Inflation Reduction Act: 8/12/22 - $740B Bill PASSES, Biden signs it into law!

[FAH1223]

 

[Pressure]

Elections have consequences. at blaming dems for republican malfeasance.

 

[Payday23]

Elections have consequences. at blaming dems for republican malfeasance.

No they're blaming Democrats for being incompetent. Like this: why do the rich need another huge tax cut in a bill supposed to help the average American?


Modern Democrats are just republican lite who stand up for women and lbgt.

 

[88m3]

build back bestest

 

[88m3]

No they're blaming Democrats for being incompetent. Like this: why do the rich need another huge tax cut in a bill supposed to help the average American?


Modern Democrats are just republican lite who stand up for women and lbgt.

lol at this bytching about salt

Just say you support giving more money to Jim Crow states and stand on your square




Bozo shyt

 

[Pressure]

lol at this bytching about salt

Just say you support giving more money to Jim Crow states and stand on your square




Bozo shyt

Guys still operating under the fantasy that giving conservative voters things they "don't know they want" will lead to them voting blue in future elections.

Spoiler

ironically many of the same folks celebrated when SALT was removed because it was an elections have consequences moment for dems

 

[Pressure]

Guys still operating under the fantasy that giving conservative voters things they "don't know they want" will lead to them voting blue in future elections.

Spoiler

ironically many of the same folks celebrated when SALT was removed because it was an elections have consequences moment for dems

For reference from years ago:

Individual State and Local Tax Deductions
House: Repealed, with a property tax exemption up to $10,000.

Senate: Same.

• Why it matters: A last-minute add-on to the Senate bill -- which initially sought to kill SALT entirely -- mirrors the House exemption. That’s key to winning over Senator Susan Collins of Maine and holding on to a few-dozen House Republicans in high-tax states like New York and New Jersey that rely on the deduction.
• How to resolve it: Don’t mess with the exemption, or crucial votes could disappear. It’s an expensive tax break and last-minute searches for revenue in conference committee could tempt negotiators to look at it.

In order to punish blue states (and even more precisely, cities), where property values tend to be high, the Trump tax heist law of 2017 limited this deduction to $10,000, regardless of filing status. This means that even middle class families who live in many parts of the country - predominantly Democratic states - have had their deductions limited. Republicans made no secret of the fact that they enacted the change specifically to target and punish people who don’t vote for them, but nevertheless, the SALT deduction was sold - and since has become known, according to conventional wisdom - as a tax break for the rich.

That sales job was based largely on analyses by many groups that showed - and still show - that the largest share of the dollar benefit of a SALT deduction goes to the richest people. The Center for Budget and Policy Priorities, for example, predicted that 56% of the dollars gained from the repeal of the SALT cap would go to the top 1% of income earners.

But the problem with this kind of analyses is that it doesn’t account for whom the money is most important to. An examination of IRS data on the distribution of state and local taxes as a percentage of adjusted gross income by the Tax Foundation shows that for those who itemize, the SALT deduction would help those earning between $100,000 and $400,000 the most, raising their effective take-home pay by 1.75%. The next highest-benefiting group are people who earn between $50,000 and $100,000, and it would reduce their federal taxes by 1.29%. By contrast, the deduction, even if it were unlimited, amounts to just 0.71% of income for those who earn more than $400,000/year.

In other words, while a repeal of the SALT cap might mean that the rich will get a disproportionate share of the dollar benefit on the aggregate, the people who need the break that will come from a repeal most are middle class families.

While some might argue that the rich shouldn’t get a tax break just so middle class families who can use the money could get some relief, too, it’s pretty difficult to defend continued punishment of the middle class just so the rich suffers what amounts to pocket change for them. The latter, in effect, is the argument Sanders and his allies are making.

But maybe there is a way to have our cake and eat it, too. What if, instead of wagging fingers at fellow members of Congress for representing the interest of their constituents, some members decided to devise a solution that gives middle class families, but keeps the rich from dipping their hands in it at the same time?

What if we figured out a way not to throw out the baby with the bathwater?

That’s what Lauren Underwood has decided to do. Underwood, a second-term Congresswoman from Illinois’ 14th district who has already passed more important bills bearing her name into law than Bernie Sanders has in over 30 years in Congress, is proposing legislation that would raise the cap to $15,000 for individuals, $30,000 for married couples filing jointly, and automatically adjusting the cap based on inflation.

Underwood’s legislation would return the full deduction for the vast majority of middle class taxpayers but would still limit how much of a tax deduction millionaires and billionaires can take for their second yachts.

The Underwood compromise may also point to a bipartisan reform of SALT. Republican Sen. Susan Collins introduced similar legislation earlier this year.

 

[88m3]

Guys still operating under the fantasy that giving conservative voters things they "don't know they want" will lead to them voting blue in future elections.

Spoiler

ironically many of the same folks celebrated when SALT was removed because it was an elections have consequences moment for dems

lmao



dudes really want dems to fail one way or another and economically kneecap their own base while they whine about voter engagement like wtf




even worse the people they fantasize about this being a hinderance to are so diversified they're probably not even impacted. salt hurts regular people living in blue stats that work for a living

 

[Secure Da Bag]

No they're blaming Democrats for being incompetent. Like this: why do the rich need another huge tax cut in a bill supposed to help the average American?


Modern Democrats are just republican lite who stand up for women and lbgt.

So basically if they don't put back SALT they lose their millionaire Dem donors.

EDIT: So what threshold are they suggesting so middle class families can benefit but so much for millionaires and billionaires?

 

[FAH1223]

So basically if they don't put back SALT they lose their millionaire Dem donors.

EDIT: So what threshold are they suggesting so middle class families can benefit but so much for millionaires and billionaires?

Sanders and Menendez want to families making $400k or less to utilize full SALT deduction. There’s a phase out after $400k.

 

[Pressure]

Sanders and Menendez want to families making $400k or less to utilize full SALT deduction. There’s a phase out after $400k.

 

[wire28]

Guys still operating under the fantasy that giving conservative voters things they "don't know they want" will lead to them voting blue in future elections.

Spoiler

ironically many of the same folks celebrated when SALT was removed because it was an elections have consequences moment for dems

We have to ease their economic anxiety

 

[Robbie3000]

We have to ease their economic anxiety

Oh the humanity

 

[88m3]

 

[88m3]

As Turkeys Take Over Campus, Some Colleges Are More Thankful Than Others

Biden's America