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My point was it is not in the spending bill and there is division in the democratic party since it will add to inequality. Strangely you are now against Tax Reform that benefits upper class, what happened to your contempt for taxes. The larger issue is that it mostly benefits northeaster states although it would likely benefit mostly wealthy whites in greater percentages since they control more income and wealth in those states.
Glad to see you carrying the flag for the downtrodden lowly minorities.
Hopefully you feel the same way about capital gains, inheritance taxes and other parts of the tax reform that favor wealthy white people.
One group of people subsidizing another is not a tax cut. It's wealth redistribution. I don't care to take my federal tax dollars, substantial that they are, and support Illinois using huge pensions to get unions to vote them back in office. I left Illinois because of poor fiscal management and how it was starting to affect my life. I don't think I should be forced to pay their pensions when I don't live there anymore.
My point was it is not in the spending bill and there is division in the democratic party since it will add to inequality. Strangely you are now against Tax Reform that benefits upper class, what happened to your contempt for taxes. The larger issue is that it mostly benefits northeaster states although it would likely benefit mostly wealthy whites in greater percentages since they control more income and wealth in those states.
Glad to see you carrying the flag for the downtrodden lowly minorities.
Hopefully you feel the same way about capital gains, inheritance taxes and other parts of the tax reform that favor wealthy white people.
One group of people subsidizing another is not a tax cut. It's wealth redistribution. I don't care to take my federal tax dollars, substantial that they are, and support Illinois using huge pensions to get unions to vote them back in office. I left Illinois because of poor fiscal management and how it was starting to affect my life. I don't think I should be forced to pay their pensions when I don't live there anymore.
This doesn't change the amount of money paid to states. All it does is allow the federal government to take more money from working Americans. Something they are already doing way too much of. I'm not sure why so many people like yourself are for the federal government collecting more taxes.
This is why we just need a flat tax of 15% or something similar. Deductions favor some class.
For example, I paid well into six figures in taxes in 2019, but last year I paid less than $1000 in taxes even though I made more money thanks to Trump's tax plan. And for 2021 I won't pay any taxes even though I will make more than I did last year. How does that make sense? I'll take it because I have paid millions in taxes over the past several years, but think about that. A high income earner paying little or no taxes thanks to deductions.
Scrap the SALT deduction altogether if you want to be fair.
I sure would love to know what deductions YOU get. All mine phased out ages ago.
Because the Democratic Party is no longer the party of unions and working people. The Democratic Party is dominated by neurotic upper middle class white professionals and their donor class of tech and finance millionaires/billionaires.
You keep asking the same question but ignore the responses invalidating your question in the first place. First, more than 20% of people in a state like NJ exceed the SALT limit simply due to the income levels and COL. Second, you ignore that states like NJ already pay more in federal taxes than a state like TX. Why should NJ have to subsidize other states (which you falsely claimed was the other way around).
None of this supports the false premise that repealing SALT limits benefits mostly the wealthy. It benefits the middle class and working class living in high COL states.
I agree with TexasL, in that your liberal bias is showing with your big government taxation and spending.
How much each state pays in federal income taxes is irrelevant and a false equivalency.
People shouldn't have to subsidize states that manage their finances poorly. Illinois is a great example. Out of control pensions that they refuse to deal with. They could stop the huge COLA adjustments which make the system unsustainable. Now, as a result, because pensions are the top priority, social programs and infrastructure are hurting. The roads are terrible. Why should ANY other state have to subsidize them?
Correct. Why are lefties so slow to grasp that fact? That's why the Democrats are going to be able to ram through the repeal of Trump's SALT tax deduction limit. Their voter base is too stupid to realize it would give the rich a huge tax cut and screw the middle class.
How much each state pays in federal income taxes is irrelevant and a false equivalency.
People shouldn't have to subsidize states that manage their finances poorly. Illinois is a great example. Out of control pensions that they refuse to deal with. They could stop the huge COLA adjustments which make the system unsustainable. Now, as a result, because pensions are the top priority, social programs and infrastructure are hurting. The roads are terrible. Why should ANY other state have to subsidize them?
People don't subsidize states that manage their finances poorly. That's what people who don't understand how taxes work say or what people who want to push an agenda say. The reality is that you're just being taxed too much by the federal government. We all are. The money should stay close to states and local governments and by adding a SALT cap, all you're doing is allowing the federal government to tax the middleclass more. You and others are pro big central government but fortunately we also have a conservative base that is fighting against it.
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 .
You have it exactly backwards.
1) Over 80% of people got a tax cut under Trump. Higher income got more because they PAY more.
2) The reason the wealthy are making huge profits in the stock market is because the Fed pumps money into the system.
3) Real wages grew under Trump for the first time in decades.
4) The repeal of SALT does indeed go to the top earners in blue states and subsidizes bad fiscal management (i.e. pensions to public employees) that are ridiculous and unsustainable.
If you think Biden is cleaning up anything, you are delusional. Inflation is skyrocketing. The labor market is out of balance because they pay people NOT to work.
Because their earnings are large. The loopholes though which they avoid paying taxes are even larger and were created for them by their minions in the government whom they own, and whose salaries we all pay.
If what you said is true, they wouldn't be paying nearly twice the percentage of the federal income tax revenue than their share of the income.
To recap, the top 1% earns 20.9% of the income but pays 40.1% of the federal income tax revenue. How is that discrepancy possible if they're supposedly avoiding paying taxes, as you claim?
For informational purposes, from the latest published IRS data... See which income groups are paying more, the same, or less than a percentage of the federal income tax revenue compared to their share of the income:
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