Nancy Pelosi Caught Slipping In Rich Tax Break – The Speaker Is Trying To Ram Through SALT Deal For $500 Billion
When Joe Biden tried to sell his massive spending package, he said that only the rich would see their taxes raised. He often tweeted, like his buddy Bernie Sanders, that the richest Americans have to pay their “fair share.”
Sounds like a common refrain among socialists. But do they really intend to keep their promise?
We already know that Biden’s spending bill includes tax raises on many Americans. Other hidden goodies will increase the cost of basic necessities like fuel. Businesses will cut salaries and lay off workers.
But now, it seems Democrats won’t even hurt their rich buddies. Because they are trying to bring back a big deduction that only helps the rich. From The Washington Free Beacon:
Congressional Democrats are finalizing a half-trillion-dollar tax cut for the wealthy, a provision larger than any new welfare program in the budget reconciliation.
Reinstating the State and Local Tax (SALT) deduction will cost an estimated $500 billion, more than 2.5 times the size of the child tax credit and earned income tax credit combined.
Democrats are trying to sneak an unlimited SALT deduction in Biden’s spending bill. This is pretty suspicious since Biden and the left promised that only the rich would pay for everything that Biden wants to do. The SALT deduction specifically benefits rich Democrats, and we’ll explain why.
This rule would allow wealthy taxpayers to deduct what they pay in state and local taxes, including property tax, income tax, and sales tax from what they pay the federal government. Since blue states have notoriously high taxes, this deduction will only benefit rich people who live there, which will mostly be rich Democrats.
How does Biden expect to pay for all his new spending, when so many rich people will not be paying their “fair share” in federal taxes? This deduction will mean they pay less federal tax because they pay more state tax. Following the obvious logic, it means the federal government will have less money to pay for Biden’s new socialist programs.
Where will the money come from? Well, from you and me of course! This SALT deduction will amount to more than the child tax credit and the earned income credit combined. Meaning that while the rich will get nice tax breaks, middle- and working-class Americans will get bupkiss.
Biden promised to only tax the rich. But the actual bill will do the opposite. Biden was just punished in the 2021 elections.
Are you ready to punish him even worse in the 2022 midterms for this kind of hypocrisy?
Source: The Washington Free Beacon