Democrats propose a $500 billion tax deduction - with $400 billion flowing to the top 5% of households

[Drop Dead Fred]

Democrats are always saying that they want higher taxes on the rich. But these very same Democrats are also in favor of giant tax deductions so rich people don't actually have to pay those taxes.

I personally prefer lower marginal tax rates across the board. I'm against the SALT tax deduction, because it encourages state and local governments to raise their own taxes, and then forces that cost on to the people in lower tax states. This is inherently unfair to those people in lower tax states. It's also extremely hypocritical on the part of Democrats who claim to want higher taxes on the rich.

Democrats are preparing to reverse a Trump-era tax move - and it could cut taxes for America's wealthiest residents

Taxpayers are capped in how much they can deduct for state and local taxes. Bernie Sanders says he won't back a bill that cuts taxes for billionaires.

www.yahoo.com

​

Democrats are preparing to reverse a Trump-era tax move - and it could cut taxes for America's wealthiest residents​

November 2, 2021

one budget expert calls it a "gigantic expensive tax cut for the rich."

a $500 billion tax cut - with $400 billion flowing to the top 5% of households

 

[easyt65]

Democrats are always saying that they want higher taxes on the rich. But these very same Democrats are also in favor of giant tax deductions so rich people don't actually have to pay those taxes.

I personally prefer lower marginal tax rates across the board. I'm against the SALT tax deduction, because it encourages state and local governments to raise their own taxes, and then forces that cost on to the people in lower tax states. This is inherently unfair to those people in lower tax states. It's also extremely hypocritical on the part of Democrats who claim to want higher taxes on the rich.

Democrats are preparing to reverse a Trump-era tax move - and it could cut taxes for America's wealthiest residents

Taxpayers are capped in how much they can deduct for state and local taxes. Bernie Sanders says he won't back a bill that cuts taxes for billionaires.

www.yahoo.com

​

Democrats are preparing to reverse a Trump-era tax move - and it could cut taxes for America's wealthiest residents​

November 2, 2021

one budget expert calls it a "gigantic expensive tax cut for the rich."

a $500 billion tax cut - with $400 billion flowing to the top 5% of households

Liars lie, cheaters cheat, scammers scam...why does anyone expect Democrats to be other than they truly are after they have proven this over and over again...

Anyone still falling for the Democrats' bullshit / lies have to be permanently brain damaged with the IQ of a pasture cow pie.

 

[Dekster]

Democrats are always saying that they want higher taxes on the rich. But these very same Democrats are also in favor of giant tax deductions so rich people don't actually have to pay those taxes.

I personally prefer lower marginal tax rates across the board. I'm against the SALT tax deduction, because it encourages state and local governments to raise their own taxes, and then forces that cost on to the people in lower tax states. This is inherently unfair to those people in lower tax states. It's also extremely hypocritical on the part of Democrats who claim to want higher taxes on the rich.

Democrats are preparing to reverse a Trump-era tax move - and it could cut taxes for America's wealthiest residents

Taxpayers are capped in how much they can deduct for state and local taxes. Bernie Sanders says he won't back a bill that cuts taxes for billionaires.

www.yahoo.com

​

Democrats are preparing to reverse a Trump-era tax move - and it could cut taxes for America's wealthiest residents​

November 2, 2021

one budget expert calls it a "gigantic expensive tax cut for the rich."

a $500 billion tax cut - with $400 billion flowing to the top 5% of households

Bernie Sanders has already gone on record saying over his dead body will he support this.

 

[easyt65]

Bernie Sanders has already gone on record saying over his dead body will he support this.

Hooray...we have the card-carrying Socialist Crypt Keeper's word not to support this....

 

[BluesLegend]

Total crickets from Dems on this tax cut for the rich.

 

[Dekster]

Hooray...we have the card-carrying Socialist Crypt Keeper's word not to support this....

Politics makes strange bedfellows. Give Bernie a blue pill and a reach around for once already.....

 

[Nostra]

Wait, I thought they were going to pay for this by taxing the rich. Then why are they including TAX GIVEAWAYS to the rich for buying expensive electric vehicle and living in mansions?

Oh, and part of that TAX GIVEAWAY for electric vehicles is dependent on the vehicle being made by union members. Another handout to they handlers in the unions.

Democrats' spending bill lets wealthy claim tax credits on pricey electric vehicles​

The bill provides up to $12,500 in tax credits for people who buy electric vehicles that meet certain qualifications. The income threshold for people to qualify for the tax credit is $500,000 or less for joint filers and $250,000 for individuals.

The full tax credit covers electric trucks, vans and sport utility vehicles (SUVs) costing up to $80,000. For comparison, the median household income in 2020 was $67,521, according to the U.S. Census Bureau.

The bill specifically prioritizes U.S. companies with union workforces, in a victory for Democrats' labor union allies like the United Auto Workers (UAW).

The bill makes $4,500 of the potential $12,500 tax credit dependent on whether the vehicle was produced in the U.S. by a manufacturer with a collective bargaining agreement in place.

The tax credit for electric vehicles isn't the only provision in the bill that could benefit high earners.


House Democrats are also seeking to significantly raise the federal cap on state and local tax deductions, from $10,000 to $72,500 for five years, which would be a boon to wealthy individuals in states with high income tax rates like New York.

Democrats' spending bill lets wealthy claim tax credits on pricey electric vehicles

Democrats' proposed spending bill will allow households with yearly incomes as high as $500,000 to claim tax credits on pricey electric vehicles that cost up to $80,000.

www.foxbusiness.com

 

[Oddball]

It will also repeal the SALT limit, which only benefits wealthy 2nd homeowners.

 

[task0778]

Interesting to see if that bill passes as it is now, I would imagine the SALT change won't make it into the final bill. The House Dems are bat-shit crazy if they think the Senate will pass it, and even crazier to think they can pass that shit and not lose their majority in the House. Given what happened in Virginia and New Jersey and other places, if I was a democrat I'd be wondering about keeping my seat in Congress if I continue to support the bullshit far left agenda.

 

[BluesLegend]

I think the OP is wrong, no way Dems would gift billions in tax increases to the 1%. #Dem mocking sarcasm

 

[Nostra]

Total crickets from Dems on this tax cut for the rich.

Not a tax cut, a TAX GIVEAWAY to the rich.

 

[OldFlame]

They gotta pay back all those wealthy donors somehow, this is just one of many ways...

 

[WTH_Progs?]

Democrats are always saying that they want higher taxes on the rich. But these very same Democrats are also in favor of giant tax deductions so rich people don't actually have to pay those taxes.

I personally prefer lower marginal tax rates across the board. I'm against the SALT tax deduction, because it encourages state and local governments to raise their own taxes, and then forces that cost on to the people in lower tax states. This is inherently unfair to those people in lower tax states. It's also extremely hypocritical on the part of Democrats who claim to want higher taxes on the rich.

Democrats are preparing to reverse a Trump-era tax move - and it could cut taxes for America's wealthiest residents

Taxpayers are capped in how much they can deduct for state and local taxes. Bernie Sanders says he won't back a bill that cuts taxes for billionaires.

www.yahoo.com

​

Democrats are preparing to reverse a Trump-era tax move - and it could cut taxes for America's wealthiest residents​

November 2, 2021

one budget expert calls it a "gigantic expensive tax cut for the rich."

a $500 billion tax cut - with $400 billion flowing to the top 5% of households

Demonicrats only parrot. What they champion however is hypocrisy & projection.

Imagine living in a country where the wealthiest zip codes are leftists and the filthiest of rich are leftists too, only to suggest "Republicans only care about the wealthy" That's how shit works in leftism.

 

[Resnic]

Tax the rich is a lie.

The rich are who they rub elbows with, the rich are the ones who find their campaigns.

Tax the rich is a scam they pull in order to and try into making "the dumb ignorant middle class dummies" cheering for them. At the end of the day it's just a ruse and nothing else.

Democrats do not give a shit about the poor, they only care about maintaining as much control as possible and their own people.