{"id":231344,"date":"2021-04-20T01:28:54","date_gmt":"2021-04-19T22:28:54","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/dems-want-to-repeal-salt-cap-so-they-can-hike-state-taxes\/"},"modified":"2021-04-20T01:28:54","modified_gmt":"2021-04-19T22:28:54","slug":"dems-want-to-repeal-salt-cap-so-they-can-hike-state-taxes","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/dems-want-to-repeal-salt-cap-so-they-can-hike-state-taxes\/","title":{"rendered":"#Dems want to repeal SALT cap so they can hike state taxes"},"content":{"rendered":"

“#Dems want to repeal SALT cap so they can hike state taxes<\/strong>”
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Various Democrats (and some Republicans) in Congress threaten to vote against President Joe Biden\u2019s infrastructure package unless it repeals the SALT cap. It\u2019s all the more reason to keep the cap.<\/p>\n

Not that it needs<\/em> more reason: The cap sets a $10,000 limit on the amount of state and local taxes, or SALT, that you can deduct from your income for federal tax purposes. But there\u2019s no good justification to exempt any <\/em>amount. These lawmakers simply want to make it easier to live with ever-higher taxes in their own states.<\/p>\n

Take Gov. Andrew Cuomo: \u201cYou cannot talk about\u201d Biden\u2019s infrastructure plan \u201cwithout anticipating a SALT repeal,\u201d he says. \u201cWhen SALT is repealed, the taxes will be going down.\u201d <\/p>\n

What he really means is if the cap is lifted, overall state and federal taxes will be less for some taxpayers than if it\u2019s not \u2014 and that will dampen the blow from the $4.3 billion tax increase he signed into law Monday.<\/p>\n

The feds, in other words, should subsidize New York tax hikes so taxpayers won\u2019t be so furious with him<\/em> that they leave the state and take all their tax revenue with them.<\/p>\n

Sorry, gov: No one\u2019s forcing you to raise taxes. Indeed, with the tens of billions Washington is already sending, New York could run a surplus \u2014 except for all the additional<\/em> spending (such as for illegal immigrants) it plans.<\/p>\n

Besides, Biden has zero interest in repealing the cap, since doing so would cost the feds $90 billion a year in tax revenue. His $2.3 trillion American Jobs Plan already envisions a multitrillion-dollar tax hike \u2014 with the SALT cap in place.<\/p>\n

And the prez isn\u2019t the only Dem resisting repeal; progressives see it as a \u201cgiveaway to the rich,\u201d as Rep. Alexandria Ocasio-Cortez puts it. She\u2019s right (for a change): More than 96 percent of the savings would go to the top-earning 20 percent, with more than half going to the top 1 percent, the Tax Policy Center estimates.<\/p>\n

Of course, Biden\u2019s infrastructure plan, which steers the windfall from its tax hikes to Democratic special interests (not<\/em> infrastructure), also deserves to be shot down. If Dems reject it because it lacks a SALT-cap repeal, Americans will be doubly blessed.\n <\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Dems want to repeal SALT cap so they can hike state taxes” Various Democrats (and some Republicans) in Congress threaten to vote against President Joe Biden\u2019s infrastructure package unless it repeals the SALT cap. It\u2019s all the more reason to keep the cap. Not that it needs more reason: The cap sets a $10,000 limit…<\/p>\n","protected":false},"author":1,"featured_media":231345,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/04\/AFP_Andrew-Cuomo.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[102594,70430,43,72036,991],"class_list":["post-231344","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-4-19-21","tag-andrew-cuomo","tag-editorial","tag-infrastructure","tag-joe-biden"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/231344","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=231344"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/231344\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/231345"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=231344"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=231344"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=231344"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}