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Thread: Several Democrats fighting for tax break for the rich

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    Veteran Member Axulus's Avatar
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    Several Democrats fighting for tax break for the rich

    While Biden's corporate tax hikes and infrastructure bill don't include a SALT repeal, some congressional Democrats — including Rep. Tom Suozzi, D-N.Y., and Rep. Josh Gottheimer, D-N.J. — say they won't support Biden's plan unless it includes a full repeal of the SALT cap.

    Republicans and some Democrats say a repeal would only benefit the wealthy — which is antithetical to the Democratic Party's values — and would cost the government more than $600 billion in lost revenue over 10 years.

    According to the Tax Policy Center, more than 96% of the benefits of a SALT repeal would flow to the top 20% of earners. It estimates 57% of the benefits would go to the top 1%.
    https://www.cnbc.com/amp/2021/04/07/...the-rich-.html

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    Quote Originally Posted by Axulus View Post
    While Biden's corporate tax hikes and infrastructure bill don't include a SALT repeal, some congressional Democrats — including Rep. Tom Suozzi, D-N.Y., and Rep. Josh Gottheimer, D-N.J. — say they won't support Biden's plan unless it includes a full repeal of the SALT cap.

    Republicans and some Democrats say a repeal would only benefit the wealthy — which is antithetical to the Democratic Party's values — and would cost the government more than $600 billion in lost revenue over 10 years.

    According to the Tax Policy Center, more than 96% of the benefits of a SALT repeal would flow to the top 20% of earners. It estimates 57% of the benefits would go to the top 1%.
    https://www.cnbc.com/amp/2021/04/07/...the-rich-.html
    There are a lot of upper middle class people in expensive areas that are seriously hurt by the SALT cap.

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    Cyborg with a Tiara
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    Quote Originally Posted by Loren Pechtel View Post
    Quote Originally Posted by Axulus View Post
    While Biden's corporate tax hikes and infrastructure bill don't include a SALT repeal, some congressional Democrats — including Rep. Tom Suozzi, D-N.Y., and Rep. Josh Gottheimer, D-N.J. — say they won't support Biden's plan unless it includes a full repeal of the SALT cap.

    Republicans and some Democrats say a repeal would only benefit the wealthy — which is antithetical to the Democratic Party's values — and would cost the government more than $600 billion in lost revenue over 10 years.

    According to the Tax Policy Center, more than 96% of the benefits of a SALT repeal would flow to the top 20% of earners. It estimates 57% of the benefits would go to the top 1%.
    https://www.cnbc.com/amp/2021/04/07/...the-rich-.html
    There are a lot of upper middle class people in expensive areas that are seriously hurt by the SALT cap.

    Nah, not really. “Affected” by SALT cap, but not “hurt” by SALT cap. That’s stretching it way too thin. People who are paying more than $10,000 in property tax and mortgage interest aren’t “hurt” by having the amounts over $10K no longer deductable. Remember, it’s only the amount OVER $10K that you don’t get to write off any more. So “hurt” is hardly what is happening to people with Million dollar homes who should not have been subsidized for their monstrosities in the first place.

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    Veteran Member prideandfall's Avatar
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    Quote Originally Posted by Loren Pechtel View Post
    There are a lot of upper middle class people in expensive areas that are seriously hurt by the SALT cap.
    bullshit there are. the terms "upper middle class" and "hurt by taxes" are mutually exclusive.

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    Loony Running The Asylum ZiprHead's Avatar
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    Quote Originally Posted by Loren Pechtel View Post
    Quote Originally Posted by Axulus View Post
    While Biden's corporate tax hikes and infrastructure bill don't include a SALT repeal, some congressional Democrats — including Rep. Tom Suozzi, D-N.Y., and Rep. Josh Gottheimer, D-N.J. — say they won't support Biden's plan unless it includes a full repeal of the SALT cap.

    Republicans and some Democrats say a repeal would only benefit the wealthy — which is antithetical to the Democratic Party's values — and would cost the government more than $600 billion in lost revenue over 10 years.

    According to the Tax Policy Center, more than 96% of the benefits of a SALT repeal would flow to the top 20% of earners. It estimates 57% of the benefits would go to the top 1%.
    https://www.cnbc.com/amp/2021/04/07/...the-rich-.html
    There are a lot of upper middle class people in expensive areas that are seriously hurt by the SALT cap.
    1% friendly SALT cap repeal is 'part of the discussion' on Biden's $2.2T spending bill, Psaki says

    That's a Fox news link, btw.
    When conservatives realize they cannot win democratically, they will not abandon conservatism. They will abandon democracy.

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    Cyborg with a Tiara
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    Quote Originally Posted by prideandfall View Post
    Quote Originally Posted by Loren Pechtel View Post
    There are a lot of upper middle class people in expensive areas that are seriously hurt by the SALT cap.
    bullshit there are. the terms "upper middle class" and "hurt by taxes" are mutually exclusive.
    This is true.

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    Cyborg with a Tiara
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    According to the linked article, the average SALT deduction in Rockland and Westchester counties in NY (the places most likely to have the highest average) Is $36K and $22K, respectively.

    If a person has a large enough home and a high enough income to pay that much in state and local taxes and is within $36,000 of being “hurt,” I’ll send them financial planning advice for free.

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    Quote Originally Posted by Rhea View Post
    Quote Originally Posted by Loren Pechtel View Post

    There are a lot of upper middle class people in expensive areas that are seriously hurt by the SALT cap.

    Nah, not really. “Affected” by SALT cap, but not “hurt” by SALT cap. That’s stretching it way too thin. People who are paying more than $10,000 in property tax and mortgage interest aren’t “hurt” by having the amounts over $10K no longer deductable. Remember, it’s only the amount OVER $10K that you don’t get to write off any more. So “hurt” is hardly what is happening to people with Million dollar homes who should not have been subsidized for their monstrosities in the first place.
    I don’t know where you live but in the SF Bay Area million dollar homes are not monstrosities.

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    I don't know much about the issue. But Biden has pretty consistently stated that he is for helping people making $400,000 or less. It' not hard to imagine a person with half this salary with a million dollar house in this economy.

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    Quote Originally Posted by Shadowy Man View Post
    Quote Originally Posted by Rhea View Post
    Quote Originally Posted by Loren Pechtel View Post

    There are a lot of upper middle class people in expensive areas that are seriously hurt by the SALT cap.

    Nah, not really. “Affected” by SALT cap, but not “hurt” by SALT cap. That’s stretching it way too thin. People who are paying more than $10,000 in property tax and mortgage interest aren’t “hurt” by having the amounts over $10K no longer deductable. Remember, it’s only the amount OVER $10K that you don’t get to write off any more. So “hurt” is hardly what is happening to people with Million dollar homes who should not have been subsidized for their monstrosities in the first place.
    I don’t know where you live but in the SF Bay Area million dollar homes are not monstrosities.
    Yeah, California and Arizona. New Jersey property taxes. The home / postage stamp it was on in the South Shore of MA that I was a baby in is worth a quarter million I think. The house I grew up in is over $400k now. It was $50/60k in 1983.

    The problem I have with the SALT cap is that it is a targeted punishment to blue states. That isn't equal protection. We know stuff is cheaper in the South than the NE and West Coast. People of equivalent wealth in the South benefit fully, people in the NE and West Coast are being punished. Are they well off, most of them probably, but there are likely a number that aren't as much. Granted, yes, they get the first large chunk cut off and they are only not deducting a fraction of the cost, but that isn't equal protection of the law and it was very much intentional.

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