Well looks like we are seeing the Dems and Pubs starting to show Bipartisan support....Go figure it would be for a huge tax cut for the rich....

[bullitpdq68]

Yep 20 Dems and now 9 Pubs have joined a bipartisan caucus that has pledged not to support any Legislation that doesn't include a repaol of the SALT cap for the wealthy..... What bull &^*#!!! Yet the Dems like Josh Gottheimer sent a letter to Janet Yellen urging the repeal of the SALT cap saying it raises taxes for the middle income in his state?? What does he consider middle income?

Not very often I find myself agreeing with such hard leftist like Alexandria Ocasio-Cortez However she is right!! A salt reduction only helps the rich!!

Democrats against repealing the SALT cap say it would act as a tax break for the wealthy and do little to help most Americans.

“I don’t think that we should be holding the infrastructure package hostage for a 100% full repeal on SALT, especially in the case of a full repeal,” Alexandria Ocasio-Cortez, D-N.Y., told reporters during a Thursday briefing. “Personally, I can’t stress how much that I believe that is a giveaway to the rich.”

The top 1% of earners would see 57% of the benefits of a SALT repeal, while the top 20% of earners would reap more than 96% of benefits, according to Tax Policy Center. Overall, only 9% of American households would see any benefit from a repeal of the SALT cap, per the analysis.

In addition, most of the families that would benefit from doing away with the SALT cap would be wealthy white ones, according to a recent analysis from the left-leaning Institute on Taxation and Economic Policy. Black families are 42% less likely and Hispanic families are 33% less likely than white ones to see a tax break from a SALT cap repeal, the study showed.

In the end however like most things it will not matter come 2025 all of these tax reductions are set to expire even the SALT cap...Rich will get Richer and the middle class tax cuts will go away. Way to go PUBS and DEMS screwing the little guys for over 200 years!!!

 

[Expect2Win]

I hope they don't do this. 20 dems is not a lot, but this is stupid.

 

[MGHS]

Gosh I hate being on AOC side but her crazy arse is right on this. Total BS.....

 

[bullitpdq68]

Pretty interesting read on it. Again this will all be mute if they don't pass any meaning legislation before the tax cuts expire in 2025.

Opinion | Why Are Democrats Pushing a Tax Cut for the Wealthy? (Published 2021)

Restoring an unlimited federal tax deduction for state and local tax payments is bad politics and bad policy.

www.nytimes.com

The SALT deduction cap is unfair. The deduction is often described as a federal subsidy for state and local governments because the federal government effectively is paying for a portion of each dollar in state and local taxes. Capping the deduction has the effect of providing a smaller subsidy, per dollar, to jurisdictions that collect more money in taxes.

​

New Yorkers, who pay higher taxes than most Americans, get more extensive and higher quality public services. Residents of other states choose lower taxes and less government. Federal tax policy should provide consistent support for either choice.

Proponents of an unlimited SALT deduction have worked hard to portray the cap as a burden on a broad portion of the population. This is wrong in two important respects. First, the existence of the SALT deduction is the primary inequity. It shifts the distribution of taxation off the shoulders of the wealthy and onto the shoulders of the majority who do not make enough money to itemize tax deductions. The bigger the deduction, the greater the inequity.

 

[MGHS]

Weird that the Dem's who claim to want to help the working man...are now ignoring them, sure they throw a lot of money at the poor to garner votes, but the working man nothing. I'm not saying the Rep are a lot better but on occasion they throw us a bone and include us for awhile in the tax breaks. Biden if he want to do something for the working man should extend and increase the Middle Class Tax cuts.

But instead he is going the Capital gains route. Which I dislike but that's me. If we decide to sell the Family Farm I'm not keen on only getting half it's value after the tax's and fee's are factored in.

 

[MGHS]

One of the things I really disliked about Trump was his over spending..I understand now that every side wants something from the Gov. in the way of free stuff, so trying to reign in the budget and balance it is a Fantasy talking point. You have to provide trinkets to garner votes and Trump spent like a drunken sailor to the tune of about 4 trillion doing so.....So far it appears that Biden is pushing the 10 trillion mark in spending!! Not sure where this leads....devalued dollar? Maybe higher inflation?

After browsing over the American Families Plan It looks Like Pure Bunk....More pre-school a failed program that has not reduced poverty or increased the literacy level.
Free Community college again another boon doogle that hasn't worked, all we need is more people getting degree's that pay nothing or have little value but the graduates expect big pay.
I will go with bigger assistance to Black Colleges etc. they are often underfunded.
Free Childcare or Capped Childcare will be a fail it will end up looking like rent control long term as the cap will not cover the cost.
I'd have to look deeper into the paid Family/FMLA changes most states have them and companies provide coverage.
How about make the child credit permanent and get RID of the earned income tax credit.
Yes to payments to teachers
EBT/Meals...not more less
Nope on druggies and SNAP
Have to see specifics on Unemployment reform same with ACA, childcare credits. Have my doubts it will make things better....
Nope to IRS being able to regulate paid tax prepares....no more Gov. intervention.

 

[MGHS]

I know I just keep thinking about the ole saying even a Blind Hog finds a acorn once and awhile. So she was do.

 

[bullitpdq68]

One of the things I really disliked about Trump was his over spending..I understand now that every side wants something from the Gov. in the way of free stuff, so trying to reign in the budget and balance it is a Fantasy talking point. You have to provide trinkets to garner votes and Trump spent like a drunken sailor to the tune of about 4 trillion doing so.....So far it appears that Biden is pushing the 10 trillion mark in spending!! Not sure where this leads....devalued dollar? Maybe higher inflation?

After browsing over the American Families Plan It looks Like Pure Bunk....More pre-school a failed program that has not reduced poverty or increased the literacy level.
Free Community college again another boon doogle that hasn't worked, all we need is more people getting degree's that pay nothing or have little value but the graduates expect big pay.
I will go with bigger assistance to Black Colleges etc. they are often underfunded.
Free Childcare or Capped Childcare will be a fail it will end up looking like rent control long term as the cap will not cover the cost.
I'd have to look deeper into the paid Family/FMLA changes most states have them and companies provide coverage.
How about make the child credit permanent and get RID of the earned income tax credit.
Yes to payments to teachers
EBT/Meals...not more less
Nope on druggies and SNAP
Have to see specifics on Unemployment reform same with ACA, childcare credits. Have my doubts it will make things better....
Nope to IRS being able to regulate paid tax prepares....no more Gov. intervention.

Trump grew his business by debt he believes in debt you borrow and spend your way out of trouble and if that don't work file for Bankruptcy.

I worked for two men over the years who were the same way, Honestly they were really smart and very well spoken could charm you right out of all your money. When it came to numbers and starting a business... I don't know that I have ever meet two smarter people, they knew numbers. But when it came down to everyday running a business really not thier cup of tea they almost seemed bored with it...They would start something always under an LLC and then halfway thru sell it usually thru owner finance and then they would usually fail nobody could afford it because usually it was financed way over the top and then they would swope back in, or file BR and walk away, did this many times. Usually under an LLC, One finally got caught and is prision, it was a high profile case in springfield.

 

[MGHS]

Trump grew his business by debt he believes in debt you borrow and spend your way out of trouble and if that don't work file for Bankruptcy.

I worked for two men over the years who were the same way, Honestly they were really smart and very well spoken could charm you right out of all your money. When it came to numbers and starting a business... I don't know that I have ever meet two smarter people, they knew numbers. But when it came down to everyday running a business really not thier cup of tea they almost seemed bored with it...They would start something always under an LLC and then halfway thru sell it usually thru owner finance and then they would usually fail nobody could afford it because usually it was financed way over the top and then they would swope back in, or file BR and walk away, did this many times. Usually under an LLC, One finally got caught and is prision, it was a high profile case in springfield.

That is a pretty tried and True Business Model for many...I also new a Business owner who had houses He sold over and over again through owner finance. Get the deposit get some mortgage payments...then if they had a bad patch and couldn't pay foreclose and do it over again with same houses. He really loved getting that 10-20% cash payment that they put down.

But I will say this I did watch a Interview on I believe the today show with Trump and he projected the Housing Bubble bursting in mid 00's. They asked him why it would burst and he said because of bad loans, and then told the story of his uncle who was a loan officer for a bank. He got paid a salary to approve loans and he had no incentive to make bad loans. He said now their was a a huge incentive to make bad loans to garner the commission. He was spot on that.

I really think Trump is a True Business guy and will work the System anyway that is to his advantage. Spending and Filing BR is almost built into the system we have....not surprising that the Power Elites don't want Risk. He is no different in my mind than any other Real estate mogul.