President Biden and the Democratic Party Seek 625 Billion Dollar Tax Cut on the Wealthy in 'Build Back Better' Bill

[Blues4evr]

Originally Posted by CodedFarms

But it was great when Trump did it.


Anyways, Dems are just wolves in sheep's clothing. Nothing new.

The middle class and lower got a tax cut on their paychecks under Trump, I wonder if the Democrats tax cuts included the middle class

[Kibby]

Originally Posted by ansible90

Without the deduction on state and local taxes, people are paying federal tax on money they paid for local taxes. They are taxed on tax payments. That is double taxation.

No, they are not taxed on tax payments - everyone who pays Federal Income Taxes is taxed on Income.
Local,& State Tax is between the residents and their Local & State leaders. It’s wrong for those who do not deduct those Taxes to have to pay for the Rich that do deduct their State & Local Taxes.

Originally Posted by TMSRetired

Federal tax is federal tax. Go cry to your state to not tax you so much.

Everyone gets their tax taken on GROSS. Take a look at your paycheck.
Federal INCOME tax is a tax on your INCOME, not your "after my state and local tax net"

Exactly correct —- the Democrats are attempting to give a massive Gift to the RICH, and make the rest of us pay for it.

Time to wake up folks, the Democrats are all about gifts to the RICH.
Watch what they Do, not what they SAY.

Here is another example … TeamBiden just changed the Federal Loan Programs so the RICH could get Fanny Mae & Freddy Mac Loans for Million dollar homes. Not only that, another Gift for the RICH — In September the FHFA also suspended the Trump Administration’s portfolio limits on GSE acquisitions of second home and investment property mortgages, providing another subsidy for the affluent.

A Housing Gift for Beverly Hills
Just what the economy doesn’t need: subsidies for $1 million mortgages. - Wall Street Journal

Fannie and Freddie guarantee mortgages up to the conforming loan limit. The government backstop was intended to assist low- and middle-income buyers. Now it subsidizes affluent Americans who don’t need the help, which contributes to elevated prices, especially in expensive markets.

Fannie and Freddie are supervised by the Federal Housing Finance Agency, so the conforming loan increase would need its regulatory approval. In September the FHFA also suspended the Trump Administration’s portfolio limits on GSE acquisitions of second home and investment property mortgages, providing another subsidy for the affluent.

The number of second homes purchased in September was 53% higher than during the same month in 2019 and 63% higher for investment properties, according to American Enterprise Institute fellow Ed Pinto. Second-home buyers and investors chasing higher yield are competing with upper-middle income Americans, which is pushing up prices even more.

[ottomobeale]

Dems helping their constituents after Trump took from them.

Moving the limit to 15K or 20K would remove most actual middle class taxpayers from those affected by the Trump tax increase.

Both parties occasionally throw bones to their constituents.

[Kibby]

Originally Posted by ottomobeale

Dems helping their constituents after Trump took from them.

Moving the limit to 15K or 20K would remove most actual middle class taxpayers from those affected by the Trump tax increase.

Both parties occasionally throw bones to their constituents.

They are moving the limit to $72,000

That’s not a “bone”, that’s a Massive Gift to the Evil Rich.

[momonkey]

Originally Posted by ansible90

Without the deduction on state and local taxes, people are paying federal tax on money they paid for local taxes. They are taxed on tax payments. That is double taxation.

No, they are taxed on income.

What the wealthiest tax payers living in high tax states no longer get is a tax break that is subsidized by working Americans.

Biden wants to fix that.

[skeddy]

if Biden is conscience, he'll remove this proposed tax break for the millionaires and billionaires this week.