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"Those percentages are accurate.""
People who use "percentages" instead of actual dollars do NOT want the rest of us to KNOW how much the top earners actually pay, which is 80% and UP of ALL income taxes collected.
Note they NEVER talk about "percentages" of dollars collected.
Ypu are spreading misinformation and obfuscating facts.
It was Trump and his cronies and Trumpies who gave billionaires HUGE tax breaks.
The SALT was introduced to punish Blue states for being Blue - prosperous, with good public schools, attractive for business, and good public services. Everything good government should provide and Red states do not, and the reason why they keep voting GOP because they dont know better.
Along with the repeal of SALT this bill also raises the tax rate on those billionaires who got the huge tax breaks in the first place.
This is always the case. When the GOP is in power they muck it up, make huge profits for the wealthy, leave the rest to fend for themselves.
When the Dems return to power they have to clean up the mess the losers had made. That is what is happening now.
That is why anyone who is informed, and not had their brain Trumpified, should vote Democratic .
Trump's income rate tax cuts start reversing this year and are completely gone by 2025.
Democrats don't have to do a thing against it to have it eliminated.
On principle SALT shouldn't be factored into federal income taxes at all, let alone a $10K cap.
AOC and Bernie are right. This is a leftist handout to the wealthy. The bottom 80% only get 4% of the benefits and it favors whites.
Ypu are spreading misinformation and obfuscating facts.
No, I am not. I am posting info and data from two left-wing think tanks: ITEP and TPC. Everything I've posted is true.
Quote:
Along with the repeal of SALT this bill also raises the tax rate on those billionaires who got the huge tax breaks in the first place.
Let's do the math...
The average effective federal income tax rate paid by those who earn more than $1 million a year would increase to about 32.5% from the current 30%. Source: Bipartisan Policy Center. That's an extra tax of $50,000 in federal income tax on a NJ resident with an income of $2 million.
But reinstating the unlimited SALT tax deduction would save that same $2 million earner who pays a state income tax of $215,000 (10.75% state income tax rate) and a real estate tax of $48,400 on a $2 million property (2.42% average tax rate) $76,020. Total of $253,400 (above trump's $10,000 limit) tax deduction times the effective federal income tax rate of 30% = a $76,020 tax cut.
The net effect will be that the $2 million NJ resident earner will get a $26,020 tax cut.
Naturally, the higher one's income and the more valuable one's property (so the higher a real estate tax bill), the higher the tax cut will be.
Meanwhile, per the Tax Policy Center (also left-wing), the 4% of middle class earners who will even get a SALT tax deduction increase if the limit is repealed will get a tax cut of only $400, on average.
Do you understand? The repeal of Trump's SALT tax deduction limit will give the rich huge tax cuts while screwing the middle class.
"Those percentages are accurate.""
People who use "percentages" instead of actual dollars do NOT want the rest of us to KNOW how much the top earners actually pay, which is 80% and UP of ALL income taxes collected.
Note they NEVER talk about "percentages" of dollars collected.
They are on the top 1% of the wealthy. Naturally what they need to pay would ALSO make a large part of the tax revenue. It should be MORE than 80%. Whereas the middleclass is picking up the slack. If not we are doing without safe bridges, roads, and transportation.
Trump's income rate tax cuts start reversing this year and are completely gone by 2025.
Democrats don't have to do a thing against it to have it eliminated.
On principle SALT shouldn't be factored into federal income taxes at all, let alone a $10K cap.
AOC and Bernie are right. This is a leftist handout to the wealthy. The bottom 80% only get 4% of the benefits and it favors whites.
They are on the top 1% of the wealthy. Naturally what they need to pay would ALSO make a large part of the tax revenue. It should be MORE than 80%. Whereas the middleclass is picking up the slack. If not we are doing without safe bridges, roads, and transportation.
You are just flat out wrong. The top 1% earns 20.9% of the income but pays 40.1% of the federal income tax revenue. Source: IRS
Explain why they should be paying nearly twice their fair share as it is even without anyone jacking up their taxes.
No, I am not. I am posting info and data from two left-wing think tanks: ITEP and TPC. Everything I've posted is true.
Let's do the math...
The average effective federal income tax rate paid by those who earn more than $1 million a year would increase to about 32.5% from the current 30%. Source: Bipartisan Policy Center. That's an extra tax of $50,000 in federal income tax on a NJ resident with an income of $2 million.
But reinstating the unlimited SALT tax deduction would save that same $2 million earner who pays a state income tax of $215,000 (10.75% state income tax rate) and a real estate tax of $48,400 on a $2 million property (2.42% average tax rate) $76,020. Total of $253,400 (above trump's $10,000 limit) tax deduction times the effective federal income tax rate of 30% = a $76,020 tax cut.
The net effect will be that the $2 million NJ resident earner will get a $26,020 tax cut.
Naturally, the higher one's income and the more valuable one's property (so the higher a real estate tax bill), the higher the tax cut will be.
Meanwhile, per the Tax Policy Center (also left-wing), the 4% of middle class earners who will even get a SALT tax deduction increase if the limit is repealed will get a tax cut of only $400, on average.
Do you understand? The repeal of Trump's SALT tax deduction limit will give the rich huge tax cuts while screwing the middle class.
You are being fact based. The left wages a war on math as is.
All the SALT-cap haters have is propaganda, because the facts and math are not on their side. Clearly Schumer is lying when he says it is about helping the middle class.
"Those percentages are accurate.""
People who use "percentages" instead of actual dollars do NOT want the rest of us to KNOW how much the top earners actually pay, which is 80% and UP of ALL income taxes collected.
Note they NEVER talk about "percentages" of dollars collected.
Why wouldn't you expect the top earners to pay a larger percentage of the gross taxes with their income level.
You are being fact based. The left wages a war on math as is.
All the SALT-cap haters have is propaganda, because the facts and math are not on their side. Clearly Schumer is lying when he says it is about helping the middle class.
Sadly, that's why it's so easy for the Democrats to dupe their voter base.
Why wouldn't you expect the top earners to pay a larger percentage of the gross taxes with their income level.
You would expect them to pay a percentage of the federal income tax revenue that matches their percentage of the income. So, why aren't they? Why are they paying nearly twice what they should be?
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