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Democrats Want to Restore Tax Break for the Wealthy

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Posted By: Moritz55, 4/6/2019 1:15:56 PM

Democrats often complain that tax cuts primarily benefit “the rich,” but apparently they only think it’s a problem when rich conservatives get a tax break, because they’re outraged that President Trump’s tax cuts scaled back a generous subsidy enjoyed by well-off taxpayers in liberal states. A key provision of the 2017 Tax Cuts and Jobs Act was a new cap on the so-called State and Local Tax (“SALT”) Deduction, which allows taxpayers to deduct state and local taxes on their federal tax return. This provision forces taxpayers in low-tax states such as Florida and Texas to effectively subsidize

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Interesting!

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Reply 1 - Posted by: DVC 4/6/2019 1:19:48 PM (No. 25537)
They are primarily the party of the wealthy, this is unsurprising.
17 people like this.

Reply 2 - Posted by: pittgrad95 4/6/2019 1:29:03 PM (No. 25524)
Democrats lying their way to election day!
11 people like this.

Reply 3 - Posted by: FleetUSA 4/6/2019 1:32:00 PM (No. 25533)
Remember the Dims boycotted the negotiations on the new tax law. They have themselves to blame. Plus an extremely high percentage of taxpayers are not affected by this change.
9 people like this.

Reply 4 - Posted by: Starboard_side 4/6/2019 1:52:47 PM (No. 25536)
#3, enough in the Coastal areas are, and many in district narrowly won by Democrats in 2018, so they are looking to be the "hero" by getting something they had back.

The GOP was snookered into that cap by themselves, and created a massive opening for Democrats to appeal to the middle to upper-middle income folks in high-tax states like California.

I always thought it was a mistake to cap the SALT at $10,000, when it could have easily been done at $20 or $25K, and all they would need to have done was have the corporate tax rate at 22% instead of 21%.

10 people like this.

Reply 5 - Posted by: bad-hair 4/6/2019 2:02:46 PM (No. 25531)
And just to rub SALT (so to speak) into the wound, it seems to me that the author of "President Trump´s Tax Cuts" owns a heck of a lot of (taxable) property in New York, New Jersey, California etc.


So it would seem he´s not doing himself any favors.
13 people like this.

Reply 6 - Posted by: fobo 4/6/2019 2:05:00 PM (No. 25529)
I suppose I can only speak from experience. I live in NJ and make about $115K. I can assure you that is not wealthy. Maybe solidly middle class. The new tax law cost me about $3K and cost our Republican congressman my vote. Not only mine. He and nearly every Republican representative lost in part because they voted against the interests of their constituents.
9 people like this.

Reply 7 - Posted by: chance_232 4/6/2019 2:06:19 PM (No. 25534)
When I left New York in 2000, the property taxes on my 100,000 home was about 6000 annually. In 2019, my property taxes on my 157,000 Georgia home is around 2,000.

If New York doesnt tax it, they have a fee for it. It cost me about 1200 a year just to drive to and from work on the toll roads. I chose not to open a business because I couldn´t afford the annual 25,000 fee to each county that I would do business in. I would have to do half a million annually, JUST to pay the governments. New York makes California look cheap in comparison.
10 people like this.

Reply 8 - Posted by: john56 4/6/2019 2:24:39 PM (No. 25532)
How about insisting your state and local governments live within THEIR means? For example, perhaps Mrs. Comrade DiBlasio could close up her tax funded counseling program that eats up a couple hundred million bucks. Or maybe Comrade Cuomo doesn´t have to be the highest paid governor in the US?
13 people like this.

Reply 9 - Posted by: HotRod 4/6/2019 2:31:11 PM (No. 25523)
FAR: ´´ The new tax law cost me about $3K and cost our Republican congressman my vote.´´

Perhaps state legislators are the problem. Stealing from federal taxes to support state funding simply allows state legislators to increase state taxes.

The way to make it fair would be to eliminate the deduction entirely, ensuring that all Americans pay the same federal rate. That way, state legislators would have to make their tax rates reasonable, or get voted out.

Besides, in addition to the high-tax states not paying their fair share of federal taxes, most of them are the largest recipients of money back from the feds.

No sympathy for high-tax states. They do it to themselves.
12 people like this.

Reply 10 - Posted by: msjena 4/6/2019 2:32:24 PM (No. 25527)
I am somewhat affected by the SALT limitation but I live it because it exposes the hypocrisy of the tax-the-rich crowd.
10 people like this.

Reply 11 - Posted by: msjena 4/6/2019 2:34:19 PM (No. 25525)
^^love, not live.
9 people like this.

Reply 12 - Posted by: jeffkinnh 4/6/2019 2:42:28 PM (No. 25538)
I thought the SALT cap was a masterful move. It targeted states that overspend and have high taxes to finance it. That´s their right as long as people in the state pay for it. When the federal government loses revenue through excessive deductions, the rest of us end up footing part of those state´s bill and THAT is not right. People in responsible states get no benefits from excessive spending states and we shouldn´t have to pay for it.

Instead of being ticked off at Trump and Republicans, maybe you should be going after your state reps to reign in spending they use to buy favors and cannot afford. And tell the people in your states to stop walking around with their hands out.
19 people like this.

Reply 13 - Posted by: stablemoney 4/6/2019 3:09:04 PM (No. 25530)
Democrats want to restore tax breaks for the blue states that they have driven to bankruptcy, so they are scrambling for other people´s money to pay for it all.
12 people like this.

Reply 14 - Posted by: NYbob 4/6/2019 3:17:08 PM (No. 25535)
I pay NY taxes and this did affect me to some degree. Worse was being taxed on forced withdraws from IRA and the rising S.S. tax that rapist rat Clinton imposed. In fact most of my tax pain originated from rat politics and politicians.

This really makes very little difference to NY state´s problems. Within a few years the entire mess will collapse and even the morons will understand who caused that.
10 people like this.

Reply 15 - Posted by: msjena 4/6/2019 4:28:12 PM (No. 25526)
Don´t kid yourself--when states like New Jersey raised taxes, they did so with the belief that the Federal government would subsidize the tax increase through the SALT deduction. Why should the Federal government encourage states to have high taxes?
9 people like this.

Reply 16 - Posted by: Strike3 4/7/2019 10:42:58 AM (No. 25528)
This is rich, liberals gouged because liberals in their own states put the screws to them. They just don´t get it.
2 people like this.

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