Schumer and Biden want to give ultra wealthy Wall Street supporters a huge tax break..

[bullitpdq68]

Well Well back to cutting taxes for the rich again for the Dems...

New York business leaders push Biden, Schumer to ditch the cap on SALT deductions

New York business leaders are pushing President Biden and Senate Majority Leader Schumer to bring back the full SALT deduction, which was capped under Trump.

www.cnbc.com

Leaders of the finance industry and other businesses in New York are pushing President Joe Biden and Senate Majority Leader Chuck Schumer, who represents the state, to bring back the full state and local tax deduction, according to people familiar with the matter.

Schumer, who is up for reelection in 2022, has heard from business leaders across New York on multiple calls in recent weeks, these people added. Some of these people have also held talks with advisors to Biden.




Schumer, these people noted, signaled as recently as Friday that he plans to bring up the return of the full deduction when negotiations begin over reforming the tax code as a means to pay for Biden’s next initiatives, including rebuilding the nation’s infrastructure.

 

[bullitpdq68]

I see the Biden Supporters are awful quiet on this....so much hypocrisy from both sides.... I know the Pubs will be cheering this on.

 

[Expect2Win]

Easy there Bullit. That was a little deeper than I could read through it while I had students in here.
I am not sure how I feel about it. My first inclination was to be irritated with it, but after reading it a little closer there are many thoughts I have about it. First thing is that I want to see what the finished product is. All kinds of things don't end up in the final bills. Schumer has to push for it, but that doesn't mean Biden will take it in the final bill. If he finds a way to pay for it without raising taxes on lower middle class, then we will see, but I don't know how he can drop any taxes on the upper class and still do the infrastructure bill.
I hope that made sense. I am not ready to be mad about it yet, but I want to see.

 

[MGHS]

I see the Biden Supporters are awful quiet on this....so much hypocrisy from both sides.... I know the Pubs will be cheering this on.

Why would Pubs be cheering this on? Most Working Class Conservatives had zero issue with Trumps Cap on deductions for the wealthy. Made sense and was fair and a populace move. But clearly after the horrible handling of the C19 by the Gov. in NY and the Mayor in NYC and the flight of a lot of the wealthy because of this and the eroding tax base well....the Elitist are trying to circumvent a fair plan iin a effort to prop up a Decaying City.

Strange Plan.....reduce Federal taxes on wealthy to pay for a Infrastructure plan. I'm sure what ever Word Soup they put out will sound Wonderful...and it will be another Big Gov. fail. I'd think the best way to raise money is to increase the tax on the wealthy.....But let's be real that almost never Never happens

 

[kaskaskiakid]

Corporate tax rates are increasing from 21% to 28%.

 

[bullitpdq68]

Easy there Bullit. That was a little deeper than I could read through it while I had students in here.
I am not sure how I feel about it. My first inclination was to be irritated with it, but after reading it a little closer there are many thoughts I have about it. First thing is that I want to see what the finished product is. All kinds of things don't end up in the final bills. Schumer has to push for it, but that doesn't mean Biden will take it in the final bill. If he finds a way to pay for it without raising taxes on lower middle class, then we will see, but I don't know how he can drop any taxes on the upper class and still do the infrastructure bill.
I hope that made sense. I am not ready to be mad about it yet, but I want to see.

If you increase the salt from $10,000 to whatever then it is a reduction of federal taxes, and it is pretty clear if you are paying more than $10,000 in property taxes you are racking in some cash to be able to afford that kind of property.

I also understand why New York and other large metro areas would want to push this, because people are leaving metro areas. But maybe New York and California might want to possible reduce property tax?

In the end it is just another deduction for the wealthy.

 

[bullitpdq68]

Why would Pubs be cheering this on? Most Working Class Conservatives had zero issue with Trumps Cap on deductions for the wealthy. Made sense and was fair and a populace move. But clearly after the horrible handling of the C19 by the Gov. in NY and the Mayor in NYC and the flight of a lot of the wealthy because of this and the eroding tax base well....the Elitist are trying to circumvent a fair plan iin a effort to prop up a Decaying City.

Strange Plan.....reduce Federal taxes on wealthy to pay for a Infrastructure plan. I'm sure what ever Word Soup they put out will sound Wonderful...and it will be another Big Gov. fail. I'd think the best way to raise money is to increase the tax on the wealthy.....But let's be real that almost never Never happens

Why would Pubs cheer this on? has nothing to do with Trump not everything is about the man in orange....
They cheer it on because it is a reduction in taxes, something all Pubs cheer on, reducing taxes!

 

[kaskaskiakid]

We never hear any concern from Washington politicians of both parties about national debt. We continue to borrow, spend, and print money. I'm not an economist by any stretch, but it seems at some point something has to give - either we stop spending so much or we have to increase tax revenues.

I've stopped worrying about it. I figure most of us older folks won't be around when the past due notices come. Just keep sending me those stimulus checks that I did nothing to deserve.

 

[Expect2Win]

If you increase the salt from $10,000 to whatever then it is a reduction of federal taxes, and it is pretty clear if you are paying more than $10,000 in property taxes you are racking in some cash to be able to afford that kind of property.

I also understand why New York and other large metro areas would want to push this, because people are leaving metro areas. But maybe New York and California might want to possible reduce property tax?

In the end it is just another deduction for the wealthy.

I get that is a tax break for the wealthy. I am just saying it hasn't been decided yet, so I am not going to hold Biden accountable for a tax break he hasn't signed yet.

 

[bullitpdq68]

I get that is a tax break for the wealthy. I am just saying it hasn't been decided yet, so I am not going to hold Biden accountable for a tax break he hasn't signed yet.

Oh if Biden wants his $3 Trillion infrastructure proposal he and the Dems are going to have to give the ultra rich a Tax break. And The Federal Budget commish said said the move would amount to a $40,000 annual tax cut for millionaires and billionaires, nearly as much as the estimated $51,000 they got from the Trump tax reform.But yet Suozzi said no deal unless the cap is repealed which would pretty much mean a loss in $673 Billion dollars in federal income tax over a decade.

So who is going to pick up those cost....Well let's face it the true middle class and poor. It is what I love about the Dems, it is hard to call yourself a champion for the middle class when you rep states like New York

Democrats have a growing tax problem with SALT

A growing number of House Democrats are threatening to withhold support from President Biden’s $3 trillion infrastructure proposal over a tax provision affecting state and local taxes.Democrats fro…

thehill.com

I love what they say below that many see this as a cut for the Wealthy....well it is,, again how much does a home have to cost to hit $10,000 in property taxes, most of that is because those people own several homes.

Eleven members of the House Ways and Means Committee sent a letter to Biden in late February asking for a meeting to discuss repealing the cap on the SALT deduction. The Democrats, from a variety of high-tax blue states, who signed the letter are Pascrell, Suozzi, Mike Thompson (Calif.), John Larson (Conn.), Danny Davis (Ill.), Earl Blumenauer (Ore.), Brian Higgins (N.Y.), Judy Chu (Calif.), Brad Schneider (Ill.), Jimmy Panetta (Calif.) and Jimmy Gomez (Calif.).

“Although restoration of the uncapped SALT deduction is frequently cast as tax relief for the wealthy, in our districts, it is a middle-class priority. The capped SALT deduction discourages middle-class homeownership and charitable contributions, and it adds to the pressure on our state and local governments to make cuts to education, health services, public safety, and other community needs just when our constituents are suffering the most,” the lawmakers wrote in the letter obtained by The Hill.

 

[Expect2Win]

Biden better play hardball with them. This is his party and they need to get in line. If they want that tax cut they might get it in 2 years or 3 years when the infrastructure bill has created jobs and brought in enough taxes to pay itself down and offset the cost of the tax cut. Honestly, it would probably be better politics to wait until the midterms are over and do it before 2024.
If not then the heck with all of them.

 

[bullitpdq68]

Biden better play hardball with them. This is his party and they need to get in line. If they want that tax cut they might get it in 2 years or 3 years when the infrastructure bill has created jobs and brought in enough taxes to pay itself down and offset the cost of the tax cut. Honestly, it would probably be better politics to wait until the midterms are over and do it before 2024.
If not then the heck with all of them.

Going to test the Dems...

 

[MGHS]

Why would Pubs cheer this on? has nothing to do with Trump not everything is about the man in orange....
They cheer it on because it is a reduction in taxes, something all Pubs cheer on, reducing taxes!

That is not true...a lot of conservatives have no issue with the Progressive tax system and want the Loopholes closed that allow the Ultra rich to ease out of their fair share. What Conservatives don't like is tax hikes that only hit home at the working and middle class level. Yes we would rather have no tax hikes and reduced taxes than the over complicated unfair sham that is the tax code now. And most Conservatives are not in favor the Estate/Death tax as well. Also Most are not keen on corporate taxation at a high rate because we realize that is just passed on to the paying customer.

 

[kaskaskiakid]

That is not true...a lot of conservatives have no issue with the Progressive tax system and want the Loopholes closed that allow the Ultra rich to ease out of their fair share. What Conservatives don't like is tax hikes that only hit home at the working and middle class level. Yes we would rather have no tax hikes and reduced taxes than the over complicated unfair sham that is the tax code now. And most Conservatives are not in favor the Estate/Death tax as well. Also Most are not keen on corporate taxation at a high rate because we realize that is just passed on to the paying customer.

Such BS!! Then why did the Trump and the repubs pass a massive tax cut for the wealthy? And did you not notice that the middle class tax cut is due to expire in 2025, while the wealthy tax cut has no expiration?

 

[bullitpdq68]

Such BS!! Then why did the Trump and the repubs pass a massive tax cut for the wealthy? And did you not notice that the middle class tax cut is due to expire in 2025, while the wealthy tax cut has no expiration?

Well in all fairness....that is the only way they could do it. As is the case with most personal tax breaks included in the law. The expiration date allowed the Senate to comply with "reconciliation" rules that block a Democratic filibuster—which Republicans did not have the votes to defeat.

I don't understand that reconciliation rules enough to understand why corporate rates didn't fall under the same rules?

 

[MGHS]

Such BS!! Then why did the Trump and the repubs pass a massive tax cut for the wealthy? And did you not notice that the middle class tax cut is due to expire in 2025, while the wealthy tax cut has no expiration?

Most average conservatives where not jumping for joy with the tax cut for the wealthy most not did throw a fit because it got us a tax break until 2025 it was the best that could be done under the system we have.

AND You do realize that Democrats control the 50 wealthiest counties in America....hence the term Limousine leftist.....https://finance.yahoo.com/news/midterms-one-party-controls-wealthiest-184200649.html

I got to give it to the wealthy Dem's they control most of the media, the poor with hand outs and the Unions from the Auto to the Teachers. They do a great job of labeling Rep. as all being Rich and Greedy which is far from the truth.. Sure there is a Few Super Wealthy Rep. but they do not represent the rank and file working class conservative/libertarian.

Heck the Poverty Rate went up under Obama...and he gutted the Middle Class.....https://www.reuters.com/article/us-usa-obama-economy/middle-class-decline-looms-over-final-years-of-obama-presidency-idUSKBN0KR0HD20150118

And of course Obama helped the Rich Lenders and Consolidated Power even more....https://www.washingtonpost.com/posteverything/wp/2017/01/12/democrats-cant-win-until-they-recognize-how-bad-obamas-financial-policies-were/

At least Trump gave us some relief even if it goes away in 2025....A bribe to the Working Class? Sure but at this point it's better than the Dem's have done for the American People in the Middle.

Biden is Obama and Obama was Bush.....Their Policies on economics are Mirror images and do no Favors for the Middle Class workers.

 

[3Rfan]

Most average conservatives where not jumping for joy with the tax cut for the wealthy most not did throw a fit because it got us a tax break until 2025 it was the best that could be done under the system we have.

AND You do realize that Democrats control the 50 wealthiest counties in America....hence the term Limousine leftist.....https://finance.yahoo.com/news/midterms-one-party-controls-wealthiest-184200649.html

I got to give it to the wealthy Dem's they control most of the media, the poor with hand outs and the Unions from the Auto to the Teachers. They do a great job of labeling Rep. as all being Rich and Greedy which is far from the truth.. Sure there is a Few Super Wealthy Rep. but they do not represent the rank and file working class conservative/libertarian.

Heck the Poverty Rate went up under Obama...and he gutted the Middle Class.....https://www.reuters.com/article/us-usa-obama-economy/middle-class-decline-looms-over-final-years-of-obama-presidency-idUSKBN0KR0HD20150118

And of course Obama helped the Rich Lenders and Consolidated Power even more....https://www.washingtonpost.com/posteverything/wp/2017/01/12/democrats-cant-win-until-they-recognize-how-bad-obamas-financial-policies-were/

At least Trump gave us some relief even if it goes away in 2025....A bribe to the Working Class? Sure but at this point it's better than the Dem's have done for the American People in the Middle.

Biden is Obama and Obama was Bush.....Their Policies on economics are Mirror images and do no Favors for the Middle Class workers.

Who are you calling"us"? My great tax cut amounted to a dollar a day.