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April 02, 2020

To Help Poor and Working Families, Nancy Pelosi Pushes SALT Tax Break for Millionaires In Blue States... Including Herself

Party of the 1%.

The SALT deduction lets very wealth taxpayers in high tax blue states, and blue cities, to deduct the money their liberal governments take from them from their federal taxable income.

So New York City and San Francisco can jack up tax rates, but their wealthy inhabitants won't mind too much, because at least they can avoid paying some taxes to the federal government.

Trump (and Congress) limited how much one could deduct from one's federal taxable income.

Blue state leftists -- who constantly cry about the need to raise taxes while conveniently crafting themselves shelters from the high taxes they demand -- are aghast that they would actually be expected to pay the high federal tax rates they champion.

And Nancy Pelosi is riding to their rescue.

Can't wait to hear her explain how a tax sop that benefits only the blue state millionaires concentrated around NYC, LA, SF, and DC will really "help the working people in the heartlands."

So is Nancy Pelosi officially embracing trickle-down economics?

Is anyone in the media going to ask her?

Spoiler alert: No, no one in the media is going to ask her, including reporters from FoxNews, because FoxNews is itself a tool of the neoliberal blue state millionaire establishment.

They're just in the dirty business of selling products to a deplorable red state audience.

The Murdoch Boyz -- and Paul Ryan -- want their Pelosi Stimulus Check.

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.

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.

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.

Fuck these people.

Meanwhile, Chuck Schumer is playing further partisan games, demanding things Trump is already doing and demanding silly thing so that when Trump refuses, he can say, "Oh, that's why 1000 more people died!"

Trump repsonded Trumpishly:

We have given New York many things, including hospitals, medical centers, medical supplies, record number of ventilators, and more. You should have had New York much better prepared than you did, and as Dr. Fauci and Dr. Birx said yesterday, New York was very late in its fight against the virus. As you are aware, the federal government is merely a back-up for state governments. Unfortunately, your state needed more back-up than others.

If you spent less time on a ridiculous impeachment hoax... and instead focused on helping the people of New York, then New York would not have been so completely unprepared for the "invisible enemy." No wonder AOC and others are thinking about running against you in the upcoming primary. If they did, they would likely win.

Fortunately, we have been working with your state and city governments, Governor Andrew Cuomo and Mayor Bill DiBlasio. You have been missing in action, except when it comes to the "press."

This is a line I want Trump to use on Schumer. I offer it gratis.

"When there's work to be done, some men put their shoulders to the load, and others just run their mouth. You are famously a man with a very big mouth and very small shoulders."

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posted by Ace at 06:41 PM

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