democrat bill gives big tax cut to very wealtny

[Jim in CT]

the democrat spending bill
increases the deduction you can take for state and local taxes, from $10,000 to $80,000.

If you pay $80,000 in state and local taxes, you are exceedingly wealthy. The democrats are looking to meaningfully decrease the federal tax bill paid by these wealthy folks.

Interesting.

[PaulS]

Wow, is this true?

[spence]

We’ve already covered this Jim.

[Jim in CT]

Originally Posted by PaulS

Wow, is this true?

kind of old, but yes. it’s a huge tax cut for very wealthy people. i don’t think too many people in the bottom half, pay state and local taxes of $80,000 a year.
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[Jim in CT]

Originally Posted by spence

We’ve already covered this Jim.

yes i saw your spin.
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[Jim in CT]

https://www.google.com/amp/s/www.cnb...ough-2030.html
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[spence]

Originally Posted by Jim in CT

yes i saw your spin.
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No spin, I told you exactly what the reasoning was.

[Jim in CT]

Originally Posted by spence

No spin, I told you exactly what the reasoning was.

the reason i g is to give a huge tax cut to wealthy people
in blue states, which bus exactly what it does.

your spin compared the impact under hypothetical assumptions you made about what would
expire in 5-10 years. tax cuts usually have expiration dates now, but almost never expire, and we are all
stunned that you relied on assumptions that painted this as something other than a tax cut. we’re all very shocked.
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[spence]

Originally Posted by Jim in CT

the reason i g is to give a huge tax cut to wealthy people
in blue states, which bus exactly what it does.

your spin compared the impact under hypothetical assumptions you made about what would
expire in 5-10 years. tax cuts usually have expiration dates now, but almost never expire, and we are all
stunned that you relied on assumptions that painted this as something other than a tax cut. we’re all very shocked.
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No, it was a compromise with progressives that didn't want the SALT cap to go to zero in 2025. Issue is moot as it likely won't survive the Senate.

[Jim in CT]

Originally Posted by spence

No, it was a compromise with progressives that didn't want the SALT cap to go to zero in 2025. Issue is moot as it likely won't survive the Senate.

never going to survive the senate. But worth noting that house democrats wanted to reduce federal income come tax obligations on people paying $80,000 a year in state and local taxes. in the article i posted, one idiot house democrat referred to this as a tax cut for working class and middle class families.

lots of middle class americans pay $80,000 a year in state and local taxes!

this is normal politics, both sides reward their benefactors.
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[spence]

Originally Posted by Jim in CT

But worth noting that house democrats wanted to reduce federal income come tax obligations on people paying $80,000 a year in state and local taxes.

I believe this was more than offset by the millionaires surtax on those earning over 10M.

[detbuch]

Originally Posted by spence

I believe this was more than offset by the millionaires surtax on those earning over 10M.

Why go for an "offset," do both, no need to reduce the SALT tax if your goal is socking it to the rich.