ColonelAngus
Diamond Member
- Feb 25, 2015
- 53,616
- 54,461
- 3,615
This is one of the biggest lies of the Bidem campaign. The Trump tax cuts REMOVED deductions for State and Local Taxes (SALT). This hit the rich in high tax blue states the worst. For those without a degree in Finance and Accounting as I have, and may not get it. I will show a simple example.
With Salt deductions.
Earnings: $1,000,000
State and Local Taxes paid:$150,000
(Federal Taxes due: $300,000)
Federal Taxes Paid: $150,000
Net Income: $700,000
Without SALT DEDUCTIONS:
Earnings: $1,000,000
State and Local Taxes Paid: $150,000
Federal Taxes Paid: $300,000
Net income: $550,000
Deductions mean you get CREDIT for what you pay for STATE AND LOCAL TAXES and you pay LESS FEDERAL TAX.
When the Trump Tax cuts are repealed, it is a HUUUUUUUUUUUUUUGE tax cut for rich people in blue states.
You are all paying less in taxes than you were before the tax cuts. Look at your total taxes paid as a percentage of your salary before and after the cuts. Biden and the Dems are LYING when they say the Trump tax cuts only help the wealthy.
THINK FOR YOURSELVES, PLEASE.
With Salt deductions.
Earnings: $1,000,000
State and Local Taxes paid:$150,000
(Federal Taxes due: $300,000)
Federal Taxes Paid: $150,000
Net Income: $700,000
Without SALT DEDUCTIONS:
Earnings: $1,000,000
State and Local Taxes Paid: $150,000
Federal Taxes Paid: $300,000
Net income: $550,000
Deductions mean you get CREDIT for what you pay for STATE AND LOCAL TAXES and you pay LESS FEDERAL TAX.
When the Trump Tax cuts are repealed, it is a HUUUUUUUUUUUUUUGE tax cut for rich people in blue states.
You are all paying less in taxes than you were before the tax cuts. Look at your total taxes paid as a percentage of your salary before and after the cuts. Biden and the Dems are LYING when they say the Trump tax cuts only help the wealthy.
THINK FOR YOURSELVES, PLEASE.