Democrats pushing to give tax breaks to Blue State Millionaires

[CivilDiscourse]

Democrats are pushing to repeal, or increase the SALT tax deduction cap that was imposed by republicans during the Trump years.

The cap is currently set at $10,000, meaning that you have to pay at least $10,000 in state tax before the deduction cap hits. For this cap to have a meaningful impact on your taxes, you need to be paying much more than $10,000 in state taxes, again hitting the wealthy.

Seems very odd that the democrats are campaigning to give a tax cut to the rich.

[oxmixmudd]

Democrats are pushing to repeal, or increase the SALT tax deduction cap that was imposed by republicans during the Trump years.

The cap is currently set at $10,000, meaning that you have to pay at least $10,000 in state tax before the deduction cap hits. For this cap to have a meaningful impact on your taxes, you need to be paying much more than $10,000 in state taxes, again hitting the wealthy.

Seems very odd that the democrats are campaigning to give a tax cut to the rich.

Depends on your state. $10,000 is 7% of $142,000, and it also applies to property taxes, which in md can be another 3 to $6000 a year for a modest family home that you can't deduct. In 2018 the middle income range was about $50k to $145k. So that 10,000 cap isn't just hurting the rich. It's chipping away at the income of basically a comfortable living in a state like MD with high property taxes and housing values.

It really should not be a fixed value but rather should take into account the state taxation and cost of living environment you live in.

[Mountain Man]

Considering how many Washington Democrats are filthy rich, of course they would promote and support policies that reduce their own tax burden (assuming they even bother to pay their taxes in the first place).

[Stoic]

Democrats are pushing to repeal, or increase the SALT tax deduction cap that was imposed by republicans during the Trump years.

The cap is currently set at $10,000, meaning that you have to pay at least $10,000 in state tax before the deduction cap hits. For this cap to have a meaningful impact on your taxes, you need to be paying much more than $10,000 in state taxes, again hitting the wealthy.

Seems very odd that the democrats are campaigning to give a tax cut to the rich.

About as odd as Republicans raising taxes on the rich.

[rogue06]

Considering how many Washington Democrats are filthy rich, of course they would promote and support policies that reduce their own tax burden (assuming they even bother to pay their taxes in the first place).

The second part is the key. Many don't. And they know if they get caught they'll receive a sweetheart deal where all they have to pay is what they initially were supposed to have paid in the first place. No interest. No penalties. Nothing like the sort of deal you or I would ever get.

[CivilDiscourse]

About as odd as Republicans raising taxes on the rich.

Not quite. After all, when this went in, they created a net tax cut. (or do you forget the 80% of the tax cut goes to the rich talking point that democrats have dishonestly used.)

[Stoic]

Not quite. After all, when this went in, they created a net tax cut. (or do you forget the 80% of the tax cut goes to the rich talking point that democrats have dishonestly used.)

You don't think the Democrats want to repeal that?

[CivilDiscourse]

You don't think the Democrats want to repeal that?

They might want to, but they are pushing to remove the SALT cap entirely separate from the repeal of the tax cuts. So, they don't see the two things as connected, and hence, its safe tos ay they are trying to cut taxes on the rich (at least in blue states)

[Stoic]

They might want to, but they are pushing to remove the SALT cap entirely separate from the repeal of the tax cuts. So, they don't see the two things as connected, and hence, its safe tos ay they are trying to cut taxes on the rich (at least in blue states)

Or that are settling for repealing the part that the Republicans will go along with.

[Mountain Man]

The second part is the key. Many don't. And they know if they get caught they'll receive a sweetheart deal where all they have to pay is what they initially were supposed to have paid in the first place. No interest. No penalties. Nothing like the sort of deal you or I would ever get.

During Obama's term, he promoted so many tax dodgers to key positions in his administration, Rush Limbaugh said that "tax cheat" wasn't a disqualifier, it was a resume enhancer.

[rogue06]

During Obama's term, he promoted so many tax dodgers to key positions in his administration, Rush Limbaugh said that "tax cheat" wasn't a disqualifier, it was a resume enhancer.

Timothy Geithner is of course the one who will likely be the one to come to mind. He was cheating on his taxes for years and then appointed the Secretary of the Treasury (which oversees the IRS) and merely had to pay his back taxes without the massive fines, penalties and interest that the IRS typically tacks on to Americans who aren't prominent Democrat politicians.

Then there was Tom Daschle who was U.S. Senate Majority Leader (and had sanctimoniously lectured "Make no mistake, tax cheaters cheat us all, and the IRS should enforce our laws to the letter") and was Obama's pick for Health and Human Services Secretary. After his tax cheating ways came to light he, unlike Geithner, withdrew his name from consideration. But like Geithner, I believe that he as well merely had to pay what he originally owed, sans fees and penalties^[1].

It is effectively an interest free loan that they only have to pay back if they get caught.

Back on topic, Rep. Hilda Solis (Labor) and Nancy Killefer (Budget and Spending reform) also withdrew their nominations because of tax problems.

And it wasn't just those at the top. It was relatively rife throughout his entire Administration

Source: 36 Obama aides owe $833,000 in back taxes

How embarrassing this must be for President Obama, whose major speech theme so far this campaign season has been that every single American, no matter how rich, should pay their "fair share" of taxes.

Because how unfair -- indeed, un-American -- it is for an office worker like, say, Warren Buffet's secretary to dutifully pay her taxes, while some well-to-do people with better educations and higher incomes end up paying a much smaller tax rate.

Or, worse, skipping their taxes altogether.

A new report just out from the Internal Revenue Service reveals that 36 of President Obama's executive office staff owe the country $833,970 in back taxes. These people working for Mr. Fair Share apparently haven't paid any share, let alone their fair share.

Previous reports have shown how well-paid Obama's White House staff is, with 457 aides pulling down more than $37 million last year. That's up seven workers and nearly $4 million from the Bush administration's last year.

Nearly one-third of Obama's aides make more than $100,000 with 21 being paid the top White House salary of $172,200, each.

The IRS' 2010 delinquent tax revelations come as part of a required annual agency report on federal employees' tax compliance. Turns out, an awful lot of folks being paid by taxpayers are not paying their own income taxes.

The report finds that thousands of federal employees owe the country more than $3.4 billion in back taxes. That's up 3% in the past year.

That scale of delinquency could annoy voters, hard-pressed by their own costs, fears and stubbornly high unemployment despite Joe Biden's many promises.

The tax offenders include employees of the U.S. Senate who help write the laws imposed on everyone else. They owe $2.1 million. Workers in the House of Representatives owe $8.5 million, Department of Education employees owe $4.3 million and over at Homeland Security, 4,697 workers owe about $37 million. Active duty military members owe more than $100 million.

The Treasury Department, where Obama nominee Tim Geithner had to pay up $42,000 in his own back taxes before being confirmed as secretary, has 1,181 other employees with delinquent taxes totaling $9.3 million.




Source

© Copyright Original Source

[*The story continues at the link above*]

Does anyone remember how old Joe while still VP once proclaimed that paying higher taxes was the "patriotic" thing to do? Seems like there was a severe dearth of patriotism in the Obama-Biden Administration smiley snicker.gif

I've repeatedly said that any conservative who preaches family values and even runs on it and is revealed to have anything but they deserve to take a harder hit than someone who never took those positions. It is sort of like when a police officer who gets caught breaking the law. They are usually treated harsher because they were entrusted with enforcing the law not breaking it.

Conversely, liberals who preach that everyone needs to pay their share and keep raising taxes ought to take a harder hit when they're exposed as being a tax cheat. But for some reason that is not what happens. In fact, as the above demonstrates, the opposite often happens.

IOW, not only do liberal Democrats not suffer a bigger hit when they get caught in acts of blatant hypocrisy, they almost always get off lighter than what an average citizen does who commits similar acts.





1. The same thing happened to Charlie Rangel (D-NY) then the chairman of the House Ways and Means Committee (the chief tax-writing committee). The latter was such a flagrant violator with so many different offenses he was formerly censured by Congress and took a leave of absence as chair (a position he lost when Republican won control of the House later that year), but also merely had to pay his back taxes. IIRC, the same thing with then Senator Claire McCaskill (D-Mo.) one of the richest members of Congress) who merely had to pay the $287,273 in four years of back taxes that she tried to steal.

[rogue06]

Timothy Geithner is of course the one who will likely be the one to come to mind. He was cheating on his taxes for years and then appointed the Secretary of the Treasury (which oversees the IRS) and merely had to pay his back taxes without the massive fines, penalties and interest that the IRS typically tacks on to Americans who aren't prominent Democrat politicians.

Then there was Tom Daschle who was U.S. Senate Majority Leader (and had sanctimoniously lectured "Make no mistake, tax cheaters cheat us all, and the IRS should enforce our laws to the letter") and was Obama's pick for Health and Human Services Secretary. After his tax cheating ways came to light he, unlike Geithner, withdrew his name from consideration. But like Geithner, I believe that he as well merely had to pay what he originally owed, sans fees and penalties^[1].

It is effectively an interest free loan that they only have to pay back if they get caught.

Back on topic, Rep. Hilda Solis (Labor) and Nancy Killefer (Budget and Spending reform) also withdrew their nominations because of tax problems.

And it wasn't just those at the top. It was relatively rife throughout his entire Administration

Source: 36 Obama aides owe $833,000 in back taxes

How embarrassing this must be for President Obama, whose major speech theme so far this campaign season has been that every single American, no matter how rich, should pay their "fair share" of taxes.

Because how unfair -- indeed, un-American -- it is for an office worker like, say, Warren Buffet's secretary to dutifully pay her taxes, while some well-to-do people with better educations and higher incomes end up paying a much smaller tax rate.

Or, worse, skipping their taxes altogether.

A new report just out from the Internal Revenue Service reveals that 36 of President Obama's executive office staff owe the country $833,970 in back taxes. These people working for Mr. Fair Share apparently haven't paid any share, let alone their fair share.

Previous reports have shown how well-paid Obama's White House staff is, with 457 aides pulling down more than $37 million last year. That's up seven workers and nearly $4 million from the Bush administration's last year.

Nearly one-third of Obama's aides make more than $100,000 with 21 being paid the top White House salary of $172,200, each.

The IRS' 2010 delinquent tax revelations come as part of a required annual agency report on federal employees' tax compliance. Turns out, an awful lot of folks being paid by taxpayers are not paying their own income taxes.

The report finds that thousands of federal employees owe the country more than $3.4 billion in back taxes. That's up 3% in the past year.

That scale of delinquency could annoy voters, hard-pressed by their own costs, fears and stubbornly high unemployment despite Joe Biden's many promises.

The tax offenders include employees of the U.S. Senate who help write the laws imposed on everyone else. They owe $2.1 million. Workers in the House of Representatives owe $8.5 million, Department of Education employees owe $4.3 million and over at Homeland Security, 4,697 workers owe about $37 million. Active duty military members owe more than $100 million.

The Treasury Department, where Obama nominee Tim Geithner had to pay up $42,000 in his own back taxes before being confirmed as secretary, has 1,181 other employees with delinquent taxes totaling $9.3 million.




Source

© Copyright Original Source

[*The story continues at the link above*]

Does anyone remember how old Joe while still VP once proclaimed that paying higher taxes was the "patriotic" thing to do? Seems like there was a severe dearth of patriotism in the Obama-Biden Administration smiley snicker.gif

I've repeatedly said that any conservative who preaches family values and even runs on it and is revealed to have anything but they deserve to take a harder hit than someone who never took those positions. It is sort of like when a police officer who gets caught breaking the law. They are usually treated harsher because they were entrusted with enforcing the law not breaking it.

Conversely, liberals who preach that everyone needs to pay their share and keep raising taxes ought to take a harder hit when they're exposed as being a tax cheat. But for some reason that is not what happens. In fact, as the above demonstrates, the opposite often happens.

IOW, not only do liberal Democrats not suffer a bigger hit when they get caught in acts of blatant hypocrisy, they almost always get off lighter than what an average citizen does who commits similar acts.



1. The same thing happened to Charlie Rangel (D-NY) then the chairman of the House Ways and Means Committee (the chief tax-writing committee). The latter was such a flagrant violator with so many different offenses he was formerly censured by Congress and took a leave of absence as chair (a position he lost when Republican won control of the House later that year), but also merely had to pay his back taxes. IIRC, the same thing with then Senator Claire McCaskill (D-Mo.) one of the richest members of Congress) who merely had to pay the $287,273 in four years of back taxes that she tried to steal.

And it isn't always doing stuff that is illegal but still incredibly hypocritical considering how they continue passing laws to raise taxes and castigate anyone other than themselves who seek out loopholes.

Kerry.jpg

And it isn't just left-wing politicians who great at demanding that taxes be increased and then not paying them (that's for the suckers).

How many folks here still remember multi-billionaire Warren Buffett notoriously writing in the New York Times that he was against tax cuts and claimed that he should even be paying more (nothing stopping him from doing so^[1]) and complaining that he pays a lower effective tax rate than his secretary was^[2].

Aside from dishonestly obfuscating things by deliberately confusing tax rates on capital gains and income^[3] (like he didn't know better ) it turned out that Buffet has actually done everything possible to avoid paying taxes that he actually owes, it was revealed that his company, Berkshire Hathaway, of which Buffet is chairman and CEO and is listed as its owner (controls 36.8% of it) admitted to still owing taxes for years from 2002 to 2009 to the tune of over $1 Billion.

Another one of his companies was involved in a 14-year fight with the IRS over a dividend-received deduction that was finally settled in 2005. And he is also deeply involved in the purchase of Tim Horton's by Burger King so that the latter can move its offices to Canada in order to pay far less in taxes.

Yeah. Sounds just like someone wanting to pay even more in taxes.


And MSNBC seemed to have been a haven for tax cheats a few years ago all the while complaining about tax cuts as the image below notes.

image_25251.jpg

Al Sharpton owed something like $4.5 million

Melissa Harris-Perry owed $48,500 when she was still at the network.

Touré Neblett owed $59,700 when he was there.

Maryland filed a lien again Chris Matthews and his wife's house for failure to pay taxes (he has since paid it) when he was still at the network.

^[4]
sucker.jpg

1. IIRC, the government actually closed down the office that was in charge of handling money donated by those who keep saying that they would be glad to pay more tax or say that they should be paying more in taxes, due to nobody doing so.

2. It should be noted that his secretary's salary puts her well into the one percenters herself earning over $200,000/year at the time.

3. Buffett gets much of his money through other largely untaxed or low-taxed means than through what is considered individual income so it is no surprise that he pays a lower income tax rate than his secretary

4. George Soros, through his foundations and various front groups is the bag man for many of the left's more radical causes and groups. This truly despicable human being made much of his money trying to quite literally wreck the British economy (along with around a dozen other nation's economies at different times) and convicted of breaking inside trader laws. Even liberal economic icon Paul Krugman has been highly critical of how Soros gets wealthy wrecking economies and financial markets writing "[N]obody who has read a business magazine in the last few years can be unaware that these days there really are investors who not only move money in anticipation of a currency crisis, but actually do their best to trigger that crisis for fun and profit. These new actors on the scene do not yet have a standard name; my proposed term is 'Soroi'."

[CivilDiscourse]

Or that are settling for repealing the part that the Republicans will go along with.

Yes because thats how they've been operating.