Democrats: Fighting HARD for the 1% - No Vote For Infrastructure Unless they Repeal SALT Cap

[s0me0nesmind1]

Gotta love them Democrats. Fighting hard for a tax deduction that drastically benefits only the top 10% - but it also exponentially benefits the top 1% as far as overall dollars saved. This also occurring during times when they keep preaching that we need tax hikes lol.

Their cheers are "No SALT, No Vote".

Calls to end $10,000 SALT deduction cap threaten Biden’s tax plan ahead of its release

Democrats are split over ending the $10,000 cap on SALT, a sticking point that could significantly delay President Biden's infrastructure and tax bills.

www.cnbc.com

Study from Tax Foundation showing those that benefit:

Who Benefits from the State and Local Tax (SALT) Deduction?

Some lawmakers have expressed interest in repealing the SALT cap, which was originally imposed as part of the Tax Cuts and Jobs Act (TCJA) in late 2017. It is important to understand who benefits from the SALT deduction as it currently exists, and who would benefit from the deduction if the cap...

taxfoundation.org

 

[dank69]

*20 Democrats

 

[woolfe9998]

*20 Democrats

Yes, and the funny thing is that his article quotes AOC of all people arguing the other side, the one that someone claims to agree with.

“I don’t think that we should be holding the infrastructure package hostage for a 100% full repeal on SALT, especially in the case of a full repeal,” Rep. Alexandria Ocasio-Cortez, D-N.Y., told reporters during a Thursday briefing. “Personally, I can’t stress how much that I believe that is a giveaway to the rich.”

The same AOC that the OP has had an obsessive crush on for years now.

Anyway, I doubt those dems are going to ultimately block the bill over this. It's just posturing.

 

[s0me0nesmind1]

Yes, and the funny thing is that his article quotes AOC of all people arguing the other side, the one that someone claims to agree with.



The same AOC that the OP has had an obsessive crush on for years now.

Anyway, I doubt those dems are going to ultimately block the bill over this. It's just posturing.

Sadly, I'm not a partisan hack where my beliefs on issues are determined by whom supports them and whom doesn't.

But for the rest of you toolbags here, I know free thought can be too challenging. Carry on.

 

[blackangst1]

*20 Democrats

No different than when people find one Republican who thinks a bad thing it becomes "Republicans believe...."

 

[woolfe9998]

Sadly, I'm not a partisan hack

OK, now that was funny. I didn't think you were much of a comedian, but I have to admit, I nearly spit out my coffee when I read that.

 

[ivwshane]

No different than when people find one Republican who thinks a bad thing it becomes "Republicans believe...."

Yeah that’s true which is why you don’t see that kind of thing here and instead it’s usually presented as another stupid thing a Republican said/did.

 

[dank69]

No different than when people find one Republican who thinks a bad thing it becomes "Republicans believe...."

Depends on the bad thing. Disagreeing on policy isn't the same as paying for sex with minors, for example. Funny though. Democrats are allowed to disagree on policy and not be kicked out of the party. But pretend to grab some titties 30+ years ago and you're fucking out on your ass. Republicans? Disagree on policy and you're a RINO. Don't support the rapist President? Censure.

 

[blackangst1]

Depends on the bad thing. Disagreeing on policy isn't the same as paying for sex with minors, for example. Funny though. Democrats are allowed to disagree on policy and not be kicked out of the party. But pretend to grab some titties 30+ years ago and you're fucking out on your ass. Republicans? Disagree on policy and you're a RINO. Don't support the rapist President? Censure.

I would agree with you on this.

 

[woolfe9998]

On the issue itself, I will say I tend to agree with the 20 dems who want to get rid of the SALT cap, though I definitely disagree with them taking it so far as to derail the infrastructure bill over it.

The problem is that the SALT cap was implemented in Trump's tax bill with what appears to have been the intention of penalizing taxpayers in blue states which tend to have higher state income tax rates.

It is also true that removing the cap tends to benefit wealthier tax payers. The solution is to raise the tax rates on the wealthiest tax payers, which AFAIK Biden plans to do. So yes, raise taxes on the wealthy, but don't do in a way that has disparate impact on blue state tax payers.

 

[s0me0nesmind1]

On the issue itself, I will say I tend to agree with the 20 dems who want to get rid of the SALT cap, though I definitely disagree with them taking it so far as to derail the infrastructure bill over it.

The problem is that the SALT cap was implemented in Trump's tax bill with what appears to have been the intention of penalizing taxpayers in blue states which tend to have higher state income tax rates.

It is also true that removing the cap tends to benefit wealthier tax payers. The solution is to raise the tax rates on the wealthiest tax payers, which AFAIK Biden plans to do. So yes, raise taxes on the wealthy, but don't do in a way that has disparate impact on blue state tax payers.

It isn't just state income tax - SALT includes Sales tax, property tax, and income tax.

It effects rich people in every state - regardless of what you want to keep telling yourself.

See the tax foundation link I provided.

 

[[DHT]Osiris]

Gotta love them Democrats. Fighting hard for a tax deduction that drastically benefits only the top 10% - but it also exponentially benefits the top 1% as far as overall dollars saved. This also occurring during times when they keep preaching that we need tax hikes lol.

Their cheers are "No SALT, No Vote".

Calls to end $10,000 SALT deduction cap threaten Biden’s tax plan ahead of its release

Democrats are split over ending the $10,000 cap on SALT, a sticking point that could significantly delay President Biden's infrastructure and tax bills.

www.cnbc.com

Study from Tax Foundation showing those that benefit:

Who Benefits from the State and Local Tax (SALT) Deduction?

Some lawmakers have expressed interest in repealing the SALT cap, which was originally imposed as part of the Tax Cuts and Jobs Act (TCJA) in late 2017. It is important to understand who benefits from the SALT deduction as it currently exists, and who would benefit from the deduction if the cap...

taxfoundation.org

Yes, and the funny thing is that his article quotes AOC of all people arguing the other side, the one that someone claims to agree with.



The same AOC that the OP has had an obsessive crush on for years now.

Anyway, I doubt those dems are going to ultimately block the bill over this. It's just posturing.

Glad to see you and AOC came together on appreciation of something other than how supple her feet are.

Keep on keepin' on.

 

[weblooker2021]

Democrats will not pass any big legislation in the next 2 years as they can't agree among themselves. come 2023 Republicans will be in control of Congress and likely will do payback against Democrats.

 

[woolfe9998]

It isn't just state income tax - SALT includes Sales tax, property tax, and income tax.

It effects rich people in every state - regardless of what you want to keep telling yourself.

See the tax foundation link I provided.

It affects tax payers in blue states more. In CA where I live, we have high income AND sales taxes. Do some actual reason and take a look at how states rank by total tax burden. Right here:

Tax Burden by State

Tax Burden by State

wallethub.com

The solution, as I clearly wrote, is to raise tax rates on all the wealthiest tax payers, not pick and choose based on state taxation rates. How and what universe does it make sense to raise taxes more for people in certain states than in others?

 

[s0me0nesmind1]

It affects tax payers in blue states more. In CA where I live, we have high income AND sales taxes.

The solution, as I clearly wrote, is to raise tax rates on all the wealthiest tax payers, not pick and choose based on state taxation rates. How and what universe does it make sense to raise taxes more for people in certain states than in others?

... and like I said, high income taxes doesn't make a difference. You still have property tax and SALT.

Here in TX my property tax is ~3% instead of an income tax.

3% of 400k = $12,000.

3% on a 20m home = $600,000.

Whether they take it on your estate or at your income doesn't matter. It disproportionately benefits the top 1%.


And there shouldn't have been a SALT deduction in the first place lol. They didn't "raise taxes" they capped a stupid deduction that disproportionately benefited the rich - and really only the rich. The bottom 80% has zero benefit.

 

[Amol S.]

Democrats will not pass any big legislation in the next 2 years as they can't agree among themselves. come 2023 Republicans will be in control of Congress and likely will do payback against Democrats.

Do you live on another planet? The Democrats have a high chance of keeping a majority. I am not implying they will not loose seats, but the fact that Democrats have a chance of wining some seats in the Senate is there.

 

[woolfe9998]

... and like I said, high income taxes doesn't make a difference. You still have property tax and SALT.

Here in TX my property tax is ~3% instead of an income tax.

3% of 400k = $12,000.

3% on a 20m home = $600,000.

Whether they take it on your estate or at your income doesn't matter. It disproportionately benefits the top 1%.


And there shouldn't have been a SALT deduction in the first place lol. They didn't "raise taxes" they capped a stupid deduction that disproportionately benefited the rich - and really only the rich. The bottom 80% has zero benefit.

If you look at the link I posted, it shows that total tax burden - from all forms of taxation - is higher in blue states.

And yes, of course, capping or eliminating the deduction will benefit the wealthiest taxpayers. That is true not only of SALT, but of most tax deductions - they mainly benefit those who pay the most taxes, which is generally higher income people. The question is, if you want to increase the tax burden of the highest income people, do you do it by ending deductions or by increasing the marginal rate?

I am agnostic between the two approaches, but if we're going to end or limit a certain deduction, it shouldn't be one which disproportionately affects residents of states with a certain political affiliation, which was, after all, the intent of Trump when they put the cap on it to begin with.

Just raise the tax rates for the wealthiest Americans across the board and be done with it. Then the wealthy will pay more than they do now, even if the SALT cap is lifted. But the impact will not be politically disparate.

 

[kage69]

Sadly, I'm not a partisan hack... *snipped for brevity*

Actually, according to your piss poor posting record here, that's exactly what you are.

Not a very talented one either; the trail of thread self-owns you leave behind is pretty remarkable, even for your kind.

 

[weblooker2021]

Do you live on another planet? The Democrats have a high chance of keeping a majority. I am not implying they will not loose seats, but the fact that Democrats have a chance of wining some seats in the Senate is there.

You really should look at the history. Considering how slim majority Democrats currently have in Congress, it's highly unlikely they will hold on to the Congress. As for Senate, yes they might very well hold on to it and maybe even add 1 or 2 seats. With that being said, without controlling both chambers, there is not much they can accomplish.

 

[dank69]

Democrats will not pass any big legislation in the next 2 years as they can't agree among themselves. come 2023 Republicans will be in control of Congress and likely will do payback against Democrats.

What kind of payback can they do? Also not pass anything?

 

[weblooker2021]

What kind of payback can they do? Also not pass anything?

Impeachment of Biden just like Democrats did of Trump. Remember that it takes simple majority to impeach the president.

 

[dank69]

Impeachment of Biden just like Democrats did of Trump. Remember that it takes simple majority to impeach the president.

Possible but highly unlikely unless Biden actually does something worthy of impeachment. Republicans sure will look foolish for pursuing something like that after turning blind eyes to Trump though.

 

[MrSquished]

Possible but highly unlikely unless Biden actually does something worthy of impeachment. Republicans sure will look foolish for pursuing something like that after turning blind eyes to Trump though.

Their base is so dumb they don't care what they do anymore

 

[dank69]

Their base is so dumb they don't care what they do anymore

Yeah but they can't win with just their base. Even independents are getting sick of their shit.

 

[WelshBloke]

Sadly, I'm not a partisan hack where my beliefs on issues are determined by whom supports them and whom doesn't.

Wait. Let me go check all the threads you've started.

Yup.