Even the New York Times knows Democrats are giving handouts to the rich
S E E D E D C O N T E N T
Even a broken clock is right twice a day, and even the New York Times is sometimes forced to tell the truth.
© Provided by Washington Examiner
The truth, in this case, is that the Democratic Party is currently "pushing a tax cut for the wealthy" by trying to get rid of the cap on state and local tax payment deductions, also known as SALT.
In an editorial published this week, the New York Times correctly notes that Democrats' defense of the SALT deduction contradicts the party's pledge to make wealthy people pay their fair share, since SALT deductions primarily benefit the rich. In fact, the top 1% of earners in the United States would receive 54% of the benefits of the change, and the top 20% of earners would receive 96% of the benefits, the editorial board argued.
"A tax cut with such a skewed distribution of benefits ought to be unacceptable to any politician genuinely concerned about the rise of economic inequality," the editorial reads.
The New York Times is exactly right. The only people who would benefit from getting rid of the SALT deduction cap, which is currently set at $10,000 per family, are the wealthy. The average taxpayers who accept the standard deductions and pay less than $10,000 in state and local taxes would not be affected at all.
But, in typical fashion, the New York Times failed to address the core issue, which is why Democrats are pushing for a repeal of the SALT deduction cap in the first place. The answer is simple — because it would benefit their voters and donors the most.
Recent data from the Internal Revenue Service shows the Democratic Party has become the party of the wealthy. Democrats represented 65% of taxpayers with a household income of $500,000 or more in 2020, while 74% of taxpayers in Republican districts had household incomes of less than $100,000.
So, no matter how much Democrats puff their chests about fighting income inequality and ending unfair bailouts for the wealthy, the fact is they'll do just about anything to make their constituents and donors happy — especially if they're rich.
Tags:Beltway Confidential, Opinion, Democratic Party, Taxes, New York Times, Media, Campaign Finance
Original Author:Kaylee McGhee White
Original Location:Even the New York Times knows Democrats are giving handouts to the rich
Democrats while running for office: "We must tax the wealthy more and make sure they pay their fair share!!"
Democrats while in office: "We must give the wealthy a tax break!!"
So do you just make it up as you go?
If you actually have evidence that anything I wrote is untrue, please present it along with a coherent argument.
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Read the article.
I don't take orders from you.
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Amazing
What is?
That democrats want federal tax cuts for the rich, but only the ones who live in their states so that they can pay higher state and local taxes while getting federal tax refunds from working and middle class red state residents who live in well managed states.
Not sure which is worse--the rank hypocrisy of Democrats who screeched about taxing the wealthy more but are now willing to give them a massive tax break, or the blooming idiots that can't even see nor understand the level of hypocrisy on display.
It is exactly that. Blue state residents who bought a mortgage over 750k and or paid over 10k in state and local taxes think that American who never dream of buying a 750k home or have enough home and income to pay 10k in state and local taxes to their state should have to subsidize their states and schools for them. They seek Robin Hood in reverse, steal from poorer red state or instate rural voters to give to rich blue state urban voters.
Republicans are all about state’s rights, governing and spending locally, except when they’re not. Limiting this deduction does not reduce the size of the Federal government, improve investment, or work opportunities. It encroaches on the state’s ability to handle its own finances by double taxing. This means that decisions about how to spend tax dollars are moved to the Federal level — hardly something conservatives claim to want.
It also penalizes workers in high productivity areas which are also high cost areas — the average house in Iowa is about $150K; in NJ it’s about 450K. Agglomeration economies are real. Where people & businesses congregate, ideas spread and businesses are created. It’s why places like ‘Silicon Valley’ exist. Here in NY/NJ/CT lots of money is spend on transportation infrastructure — the advantages of NYC are available to all residents making homes valuable.
Real hypocrisy is Federal representatives telling the states to get their financial houses in order when the Trump tax cut that capped the SALT deduction is being financed with $1.9 trillion in borrowing. The SALT limitation was simply Republicans trying to hurt Democrats; sad, counterproductive, petty.
Amen JD, Amen.
History has shown that those who hold the gold make the rules. Even in ancient Athens (the first organized democracy) only about 25% of the population could vote and they typically were people with wealth / property.
To wit, be surprised when the wealthy do not prevail.