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Wow! There's a tax form that I can fill out and check off white skin color and get cash? Sign me up! I thought freebies were reserved for those people that got rewarded for bad behavior...such as those that borrow money for college and don't pay it back, having babies with no way to feed them etc etc
If Democrats succeed in passing their colossal spending bill and you're white, you have a disproportionately much higher shot at qualifying for the tax cut than Blacks, Hispanics, and Indigenous People. Congrats, whitey! The Dems have your back.
If Democrats succeed in passing their colossal spending bill and you're white, you have a disproportionately much higher shot at qualifying for the tax cut than Blacks, Hispanics, and Indigenous People. Congrats, whitey! The Dems have your back.
I love being white! I finally get mine after getting picked over at my job because of affirmative action. There is a god, and it is joe slow biden and the Dems!
So if the left-wing is against repealing the Trump SALT tax deduction limit due to its racially disparate impact in extreme favor of whites over every other race, WHY are Congressional Democrats and Biden pushing for the repeal?
"WHY are Congressional Democrats and Biden pushing for the repeal?"
"WHY are Congressional Democrats and Biden pushing for the repeal?"
Don't ask me, ask THEM!
"So if" Sorry, I DON'T live in the IF world!
I've asked all the House progressives (AOC, Tlaib, etc.) via email. No response from them so far, but I'm going to keep asking them, nailing home the point that they're backing a white supremacist bill that expressly elevates white privilege and deliberately widens our country's racial wealth and income gaps.
If Democrats succeed in passing their colossal spending bill and you're white, you have a disproportionately much higher shot at qualifying for the tax cut than Blacks, Hispanics, and Indigenous People. Congrats, whitey! The Dems have your back.
I don't know how you came to that conclusion but the I agree with the cap on SALT deductions, the democrats that support repealing this provision are going to have a difficult time selling this to the middle class. Rather large division with democrats over SALT. Still the 2017 Tax Reform avoided many other items that played to the wealthy like increasing the Estate Tax threshold and taking away favored treatment of carried interest for Hedge Fund managers.
Next up is the fight taking away step up for inherited capital gains which benefits all but massively benefits the wealthy since the top 10% control 70 percent of the wealth.
At the national level and in every state with available data, Black and Hispanic families would receive smaller average tax cuts than white families, thereby growing the gap in after-tax income between these families and higher-income white households. The same is true for Indigenous families in the states in which data are available.
SALT cap repeal is primarily a boon to upper-income white families. In total, more than two-thirds (or $67 billion in 2022) of the tax cuts under SALT cap repeal would flow to white taxpayers earning over $200,000 per year—a group that accounts for less than 7 percent of all families nationwide.
The skew of SALT cap repeal in favor of white families is even more pronounced within many of the states whose congressional delegations are the most vocal opponents of the SALT cap. In New Jersey, for example, 73 percent of the benefits of SALT cap repeal would flow to white families, even though just 57 percent of families in the state are white. Nearly two out of every three dollars (66 percent) going to New Jerseyans as a result of SALT cap repeal would flow to white families earning more than $200,000 per year—a group that comprises just 9.8 percent of all households in the state. By contrast, Hispanic households at all income levels in New Jersey would receive just 9 percent of the tax cuts under SALT cap repeal despite accounting for nearly 20 percent of New Jersey families overall. The 13 percent of New Jersey families who are Black would receive a little more than 6 percent of the tax cuts.
The vast majority of families of every race would receive no benefit from SALT cap repeal. But Black and Hispanic families are especially unlikely to benefit. Nationally, Black families are 42 percent less likely than white families to benefit—that is, 5.6 percent of Black families would receive a tax cut compared to 9.7 percent of white families. Similarly, Hispanic families are 33 percent less likely than white families to benefit, with only 6.5 percent of Hispanic families receiving any tax cut under SALT cap repeal.
The disparities between white families and Black and Hispanic families in California, Illinois, New Jersey, and New York—four states whose congressional delegations account for more than 90 percent of the new “SALT Caucus” seeking SALT cap repeal—are even more pronounced. Across these four states, Black families are between 44 and 54 percent less likely than white families to receive any tax cut. Hispanic families are between 49 and 60 percent less likely than white families to receive a tax cut.
If the Democrats get their way the bottom 80% will get just 4% of the tax savings* from ending the SALT cap and yet Chuck "1984" Schumer claims that this is about helping the middle class.
depends on your definition of wealthy, most middle class families that own a home in NJ pay more than 10k in real estate taxes and now that you have a bubble in terms of sales prices in suburbs you only have a worsening problem. I am not opposed to erasing the limit.
In New Jersey, for example, 73 percent of the benefits of SALT cap repeal would flow to white families, even though just 57 percent of families in the state are white.
Sure, that illustrates how generational wealth and that p word that gets everyone's panties in a bunch, works. More white families own homes, a lot of these homes are passed on, you ever wonder how a guy that collects tolls can live in a 700k house? Its also math, we have an income disparity among races which translates to the ability to purchase homes, its just a bigger pool of perspective buyers. At any rate they are still middle class people that IMO need the tax relief.
Ok, if we erase the limit, are we going to lower the standard deduction back down again?
He's yet another poster pointing out the mental block you seem to have on the topic. And at this point, I think it's clear people are wasting their time trying to explain it to you (glad to see it wasn't just me).
I'm bored with your circular reasoning. Have a good weekend.
lol. Another one...you're in over your head in this thread.
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