Nancy Pelosi is trying to add a tax break for rich Democrats in the infrastructure bill. She wants to restore the SALT deduction. (State and Local Taxes) Currently, they can only write off a maximum of $10,000 and she wants to make it unlimited. That allows the rich to write off their property tax, state tax, and local taxes. Millionaires save a bundle. The cost of her action would cost the Treasury a ton of money every year.
Since the tax reform bill’s passage in 2017, Democrats have been trying to get that thrown out to benefit rich New Yorkers and Californians. A five-million-dollar mansion in LA county pays 1% which comes out to $50,000. That alone gives them an additional $40,000 dollar deduction. That does not include state and local taxes on their income. Imagine the kickbacks the Democrats will rake in.
Pelosi called the cap “mean-spirited” and “a political action on the part of the Republicans.”
California is among the states impacted by the SALT cap, along with New York, New Jersey, and other places with high property taxes and expensive real estate.
Republicans immediately attacked the idea of eliminating the cap.
They’re Trying to Shut Us Down
Over the last several months, I’ve lost count of how many times the powers-that-be have tried to shut us down. They’ve sent hackers at us, forcing us to take extreme measures on web security. They sent attorneys after us, but thankfully we’re not easily intimidated by baseless accusations or threats. They’ve even gone so far as to make physical threats. Those can actually be a bit worrisome but Remington has me covered.
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