When Donald Trump was in office, Republicans fought tooth and nail to lower taxes. His 2017 tax cut bill historically lowered taxes for nearly every American. At the time, Democrats refused to support a bill that helped the middle class. Pelosi even called it “Armageddon.”
Now, Pelosi and her cronies are pushing a massive spending bill that will cost the country trillions. Yet, they seem to be saying it will not cost middle-class Americans more, but only the richest Americans. Now, the truth comes out. Because her bill will actually make the rich, richer.
From Fox News:
These reckless tax hikes are being sold under the guise of “taxing the rich,” “leveling the playing field” or having people pay their “fair share.” The truth is Democrats seek to tax everyone, and a large portion of tax relief, if the state and local tax (SALT) cap is repealed, will go to the wealthiest 1%…
Any suggestion this bill constitutes a broad-based, middle-class tax cut is clearly false. The SALT deduction is ultimately a wealth transfer from low-tax to high-tax state residents, and punishes residents of low-tax states for their states’ fiscal prudence.
Analysis of Pelosi’s $1.75 trillion+ spending bill reveals it will punish middle-class Americans. She snuck in a raise to the SALT deduction, which rewards rich Democrats living in blue states. Even worse, Americans who live in states that don’t want to tax them into oblivion will be punished the most.
This SALT deduction lowers the federal tax on wealthy Americans if they are paying more state tax. This means high-tax states like California and New York win big. While low-tax states like Florida and Texas will be punished.
Middle-class Americans in conservative states will be forced to pay more in federal taxes. Meanwhile, rich Democrats will get off easy, as they get tax cuts left and right. The bill also provides a variety of deductions for people earning enough to buy EVs, put solar panels on their homes, and send their kids to private school.
Does that sound like “building back better” to you? Biden promised to force the rich to pay their “fair share.” I guess that means giving them so many breaks their tax burden will actually go down. But Biden has to pay for his socialist agenda somehow.
Where do you think the burden will end up?
- Pelosi’s spending bill will result in rich Democrats paying fewer taxes.
- It raises the SALT deduction, rewarding the rich in high-tax states.
- The bill will punish the middle class in conservative states the most.
Source: Fox News