basquebromance
Diamond Member
- Nov 26, 2015
- 109,396
- 27,002
- 2,220
- Banned
- #1
when Crazy Bernie is the reasonable one
jacobinmag.com
www.post-gazette.com
excerpts from the article:
If his maneuver fails, Republicans will have a potent political weapon heading into the 2022 midterms, as evidenced by a new video the GOP just released on Monday.
The $275 billion proposal is now the second largest part of the Build Back Better legislation, even though it would only benefit the 13 percent of Americans who itemize their tax returns
For months, our reporting has warned that a repeal of the $10,000 cap on such deductions would be a massive tax cut for the superrich, including for key Democratic lawmakers who are championing the measure. The GOP has been hammering Democrats over the proposal, saying it proves Democrats are trying to help the wealthy. Their new video previews how Republicans will depict themselves as populist critics of regressive tax cuts ahead of the 2022 midterm elections, if Democrats pass their current SALT initiative.
But that’s where Sanders — a longtime critic of raising the SALT deduction cap — comes in.
After House Democrats last week passed President Joe Biden’s Build Back Better bill with provisions raising the SALT caps to $80,000, the Vermont senator joined with New Jersey Democratic senator Bob Menendez to propose a more limited version. Though their proposal is not finalized, it is intended to phase out the new tax breaks for those making more than $400,000 a year
Democratic proponents of simply raising or repealing the cap have continued to deliberately promote fact-free misinformation about their proposal’s effects, pretending the new deductions would mostly help firefighters, teachers, and other middle-class households. Tax data prove that assertion is a flagrant Donald Trump–esque lie — the vast majority of the benefits of proposed new SALT deductions would flow to the very rich.
In addition to blatant lying, Democrats promoting a higher SALT deduction cap have refused to embrace the ITEP plan. That refusal suggests that corporate Democrats’ real goal in raising the SALT cap isn’t to protect the middle class, but is instead to enrich the wealthy blue-state donor class — a charge that Republicans will no doubt intensify if nothing changes.
For his part, Sanders has called the House-passed proposal “bad policy” and “bad politics” — and his initiative seems designed to make the politics at least a bit better, although his plan is hardly perfect.
The recent Republican criticism of Democrats’ SALT proposals already has salience amid polls showing most Americans see Democrats as out of touch with the country. At least some of Sanders’s Democratic colleagues seem to see the political problem with passing the $80,000 SALT cap increase, which would give an average tax cut of $16,000 to two-thirds of Americans who make more than $1 million a year
“Republicans are making the argument vociferously and repeatedly that they’re going to say that Democrats now are easier on millionaires than they were in 2017,” Senator Ron Wyden (Democrat from Oregon) told NBC News.
“It would be preposterous if this legislation ends up cutting taxes for the wealthiest people in America,” Democratic senator Michael Bennet of Colorado told Business Insider.
Bernie Sanders Is Facing Down Corporate Democrats on Taxes
The Democrats are poised to pass a giant, regressive tax giveaway to the wealthy by raising the SALT cap deduction. Bernie Sanders is trying to stop them.
jacobinmag.com
SALT is a wound: Both sides of the aisle upset with tax deduction plan in BBB Act
WASHINGTON — On the U.S. House floor Thursday, Rep. Mike Kelly, R-Butler, held a huge poster of jarred tomato sauce, “Biden’s Build Back...
www.post-gazette.com
excerpts from the article:
If his maneuver fails, Republicans will have a potent political weapon heading into the 2022 midterms, as evidenced by a new video the GOP just released on Monday.
The $275 billion proposal is now the second largest part of the Build Back Better legislation, even though it would only benefit the 13 percent of Americans who itemize their tax returns
For months, our reporting has warned that a repeal of the $10,000 cap on such deductions would be a massive tax cut for the superrich, including for key Democratic lawmakers who are championing the measure. The GOP has been hammering Democrats over the proposal, saying it proves Democrats are trying to help the wealthy. Their new video previews how Republicans will depict themselves as populist critics of regressive tax cuts ahead of the 2022 midterm elections, if Democrats pass their current SALT initiative.
But that’s where Sanders — a longtime critic of raising the SALT deduction cap — comes in.
After House Democrats last week passed President Joe Biden’s Build Back Better bill with provisions raising the SALT caps to $80,000, the Vermont senator joined with New Jersey Democratic senator Bob Menendez to propose a more limited version. Though their proposal is not finalized, it is intended to phase out the new tax breaks for those making more than $400,000 a year
Democratic proponents of simply raising or repealing the cap have continued to deliberately promote fact-free misinformation about their proposal’s effects, pretending the new deductions would mostly help firefighters, teachers, and other middle-class households. Tax data prove that assertion is a flagrant Donald Trump–esque lie — the vast majority of the benefits of proposed new SALT deductions would flow to the very rich.
In addition to blatant lying, Democrats promoting a higher SALT deduction cap have refused to embrace the ITEP plan. That refusal suggests that corporate Democrats’ real goal in raising the SALT cap isn’t to protect the middle class, but is instead to enrich the wealthy blue-state donor class — a charge that Republicans will no doubt intensify if nothing changes.
For his part, Sanders has called the House-passed proposal “bad policy” and “bad politics” — and his initiative seems designed to make the politics at least a bit better, although his plan is hardly perfect.
The recent Republican criticism of Democrats’ SALT proposals already has salience amid polls showing most Americans see Democrats as out of touch with the country. At least some of Sanders’s Democratic colleagues seem to see the political problem with passing the $80,000 SALT cap increase, which would give an average tax cut of $16,000 to two-thirds of Americans who make more than $1 million a year
“Republicans are making the argument vociferously and repeatedly that they’re going to say that Democrats now are easier on millionaires than they were in 2017,” Senator Ron Wyden (Democrat from Oregon) told NBC News.
“It would be preposterous if this legislation ends up cutting taxes for the wealthiest people in America,” Democratic senator Michael Bennet of Colorado told Business Insider.
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