Interesting, Richest Americans may get a tax cut 10 times BIGGER than middle class

[Eyebee Teepee]

Originally Posted by hooligan

No, it simply isn't. There are tons of not "rich" people that live in high SALT locations. It's actually a pretty crappy way to tax the "rich". It does nothing to address "rich" people in lower SALT locations and it increases the burden on non-"rich" people in high SALT locations.

it's a simple way because it essentially says "every taxpayer is eligible for the same amount of a deduction". The vast majority of people don't even itemize - ~87% - which means the SALT doesn't even matter to them (from a tax rate; their taxes aren't affected).

You're aware that the rich, despite the cries of the media and their <10% cut (from 39.6% to 37%), paid MORE in taxes despite that cut right?

I'm trying to deal in facts, which are hard to come by from the Government.

Here's the best breakdown for numbers I have seen:

https://taxfoundation.org/summary-of...a-2020-update/

you will see the top 10% of earners, at a TAXABLE income threshold of $145K, filed 14MM tax returns. So, 11MM is slightly above $145K, but surely a few < $145K were caught by the SALT limit.

I've acknowledged that the amount could/should be adjusted so far fewer (as close to 100% as you can get) "non-rich" people are losing part of their deduction. Whether that # is $15K or $20K - it's obvious it's closer to $10K than $80K. If it wasn't, the number would be much higher than ~7% (11MM) of personal tax returns.

But like it or not, the top 5% of earners will always be "rich". That threshold is $208K of taxable income.

[YourWakeUpCall]

The left loves to say that the rich don't pay their fair share of taxes based on smaller percentages, even though they pay more in absolute dollars. Now they're complaining that the rich will get a bigger benefit from the SALT deduction based on absolute dollars. I guess whatever fits the narrative.