Democrats often complain that tax cuts primarily benefit "The rich," but apparently they only think it's a problem when rich conservatives get a tax break, because they're outraged that President Trump's tax cuts scaled back a generous subsidy enjoyed by well-off taxpayers in liberal states.
A key provision of the 2017 Tax Cuts and Jobs Act was a new cap on the so-called State and Local Tax Deduction, which allows taxpayers to deduct state and local taxes on their federal tax return.
It's curious that liberals who criticized Trump so vociferously for "Cutting taxes on the wealthy" are so upset by an element of the tax reform plan that merely takes away a tax break enjoyed disproportionately by the wealthy.
Cuomo is blaming the changes to the SALT deduction, saying that wealthy New Yorkers are now shifting their assets to other states or utilizing tax shelters to avoid the state's punitive taxes.
Donald Trump's historic tax reform has put an end to all of that, and Democrats are up in arms.
Four high-tax states are even suing to get their money back, arguing that the federal government has a responsibility to provide lavish tax breaks to their richest residents.
Next time you hear Democrats complain about "Tax cuts for the rich," remember that they're the same ones who are going to the mat to protect tax breaks for wealthy liberals at the expense of middle-class Americans in low-tax states.
https://www.realclearpolitics.com/articles/2019/04/06/democrats_want_to_restore_tax_break_for_the_wealthy_139977.html
A key provision of the 2017 Tax Cuts and Jobs Act was a new cap on the so-called State and Local Tax Deduction, which allows taxpayers to deduct state and local taxes on their federal tax return.
It's curious that liberals who criticized Trump so vociferously for "Cutting taxes on the wealthy" are so upset by an element of the tax reform plan that merely takes away a tax break enjoyed disproportionately by the wealthy.
Cuomo is blaming the changes to the SALT deduction, saying that wealthy New Yorkers are now shifting their assets to other states or utilizing tax shelters to avoid the state's punitive taxes.
Donald Trump's historic tax reform has put an end to all of that, and Democrats are up in arms.
Four high-tax states are even suing to get their money back, arguing that the federal government has a responsibility to provide lavish tax breaks to their richest residents.
Next time you hear Democrats complain about "Tax cuts for the rich," remember that they're the same ones who are going to the mat to protect tax breaks for wealthy liberals at the expense of middle-class Americans in low-tax states.
https://www.realclearpolitics.com/articles/2019/04/06/democrats_want_to_restore_tax_break_for_the_wealthy_139977.html
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