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I'm sure you can clearly see why Biden and the Dems wouldn't be on board with your suggestion. They want their higher-income highly-taxed blue state supporters to donate to their election campaigns instead of having to keep paying a higher Federal Income Tax bill.
The partisan crud needs to stop. Although, at this point we need to get out of this current crisis, which is at the hands of the current administration. I'll take a republican. I'll take anyone who is intelligent, well-educated, and well tempered.
Prominent democrats in the House and Senate have been trying to repeal just the SALT changes. Which is simply a tax cut for wealthy in high tax states. They have been trying this for 2 years now.
The democrat only house coronavirus bill they passed that was a non starter in the senate removed this cap for 2 years.
This doesn't effect low and middle income earners. It is a HUGE tax reduction for high income earners in high tax states though.
The rich don't pay taxes anyway, they hire expensive tax consultants to avoid paying taxes. So you raise taxes, and the biggest beneficiaries, as always, will be the tax consultants.
Like George Soros.
Large money managers have collectivley avoided hundreds of billions in taxes by abusing carried interest loophole. The only bad part of the tax cuts is that this was not included despite having broad support. Makes me wonder how much in political donations both republicans and dems got to avoid changing this.
It's also funny that all the rage is still against wall street rich, when right now the tech rich people are making money that dwarfs wall street.
Democrats have been trying to get rid of the SALT limit for the entire time. They even tried to get around it by calling state taxes a charitable deduction but got slapped down for it.
Nevertheless that is not part of Biden’s tax plan
I am bringing up the GOP budget when Rand Paul made his speech torching the hypocrisy of the Republican party. The budget was written and passed by the GOP.
"The hypocrisy hangs in the air" - Ran Paul
"This is the very definition of intellectual dishonesty - Ran Paul
He has actually made multiple such speeches to his own party.
I was hoping he would challenge Trump in the Primaries, but he chose to not do it. He is probably the only conservative left in the Republican party.
Quote:
Originally Posted by bobbythegreat
It was not, I just spelled it all out for you, .
You can spell whatever fake news you want, but the budgets Paul was referring to were written by GOP. No clue why you'd deny simple facts. Its almost as if you are proud of your ignorance. They wanted a tax cut while increasing spending by 21%.
"The Tax Cuts and Jobs Act gave big tax breaks to corporations, lowering the business tax to 21% from 35%. That's allowed corporations to spend hundreds of billions repurchasing their own stock, which helps investors, and boost dividend payments. https://www.cbsnews.com/news/two-yea...is-struggling/
Why would billionaires care about SALT deductions? Didn't their unearned income tax drop to 15%? The only people who care about SALT deductions are middle class wage earners in high COL states.
With that said, given that everything that is going on right now, it doesn't matter as much anymore.
Some of that money was used for good purposes. I would preferably see something that lowers it even further for money reinvested in America for non dividend/buyback/political donations (ie a good portion spent on employees, R&D, ect.
You raise the tax rate back and it all continues to stay oversees again. Don't have the link on hand but if you look at the corporate cash held overseas in tax havens in 2016/2017 it was astronomical.
All true! Especially the part I bolded. I have to wonder why so many dumbf**ks kept whining "They're tax cuts for the rich! Tax cuts for the rich!" when the exact opposite was actually true.
I gave this example a few months ago to try to make people understand what really happened, but most are too stupid to get it:
The SALT tax deduction she took on her US 1040 for...
2017: $245,500
2018: just $10,000
The $235,500 over $10,000 she could no longer deduct in 2018 and going forward was taxed at her marginal rate, likely at 37% which would be an extra $87,135 in federal income tax. That's NOT a tax cut; it's a tax INCREASE on the rich.
To further illustrate the point, examples:
$150,000 household pays $15,000 in SALT.
Deduct $10,000. Taxed on that extra $5,000 at 22% marginal tax rate = $1,100
$1.5 million household pays $150,000 in SALT.
Deduct $10,000. Taxed on that extra $140,000 at 37% marginal tax rate = $51,800
There's a 10 times difference in household income and SALT between the two households, but the top 1%-er is paying about 50 timesmore in extra tax than the middle class household due to the new SALT deduction limit.
Understand? But Biden wants to repeal the $10,000 SALT deduction cap and reinstate the formerly unlimited deduction.
Why, Dems? Why?!?
Can you provide a link to Biden wanting to reinstate an unlimited deduction?
Nevertheless that is not part of Biden’s tax plan
The only articles I could find specifically mentioning SALT deductions and his plan to repeal trump tax cuts indicate that he plans on removing the cap on this deduction. One source being the very liberal new york times.
Also anything explicit stating he plans to keep the change pretty much means he plans on removing it as it is a significant part of the "trump tax cuts"
"Mr. Biden would also repeal a limitation that the Trump tax law placed on the deduction of state and local taxes from federal taxes. The law capped the so-called SALT deduction at $10,000 for individuals or households, a change that raised taxes on some higher-earning taxpayers in high-tax and predominantly Democratic states like California, New York and New Jersey."
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