Over the years, the dems complain all the time about tax breaks for the rich. Now they are in favor of one. They want to reinstate the tax breaks for state income tax and real estate(known as SALT). Actually, there is already such a tax break. People can deduct certain state and local taxes on their federal taxes if they itemized. However, there is a limit. They can only deduct $10,000.
I find it odd that the dems are not happy with that. They are currently trying to get the cap raised, or better, removed. Guess what? Only the the rich would profit from the change. For instance, it would include folks with a big property tax bill, and/or those paying a lot of state income tax. That sounds like the rich to me.
So, it sounds to me as if they seek a tax break for the rich. If not, tell me how I am wrong. I mean who is going to pay state and local income taxes and property taxes of over 10 grand. Most of us poor folks don’t get close to that on our best years. On my best year, my gross income was only 4 times that. My state and local taxes barely reached a thousand dollars. Their proposed change certainly wouldn’t come close for me, even if I wasn’t retired.
Then again, I live in Mississippi, not New York or New Jersey.
Once again, the folks up there in the northeast want us to help pay for their lifestyle. Perhaps I should rephrase that. They want us to help pay for the lifestyle of the rich — northeast or not.
Isn’t it bad enough that they are using gas taxes intended to build and maintain highways to subsidize their subways and trains.