In the next round of coronavirus relief, House Speaker Nancy Pelosi is trying to insert a measure that would benefit herself financially. She wants to make big bucks over the deaths of thousands of Americans. It is amazing she has the gall to attempt it.
Pelosi wants to roll back the Trump administration’s cap on state and local tax deduction (SALT). It was done to stop the rich from getting an unfair break in paying their fair share of taxes. For a party that is always on about “income inequality,” you’d think they would like this. They don’t—it hits them in their own pockets.
The GOP is fighting back. Senate Finance Committee Chairman Chuck Grassley’s office (R-IA) had this to say to Pelosi: “This is a nonstarter. Millionaires don’t need a new tax break as the federal government spends trillions of dollars to fight a pandemic.”
The Wall Street Journal opined, “Mrs. Pelosi’s remarks underscore the potential for further political mischief and long-term damage as the government intervenes to stimulate the economy. When Democrats next complain that Republicans want to cut taxes ‘for the rich,’ remember that Mrs. Pelosi wants to cut them too—but mainly for the progressive rich in Democratic states.”
Fox News reports, “A 2019 report from the Joint Committee on Taxation projected that of those who would face lower tax liability from the elimination of the SALT cap – which only affects those who itemize tax deductions – 94 percent earn at least $100,000. The government would lose out on $77.4 billion in tax dollars, with more than half of that amount being saved by taxpayers earning $1 million or more. Those earning more than $200,000 would reap most of the balance. – READ MORE
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