PILOT SPIN

Spin Zone => Spin Zone => Topic started by: Lucifer on December 15, 2019, 05:18:04 AM

Title: Democrats try to restore a tax cut for the rich
Post by: Lucifer on December 15, 2019, 05:18:04 AM
https://www.washingtonexaminer.com/opinion/editorials/democrats-try-to-restore-a-tax-cut-for-the-rich

Quote
Some people may be surprised to see Democrats fighting to expand a tax deduction for the wealthy. We are not.

It makes perfect sense, if you think about it.

The House Ways and Means Committee voted nearly along party lines to repeal a part of the 2017 Republican tax cut. But it wasn’t the corporate-rate cut Democrats were targeting. It wasn’t some imagined tax cut for corporate jets. Rather, Democrats passed a bill to scrap the cap on very-high-income individuals’ ability to deduct their state and local taxes on their federal tax returns.

The deduction for state and local taxes, or SALT, still exists. Republicans merely capped the deduction at $10,000. Since Republicans also doubled the standard deduction, this cap really only affects the uberwealthy. To repeat, after more than a decade of campaigning against "tax cuts for the rich," Democrats are now fighting tooth and nail for a special interest deduction that helps only the wealthy.

Democrats call their bill the Restoring Tax Fairness for States and Localities Act, but it should be titled, “Expanding Tax Breaks for Wealthy White Suburban Democratic Voters Act.” Expanding the deduction won’t help most taxpayers in New York, California, or New Jersey. It will help only those whose incomes or property values are very high.

“It is too simple to say that the deduction only benefits high-tax states,” Nicole Kaeding at the Tax Foundation recently testified. “It is better understood as benefiting high-income individuals, many of whom reside in high-tax jurisdictions with high housing values.”

If the Democratic bill becomes law, it would not cut taxes for any families whose total deductible expenses, including state and local taxes, are below $24,000; those taxpayers will still take the standard deduction as current law allows. The Democratic bill would not cut taxes for anyone whose state and local income taxes add up to less than $10,000. In other words, this can in no way be mistaken for a middle-class tax cut. 
Title: Re: Democrats try to restore a tax cut for the rich
Post by: President-Elect Bob Noel on December 15, 2019, 06:21:49 AM
What could be fairer?
Title: Re: Democrats try to restore a tax cut for the rich
Post by: Little Joe on December 15, 2019, 06:45:20 AM
I wonder if those Billionaires campaign contributions contribute to their position.
Title: Re: Democrats try to restore a tax cut for the rich
Post by: Jim Logajan on December 15, 2019, 07:08:02 AM
The limit on the federal deduction makes local taxes that much more painful for the wealthy, so high tax states will see an increased exodus of high income earners. These are the same people who create or own businesses, and they are likely to take them with them.
Title: Re: Democrats try to restore a tax cut for the rich
Post by: Number7 on December 15, 2019, 07:13:34 AM
The limit on the federal deduction makes local taxes that much more painful for the wealthy, so high tax states will see an increased exodus of high income earners. These are the same people who create or own businesses, and they are likely to take them with them.

If high tax and spend states screw themselves, I don't really care.

Sensible spend states will benefit, which is why the communist party (democrats) is so determined to change the rules.
Title: Re: Democrats try to restore a tax cut for the rich
Post by: President-Elect Bob Noel on December 15, 2019, 07:15:41 AM

Sensible spend states will benefit, which is why the communist party (democrats) is so determined to change the rules.

something to consider:  if there is an exodus from tax/spend states, think about whether those people are likely to vote democrat or republican.

Title: Re: Democrats try to restore a tax cut for the rich
Post by: Lucifer on December 15, 2019, 07:17:34 AM
The limit on the federal deduction makes local taxes that much more painful for the wealthy, so high tax states will see an increased exodus of high income earners. These are the same people who create or own businesses, and they are likely to take them with them.

So wouldn't these high tax states need to look at tax reform, and even start controlling their spending?   Wouldn't it also benefit these high tax states to develop tax reforms to attract business, rather than force them to leave?

 Right now there is an exodus from California and NY to states like Tennessee, Florida and Texas.  It's not hard to figure out why.
Title: Re: Democrats try to restore a tax cut for the rich
Post by: Lucifer on December 15, 2019, 07:21:19 AM
something to consider:  if there is an exodus from tax/spend states, think about whether those people are likely to vote democrat or republican.

 What's happening are the people fleeing high tax states are bringing their liberal ideas with them to the low tax states?   Austin Texas and Nashville TN are turning liberal as are other areas that have been long conservative.

 What a lot of these people fleeing don't understand, it's their liberal ideology that fucked up where they came from.
Title: Re: Democrats try to restore a tax cut for the rich
Post by: Anthony on December 15, 2019, 07:22:59 AM
something to consider:  if there is an exodus from tax/spend states, think about whether those people are likely to vote democrat or republican.

We're seeing it here in PA, and I lived through it in CO when the Californians invaded.  People that move from states like NY, NJ, CA, MA, MD, etc move to lower tax, lower cost of living states and continue to vote DEMOCRAT.  The result is that legislatures and Governors change to Democrat and install the Nanny State madness they escaped, with the resultant tax increases, and loss of Rights. 

Look at what's happening in Virginia, where NoVA Dems now control the state and are removing Second Amendment rights. 
Title: Re: Democrats try to restore a tax cut for the rich
Post by: Lucifer on December 15, 2019, 07:36:29 AM
It's crap like this that drives up the budget expenditures in high tax states:

https://www.thegatewaypundit.com/2019/12/new-yorks-green-light-law-going-into-effect-allows-illegal-immigrants-to-get-drivers-licenses/
Title: Re: Democrats try to restore a tax cut for the rich
Post by: Little Joe on December 15, 2019, 08:06:01 AM
So wouldn't these high tax states need to look at tax reform, and even start controlling their spending?   
We need more emojis.  This calls for that ROFL one.

Spending and giving stuff away is what keeps liberal politicians in power.  They are not going to give up that easily.  When all the super uber rich people leave, they will just tax the heck out of the merely uber rich.  The just the normal rich.  then just the normal wage earners.  They can drag that out for the rest of their careers.