.”
The original house stimulus bill was over 1400 pages in length and so larded up with crap that it was doomed in the Senate and probably would have been vetoed by President Trump. Of course, that may have been the plan by Pelosi and Schumer all along. Pity it worked about as well as all their other cunning plans. As for the latest cunning plan by Pelosi?
Senate Finance Committee Chairman Chuck Grassley, R-Iowa, has echoed that complaint.
“This is a nonstarter. Millionaires don’t need a new tax break as the federal government spends trillions of dollars to fight a pandemic,” a spokesperson for Grassley said.
“Mrs. Pelosi’s remarks underscore the potential for further political mischief and long-term damage as the government intervenes to stimulate the economy,” The Wall Street Journal editorial board wrote Tuesday. “When Democrats next complain that Republicans want to cut taxes ‘for the rich,’ remember that Mrs. Pelosi wants to cut them too—but mainly for the progressive rich in Democratic states.”
Pelosi, Schumer and the other Democrats don’t give a tinker’s damn about the nation or the people they allegedly represent. They only care about themselves, their “friends” and those who can help them gain and maintain more power over America. With proper preparation, this too will blow up in the Democrats faces.
Thatisall
(1 votes, average: 5.00 out of 5)
Loading...
~The Angry Webmaster~
