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Will house Dems pass a bill that gives billions to the rich?

BlackSand

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The House is expected to vote this week on President Joe Biden's Build Back Better legislation. The social spending bill includes investments in clean energy and affordable child care - but it also includes a $285 billion tax cut that would almost exclusively benefit high-income households over the next five years.

The measure would allow households to increase their deduction from state and local taxes from $10,000 to $80,000 through 2026, and then impose a new deduction cap through 2031. It's the second-most expensive item in the legislation over the next five years, more costly than establishing a paid family and medical leave program, and nearly twice as expensive as funding home-medical services for the elderly and disabled, according to an analysis by the Committee for a Responsible Federal Budget.


For all the bitching about paying your fair share, are the democrats really going to do this? Talk about handing the GOP a campaign issue they can use against the Dems, and they're planning on voting on this bill in the next couple of days. Unbelievable.
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What you are talking about is a measure that allows any person to keep more of their money ...
When the measure that takes more of their money expires.

It doesn't give anyone anything ... It just means the government cannot not take more.
It applies to everyone that pays state income tax, and not just the rich ... :thup:

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task0778

task0778

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What you are talking about is a measure that allows any person to keep more of their money ...
When the measure that takes more of their money expires.

It doesn't give anyone anything ... It just means the government cannot not take more.
It applies to everyone that pays state income tax, and not just the rich ... :thup:

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What we are talking about is the effort by the democrats to pass a measure that allows the rich people to deduction up to $80,000 of their State And Local Taxes (SALT) on their federal tax return, which currently has a $10,000 upper limit. Which means the rich guys are currently paying higher federal taxes, so if the democrats are successful in including the higher SALT deduction, then the rich guys will pay less taxes going forward. It is in effect a tax cut for them but nobody else, something the democrats are always bitching about. Not many non-rich people pay more in SALT than 10k and on top of that most non-rich people take the standard deduction anyway, which avoids the SALT deduction in the 1st place. So, it really does not apply to anyone else but the wealthy, and BTW has nothing to do with state income taxes.
 

BlackSand

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What we are talking about is the effort by the democrats to pass a measure that allows the rich people to deduction up to $80,000 of their State And Local Taxes (SALT) on their federal tax return, which currently has a $10,000 upper limit. Which means the rich guys are currently paying higher federal taxes, so if the democrats are successful in including the higher SALT deduction, then the rich guys will pay less taxes going forward. It is in effect a tax cut for them but nobody else, something the democrats are always bitching about. Not many non-rich people pay more in SALT than 10k and on top of that most non-rich people take the standard deduction anyway, which avoids the SALT deduction in the 1st place. So, it really does not apply to anyone else but the wealthy, and BTW has nothing to do with state income taxes.
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Yeah ... Anyone who pays between $10k and $80k gets to keep up to $70k more of their own money.
Like the Idea ... :thup:

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task0778

task0778

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Yeah ... Anyone who pays between $10k and $80k gets to keep up to $70k more of their own money.
Like the Idea ... :thup:

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If the democrats get their way, yes. Raising the SALT limit is a tax cut to the wealthy. They get to keep just the taxes they would've paid on up to $70,000 of their own money. Trump used that extra revenue to pay for spending so much on the tax cuts to everyone. Funny, the democrats always want to raise taxes on the wealthy, so Trump did it and now they don't like it cuz it doesn't apply as much to lower taxed states that are mostly red.
 

BlackSand

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If the democrats get their way, yes. Raising the SALT limit is a tax cut to the wealthy. They get to keep just the taxes they would've paid on up to $70,000 of their own money. Trump used that extra revenue to pay for spending so much on the tax cuts to everyone. Funny, the democrats always want to raise taxes on the wealthy, so Trump did it and now they don't like it cuz it doesn't apply as much to lower taxed states that are mostly red.
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People who pay between $10k and $80k in State taxes get to keep up to $70k more of their money.

Rich, poor, Democrat, Republican ... It doesn't matter.
I am glad they get to keep their money.

Maybe they can pay for their own kid's college that semester.

I get it, some people that aren't broke get to keep some of their money,
and it pisses your greedy ass off.

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task0778

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I get it, some people that aren't broke get to keep some of their money,
and it pisses your greedy ass off.

What? Me, greedy? Dude, I'm retired and on a fixed income. I ain't broke but I also ain't exactly swimming in luxury either. I'll tell you what pisses me off though, it's when democrats scream for decades about how the rich should pay more and now here they are trying to give the rich a tax cut.

And I'm not sure you understand that those rich folks don't get to keep up to $70k of their own money. They get to keep the taxes they would've paid on up to $70k of their money. There's a difference, and I don't think it's that much for most of them. Last I saw, the average effective tax rate for the upper crust is somewhere between 20 - 25%, which means their federal tax bill would be reduced by up to as much as $17,000 or so. Probably less for most of 'em and that is what they would get to keep. I'd bet money that most 'em are saving maybe $10k or less.

The way I see it, if you are dumb enough to live in a state with high state and local taxes and you are paying in excess of $10,000 in SALT, then that's on you.
 

BlackSand

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What? Me, greedy? Dude, I'm retired and on a fixed income. I ain't broke but I also ain't exactly swimming in luxury either. I'll tell you what pisses me off though, it's when democrats scream for decades about how the rich should pay more and now here they are trying to give the rich a tax cut.

And I'm not sure you understand that those rich folks don't get to keep up to $70k of their own money. They get to keep the taxes they would've paid on up to $70k of their money. There's a difference, and I don't think it's that much for most of them. Last I saw, the average effective tax rate for the upper crust is somewhere between 20 - 25%, which means their federal tax bill would be reduced by up to as much as $17,000 or so. Probably less for most of 'em and that is what they would get to keep. I'd bet money that most 'em are saving maybe $10k or less.

The way I see it, if you are dumb enough to live in a state with high state and local taxes and you are paying in excess of $10,000 in SALT, then that's on you.
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I am not the trying to take someone's money from them or supporting the government when they want to.

I live in a State that has a Balanced Budget Amendment in our Constitution.

They cannot spend money they don't have in the bank.
If they want to spend more money on anything, they either have to cut a program or pass a tax.

That's the way it should be ... :thup:
They stopped spending a shitload of other people's money when they kept getting fired for trying to raise taxes.

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Dagosa

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Beesus
HaHa. Re; Your first claim( prove it, Biden wants ordinary Americans to get audited while Bezos spends over $44,000,000 on a luxury yacht, Pelosi gets rich 🤑 from her insider trading and Drug addicted Biden Jr and Father get rich from their inside dealings with 🇨🇳 China. You’re complaining because Republicans don’t want open borders, reduced crime, illegal immigration and drugs pouring into the Country, Sanctuary Cities.etc. Etc
Geesus, you must have been asleep when even the gop states balked at his voting commission requests to supply personal voting data to them. It wasn’t news on Fox News, they were ashamed.


It’s fucking hilarious. You Humpers whine about having the feds knowing your firearm registration, but it’s OK if the Fed under Trump knows your personal voting records…..geesus, WTF kind of a fascist state are you guys promoting by bag lapping Trump for four years.

once that info goes to Trump and his cabinet, even the IRS will have access to it who’s appointees that manage it were al, Trump lackey’s…….frauds. That information puts even fellow repos in a position to be black mailed. How ridiculous are you frauds ? Even many repo states refused to be a part of it.
 
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Dagosa

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HaHa. Re; Your first claim( prove it, Biden wants ordinary Americans to get audited while Bezos spends over $44,000,000 on a luxury yacht, Pelosi gets rich 🤑 from her insider trading and Drug addicted Biden Jr and Father get rich from their inside dealings with 🇨🇳 China. You’re complaining because Republicans don’t want open borders, reduced crime, illegal immigration and drugs pouring into the Country, Sanctuary Cities.etc. Etc
Trump was even worse.
He even plotted to have voting machines confiscated to change the last and any future elections.
Sounds like Putin advice. He must have got it when he was giving him a BJ.
 

ILOVEISRAEL

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Trump was even worse.
He even plotted to have voting machines confiscated to change the last and any future elections.
Sounds like Putin advice. He must have got it when he was giving him a BJ.
The same paper that reported the “ Russian Collusion “ ☺️ Too bad they didn’t comment on the crime? The drugs, Illegal Immigration, etc
 

Dagosa

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The same paper that reported the “ Russian Collusion “ ☺️ Too bad they didn’t comment on the crime? The drugs, Illegal Immigration, etc
How about criminality.

There have been 317 criminal indictments under three recent Republican presidents and only three indictments under three recent Democratic presidents.
 

ILOVEISRAEL

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How about criminality.

There have been 317 criminal indictments under three recent Republican presidents and only three indictments under three recent Democratic presidents.
YAWN,,,, Biden ought to be indicted but he won’t . I’m far more concerned about the Illegals pouring into our Country, their denial, their flying them wherever they want to go, not demanding THEY get vaccinated, the crime, inflation, etc.
 

Dagosa

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YAWN,,,, Biden ought to be indicted but he won’t . I’m far more concerned about the Illegals pouring into our Country, their denial, their flying them wherever they want to go, not demanding THEY get vaccinated, the crime, inflation, etc.
Indicted for what ? Doing his job and trying to protect everyone instead of being a fraud, a crook and a traitor. You Humpers have everything screwed up. Trump is the boneheaded selfish criminal. You guys worship criminals it seems. 314 to 3 now.
 

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