News Blog for social, fiscal & national security conservatives who believe in God, family & the USA. Upholding the rights granted by God & guaranteed by the U.S. Constitution, traditional family values, "republican" principles / ideals, transparent & limited "smaller" government, free markets, lower taxes, due process of law, liberty & individual freedom. Content approval rests with the ARRA News Service Editor. Opinions are those of the authors. While varied positions are reported, beliefs & principles remain fixed. No revenue is generated for or by this "Blog" - no paid ads - no payments for articles.Fair Use Doctrine is posted & used. Blogger/Editor/Founder: Bill Smith, Ph.D. [aka: OzarkGuru & 2010 AFP National Blogger of the Year] Contact: editor@arranewsservice.com (Pub. Since July, 2006)Home PageFollow @arra
One of the penalties for refusing to participate in politics
is that you end up being governed by your inferiors. -- Plato
(429-347 BC)
Thursday, October 24, 2019
Democrats Push Tax Cuts For The Wealthy
The Majority Of Benefits From The Changes To Tax Law Democrats Want Would Go To ‘The Top 1 Percent Of Households’
SENATE MAJORITY LEADER MITCH McCONNELL (R-KY): “[R]ather than acknowledge that the sky hasn’t fallen, our Democratic friends still want to undermine tax reform. And listen to where they’ve elected to start … Democrats’ first target is changing the tax code so that working families across the country have to subsidize wealthy people in states like New York, New Jersey, and California…. Republicans didn’t think it was fair that middle-class working families in the states the Obama economy left behind had to subsidize the tax bills of rich people in high-tax states, without limit. We didn’t eliminate the state and local tax deduction; we just capped it for high earners. That cap is what Democrats want to undermine. Their resolution would help high-tax states — typically governed by Democrats — create workarounds for their high-earners…. It’s bad enough that my Democratic colleagues want to unwind tax reform. But it’s downright comical that their top priority is helping wealthy people in blue states find loopholes to pay even less.”(Sen. McConnell, Floor Remarks, 10/23/2019)
“The tax law that President Trump signed in 2017 imposes a $10,000 cap on the SALT deduction…. In an effort to circumvent the SALT deduction cap, some blue states passed legislation that was aimed at allowing residents to be able to convert state and local taxes into charitable contributions. But the Treasury Department and IRS issued final rules in June aimed at preventing these types of arrangements from working as ways to circumvent the SALT deduction cap, upsetting many Democratic lawmakers. [Senate Minority Leader Chuck] Schumer [D-NY] introduced a resolution in July to overturn the rules …”(“Senate Democrats Aim To Repeal Rules Blocking Trump Tax Law Workarounds,” The Hill, 10/10/2019)
Joint Committee On Taxation: 94% Of The Benefits Of Repealing The Cap On State And Local Tax Deductions Would Go To Taxpayers Making Over $200,000
SEN. McCONNELL: “Let’s be clear about what would happen if Democrats got their real objective and repealed the SALT cap altogether.”(Sen. McConnell, Floor Remarks, 10/23/2019)
JOINT COMMITTEE ON TAXATION: “[A] proposal to repeal the $10,000 limitation on the deduction for State and local taxes beginning in 2019 … is estimated to result in a decrease in tax liability for 13.1 million taxpayers, 94 percent of which have $100,000 or more of economic income. Additionally, approximately 99 percent of the decrease in tax liability accrues to taxpayers with $100,000 or more of economic income.”(“Background On The Itemized Deduction For State And Local Taxes,” Joint Committee on Taxation, JCX-35-19, 6/24/2019, p. 14)
Tax Policy Center: ‘About 96 Percent Of The Benefits’ Of Repealing The Cap On State And Local Tax Deductions ‘Would Go To The Top 20 Percent Of Taxpayers’
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