Donald Trump and the Republicans passed the 2017 Tax Cut , which was a actual tax giveaway for the rich and increase for the those of us in high rate and government service states and local places…
Democrats in Washington and in the states have a problem on this….
With the virus robbing state and local governments of tax revenue?
Do NOT be surprised if you see Democrats dancing around actual tax cuts for the rich, or just about anyone….
They NEED more of our money….
Trump and Republicans have screwed up the economy Obama gave them…
Joe Biden tells us he is intent on winning in November “for the workers who keep this country going, not just the privileged few at the top.”
The election is a referendum not only on the moral failings of President Trump, Democrats argue, but on the economic fissures of the new economy. It is a fight, Mr. Biden says, on behalf of “the young people who have known only an America of rising inequity and shrinking opportunity.”
Why on earth, then, are Democrats fighting — and fighting hard — for a $137 billion tax cut for the richest Americans? Mr. Biden, Nancy Pelosi and Charles Schumer don’t agree on everything, but on this specific issue they speak with one voice: the $10,000 cap on deductions for state and local tax (better known as the SALT deduction) must go.
The House of Representatives has already passed legislation removing the cap, allowing the amount of the deduction to rise. If the Senate turns blue in November, Democrats have promised to return to the issue. “I want to tell you this,” Senator Schumer said in July, “If I become majority leader, one of the first things I will do is we will eliminate” the SALT cap “forever.” It “will be dead, gone and buried.”
The cap was introduced as part of the 2017 Republican Tax Cuts and Jobs Act. Overall, the package was hugely skewed in favor of the rich: 20 percent of the value of the tax cuts went to households whose income was in the top 1 percent. Democrats lined up to decry the changes as a giveaway to the wealthy. And so it was, in the main.
But there was one seriously progressive element, a single diamond in a lot of rough: the introduction of the SALT cap. Lifting it would therefore reverse one of the few good things about the 2017 bill. Almost 60 percent of the benefit of removal would go to the top 1 percent of households (of which 90 percent are white). For the superrich, the top 0.1 percent, repeal would make for an average tax cut of around $145,000 a year. In isolation, this change would be more skewed to the rich than the Republican tax bill as a whole…..
New York’s Gov Cuomo also is hesitant about raising taxes for the rich who help support New York City’s financial strength…..
“We are playing with fire: These are people’s lives,” said State Senator Alessandra Biaggi, a Democrat representing parts of the Bronx and Westchester County who is co-sponsoring a bill to tax the ultrawealthy. “It is not OK to not act.”
The fiscal hole is daunting: The state faces a $14.5 billion budget gap this fiscal year, according to budget officials.
Mr. Cuomo, however, says the potential benefit of new revenue from taxing the rich would be far outstripped by the negative impact on the state’s highest earners, who already shoulder the bulk of the state’s taxes.
“I don’t care what you increase taxes to, you couldn’t make up that deficit,” Mr. Cuomo said last week upon releasing a letter asking congressional leaders for a whopping $59 billion to cover two years of projected state deficits and more….