Your reminder that Democrats are advancing massive special tax breaks for the rich

https://www.msn.com/en-us/news/polit...Y2S?li=BBnb7Kz





When most of the news media and Democrats complain about “tax cuts for the rich,” they usually mean “tax cuts for everyone, which are more beneficial for people who pay higher taxes.”
© Provided by Washington Examiner I’m not exaggerating — that’s literally what their attack was on George W. Bush’s and Donald Trump’s tax cuts. Both cuts shifted the tax burden more disproportionately away from lower-income Americans and onto the wealthy, but every major outlet screamed to heaven that this was some special tax cut for the rich.










Meanwhile Democrats are advancing a large package of taxes and spending that includes actual special tax cuts that will only help the rich.
Lower rates for everyone (what Republicans do) are tax cuts for everyone, and yes, they do largely benefit the rich. Massively expanding the tax deduction for state and local taxes paid, on the other hand, is a tax cut that only rich people get. Also, a $12,500 tax credit for buying plug-in-electric vehicles is a targeted tax cut that goes almost entirely to rich people.
Under current law, one can deduct one’s state and local tax payments, up to $10,000, from one’s income for the sake of calculating federal taxes. Democrats want to change that. Senate Majority Leader Chuck Schumer said in the 2020 campaign that removing that $10,000 cap would be his priority. Current Democratic legislation would raise that cap to $80,000.
Again, this isn’t a tax break for everyone. It’s a tax break for really, really rich people.
For starters, nearly 90% of U.S. taxpayers take the itemized deduction, and so they don’t write off their state and local taxes at all. Sure, some portion of that 90% would itemize if they could write off more of their state and local taxes, but the marginal benefit of this would be tiny for anyone but the rich. Expert estimates found that eliminating the state and local tax deduction would give a majority of its benefits to the top 1%, and almost all of its benefits to the top 10%.
The slightly-mitigated tax-cut-for-the-rich Democrats are considering, allowing the write-off $80,000 of state-and-local taxes, doesn’t change the math too much. Just ask yourself this: Who the heck owes $80,000 in state and local income taxes?
Only rich people.
So remember that Democrats don’t mind tax cuts for the rich. What they hate is tax cuts for everyone. What they like is giveaways to rich people who do the right things, like live in high-tax states and buy Teslas.



Comment - what teh democraticomunist party likes even more - is under table graft adn corruption from teh rich Hollyweirds and East coast industrialists - subsidizing their salaries under the table.

Corrupt, venal.. Lying Hypocritical democraticommunist nomenklatura

If not for Lies and Hypocrisy - They would be silent.



Buck fiden
From my cold dead hands!

"anyone with eyes can SEE what the liberal are doing ,,Keeping everyone other then Rich elites DOWN the normal socialist crap

democrats are getting weirder. nothing logical about what they're doing. tax cuts for the rich and they're giving them one?