I thought democrats were for the worker?
https://thehill.com/opinion/finance...ant-one-of-biggest-ever-tax-cuts-for-the-rich
How is this for hypocrisy? Liberals in Congress are making a big lobbying pitch for a $600 billion tax cut that would constitute one of the largest tax write-offs for the super-rich in American history.
Democrats want to repeal a feature of the Trump tax cut that capped the deduction of state and local taxes at $10,000 per filer.
The House Ways and Means Committee, under the control of Democrats, is holding hearings today to make the case for bringing back the state and local tax deduction (SALT) – because they worry that it hurts high-tax blue states. Democratic governors like Andrew Cuomo of New York have been among the loudest critics of the cap on this tax write-off, and have even called the tax change “diabolical.”
But here’s the problem for liberals: This tax change had almost no impact on the tax payments of working-class Americans because, under the new tax system, almost nine of ten tax filers don’t itemize their deductions. Instead, they check off the box for the standard deduction – which was doubled under the new tax law. Also, most Americans don’t pay state and local taxes of more than $10,000 a year.
So, then, who would benefit if we brought back this tax loophole? According to the Urban Institute/Brookings Institution Tax Policy Center, about 90 percent of the tax cut would go to the richest 5 percent of Americans. Almost 60 percent of the benefit would go to the top 1 percent.
Let’s put this in dollar terms: The Democrats want to give a tax benefit to millionaires and billionaires that would reduce their average federal tax burden by $142,000 a year. The average-income American would save, at most, about $70 a year.
https://thehill.com/opinion/finance...ant-one-of-biggest-ever-tax-cuts-for-the-rich
How is this for hypocrisy? Liberals in Congress are making a big lobbying pitch for a $600 billion tax cut that would constitute one of the largest tax write-offs for the super-rich in American history.
Democrats want to repeal a feature of the Trump tax cut that capped the deduction of state and local taxes at $10,000 per filer.
The House Ways and Means Committee, under the control of Democrats, is holding hearings today to make the case for bringing back the state and local tax deduction (SALT) – because they worry that it hurts high-tax blue states. Democratic governors like Andrew Cuomo of New York have been among the loudest critics of the cap on this tax write-off, and have even called the tax change “diabolical.”
But here’s the problem for liberals: This tax change had almost no impact on the tax payments of working-class Americans because, under the new tax system, almost nine of ten tax filers don’t itemize their deductions. Instead, they check off the box for the standard deduction – which was doubled under the new tax law. Also, most Americans don’t pay state and local taxes of more than $10,000 a year.
So, then, who would benefit if we brought back this tax loophole? According to the Urban Institute/Brookings Institution Tax Policy Center, about 90 percent of the tax cut would go to the richest 5 percent of Americans. Almost 60 percent of the benefit would go to the top 1 percent.
Let’s put this in dollar terms: The Democrats want to give a tax benefit to millionaires and billionaires that would reduce their average federal tax burden by $142,000 a year. The average-income American would save, at most, about $70 a year.
