Wealthier Americans deserve a tax break … says WHO?

Wealthier Americans deserve a tax break … says WHO?

Well, now we’ve seen everything. We recently witnessed Democrats brazenly proclaiming that the burden of proof in allegations of criminal wrongdoing rests with the accused. There in one sweeping pronouncement went two thousand years of jurisprudence. Not that the Democrats really believe that a person in America is guilty until proven innocent. They just meant it in the case of Brett Kavanaugh because they had no other argument to make in the face of a flawed statement by the accuser and lack of any corroborating witness.

But now we are seeing something that should blow away once and for all any preconceptions about the Democratic Party possessing even a shred of honesty and forthrightness. The party that lambasted Donald Trump’s tax cut bill as a giveaway to the rich now has its sights on its own $620 billion tax cut that would heavily favor wealthier Americans.

From the Washington Times:

As they prepare to take control of the House, one high priority for Democrats from northeastern states is to look at rolling back the $10,000 limit on state and local tax deductions included in the Republicans’ 2017 overhaul of the federal tax system.

But analysts say repealing the state and local tax limit is worth just dollars to the average middle-class taxpayer. For the wealthy, though, the proposal could lower tax bills by tens of thousands of dollars.

The article quotes Rep. Kevin Brady (R- Texas), the outgoing chairman of the tax-writing House Ways and Means Committee, as saying that the rollback would mean a tax cut of around $10 for middle class taxpayers but would reduce the tax burden on millionaire households by $140,000 a year.

An analysis by the Tax Policy Center (TPC) is more guarded but still posits that 56% of the tax cut resulting from a repeal of the cap on the state and local property tax (SALT) deduction would go to only 1% of all American households.

TPC found about 45 percent of households in the top 20 percent of the income distribution (who make $153,000 or more) would get a tax cut if the SALT cap is repealed, as would more than 9 of every 10 households in the top 1 percent.

LU Staff

LU Staff

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