task0778
Diamond Member
Wait - Biden and the Dems want to raise taxes on the rich, right? But Schumer wants to cut taxes on the rich by allowing them to deduct more on their state and local taxes, right? He said:
Schumer said that keeping the House bill's provision on the SALT deduction cap is top priority for Senate Democrats in the next coronavirus relief package, along with assistance for state and local governments and money for schools.
"We need to cushion the blow of this virus," Schumer said. "The SALT cap hurts people affected by the virus. It hurts so many of the metropolitan areas like New York."
Aw, poor babies! If you look at the top 10 states with the highest average SALT deduction in 2014, you have New York at the top (big surprise, where is Schumer from?) with $21,038.02 and Vermont at #10 with $11,843.95. So now they only get to deduct $10,000, right? So, if you're a rich guy like Schumer making say $500,000, you gotta pay the taxes on $490,000 instead of about $479,000 right? Yeah, the taxes on that extra $11,000 is a real killer, isn't it? And THIS is their top priority in the next coronavirus relief package? Really? Goes to where their priorities really are doesn't it?
And consider this: Filers with incomes over $500,000 are greatly affected, but their loss in deductions could also be offset by the decrease of the top federal income tax rate (from 39.6% to 37%), the doubling of the estate tax deduction and the cutting of the capital gains rate from 23.8% to 21%.
Biden wants to repeal those number from the Trump tax cuts, right? Which is going to hurt the rich more, the SALT deduction or the increase in the marginal tax rates?
If Democrats win control of the Senate in the 2020 elections, Schumer is poised to become the chamber's majority leader. Schumer said that Senate Democrats would make it a priority to permanently eliminate the SALT deduction cap if they are in the majority in 2021. Schumer goes on to say:
"I want to tell you this: If I become majority leader, one of the first things I will do is we will eliminate it forever," he said. "It will be dead, gone and buried."
Don't bet on it, Chucky. You can eliminate it if you get the chance, but I'm guessing it'll return from the dead eventually. But think about this for a minute. If they win back the Senate THIS is one of the first things he wants to do? With all of our other issues, he wants to fix this first? I didn't know he was in that much trouble in New York to get re-elected. This ain't helping the other Dems running for the Senate in most of the other states.
thehill.com
I've read where lots of people are leaving New York or have recently already left. I hope to God they leave their politics behind, other wise they could fuck up their new state like they did their old one.
Schumer said that keeping the House bill's provision on the SALT deduction cap is top priority for Senate Democrats in the next coronavirus relief package, along with assistance for state and local governments and money for schools.
"We need to cushion the blow of this virus," Schumer said. "The SALT cap hurts people affected by the virus. It hurts so many of the metropolitan areas like New York."
Aw, poor babies! If you look at the top 10 states with the highest average SALT deduction in 2014, you have New York at the top (big surprise, where is Schumer from?) with $21,038.02 and Vermont at #10 with $11,843.95. So now they only get to deduct $10,000, right? So, if you're a rich guy like Schumer making say $500,000, you gotta pay the taxes on $490,000 instead of about $479,000 right? Yeah, the taxes on that extra $11,000 is a real killer, isn't it? And THIS is their top priority in the next coronavirus relief package? Really? Goes to where their priorities really are doesn't it?
And consider this: Filers with incomes over $500,000 are greatly affected, but their loss in deductions could also be offset by the decrease of the top federal income tax rate (from 39.6% to 37%), the doubling of the estate tax deduction and the cutting of the capital gains rate from 23.8% to 21%.
Biden wants to repeal those number from the Trump tax cuts, right? Which is going to hurt the rich more, the SALT deduction or the increase in the marginal tax rates?
If Democrats win control of the Senate in the 2020 elections, Schumer is poised to become the chamber's majority leader. Schumer said that Senate Democrats would make it a priority to permanently eliminate the SALT deduction cap if they are in the majority in 2021. Schumer goes on to say:
"I want to tell you this: If I become majority leader, one of the first things I will do is we will eliminate it forever," he said. "It will be dead, gone and buried."
Don't bet on it, Chucky. You can eliminate it if you get the chance, but I'm guessing it'll return from the dead eventually. But think about this for a minute. If they win back the Senate THIS is one of the first things he wants to do? With all of our other issues, he wants to fix this first? I didn't know he was in that much trouble in New York to get re-elected. This ain't helping the other Dems running for the Senate in most of the other states.
Schumer pushes for elimination of SALT deduction cap in next coronavirus relief bill
Senate Minority Leader Charles Schumer (D-N.Y.) on Tuesday pushed for the cap on the state and local tax (SALT) deduction to be undone in the next coronavirus relief package, as Democrats and Repub…
thehill.com
I've read where lots of people are leaving New York or have recently already left. I hope to God they leave their politics behind, other wise they could fuck up their new state like they did their old one.
