'No SALT no deal': Democrats vow to block Build Back Better bill without tax break | Reuters
By: Jarrett Renshaw (Reuters)
Looks like Joe Biden, Nancy Pelosi, and Chuck Schumer need to learn to herd cats.
This should make continued good fodder for the midterms when Republicans point out the massive tax breaks some Democrats are seeking, which will mainly benefit the rich far more than the middle class.
S E E D E D C O N T E N T
By Jarrett Renshaw Jan 21 (Reuters) - Several U.S. House members from President Joe Biden's Democratic Party are threatening to block a renewed push for his Build Back Better spending bill if it does not include the expansion of a federal deduction for taxes paid to states and local entities. Expanding the deduction, known as SALT for State and Local Taxes, has been a demand of lawmakers in higher-tax states such as California, New Jersey and New York, especially in suburbs where Democrats seek to retain control in Nov. 8 elections. "We support the president's agenda, and if there are any efforts that include a change in the tax code, then a SALT fix must be part of it. No SALT, no deal," members Tom Suozzi of New York and Mikie Sherrill and Josh Gottheimer, both of New Jersey, said in a joint statement late on Thursday. The SALT deduction, part of the U.S. income tax code from its inception more than a century ago, was restricted to $10,000 in a 2017 Republican tax law. The cap disproportionately affects homeowners in higher home-value states that lean toward the Democratic Party, like New Jersey, where the average homeowner pays roughly $9,000 in local property taxes. Asked about the House lawmakers' demand, a Biden White House official said: "We are in …
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Hold on a minute, what happened to tax the rich? Maybe they have no intention of taxing the rich, just the middle class?
That is and always has been their deal. Now they are targeting the working class for tax increases as well.
When did $9,000 in property taxes exceed the $10,000 limit on SALT deductions? Is this some sort of new liberal math? I'd be surprised if there isn't some way for couples to file taxes separately and claim $20,000 in SALT deductions.
Who was it that said paying higher taxes was the patriotic thing to do? Here's a hint: he's hiding in the White House basement. So do the patriotic thing and pay your taxes. Pandering is expensive and Democrats have a lot of pandering that needs done or they can't win elections.
They must have also paid more than $1,000 in state income taxes. It is possible to file separately while married but for most rich the extra 10k deduction will not pay off compared to married filing jointly on a federal return.
I hear crickets chirping ......