NY Democrats Demand State and Local Tax Breaks for Billionaires be Reinstated! (You KNEW this was coming...)
(www.bloomberg.com)
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I'm confused. I thought Democrats were for higher taxes on the wealthy...
On other wealthy people, yes. On themselves? No
And by "other wealthy people", you mean small business owners that can't get carve-out tax breaks and the middle class.
And who get forcefully shut down due to plandemic BS.
That's a bingo!
They arent' Its always bullshit way to appeal to the low minded economically ignorant.
Trump tax cuts made it so all wealhty people finally had to pay their federal taxes in full.
This is the "SALT" tax break that Trump got rid of here and in California. From the article:
"Fully restoring the tax break is an expensive proposition, and could cost $88.7 billion in 2021 alone, with more than half of the benefits going to households earning more than $1 million"
Crazy thing is DemonRATs aren't even trying to hide this. All front and center...
Republicans shouldn’t get a pass here ether.
Got details on that? I'd like to use it in debates later.
Within the Trump tax cuts that lowered the top rate , was a limit on how much state and local taxes could be subtracted from federals taxes. This exemption for instance, allowed someone paying 50 k in state and local taxes to exempt that amount owed from their federal taxes. The rich weren't paying their fair share in federal taxes , ever.
Trump put a 10k limit on how much SALT a person could exempt to their federal taxrs, forcing the wealthy to actually pay their federal taxes in full. Since 10k in personal state and local taxes is never exceeded by a poor or middle class person , it didnt effect them. The super wealthy hated Trump BECAUSE he forced them to pay up personally .
So did made Cardi B pay her taxes and dass y she went go hella mad about taxes last year?
It made high tax states feel the impact of their monetary policies.
Now that property prices have plummeted and they bought it all up. It's time to jack it up and get ppl back in renting again.
Around here in massachusetts property prices are so damn over inflated and people are buying like nuts i dont get it
HyperInflation coming from the printing of what 10 trillion dollars in the last year, Artificially low interest rates, Artificially low Inflation Rate, People fleeing urban areas, Property owners who had renters not paying for over a year are now severely upside down and want to get out.
And yet a government report will come out claiming a 2% or 3% inflation rate, even as we can see with our own eyes it's closer to 30% across the board.
Went grocery shopping yesterday, can confirm.
ShadowStats has real inflation at ~6%
http://www.shadowstats.com/alternate_data/inflation-charts
Bread pushing $4 not including sales theft.
4 dollars for a loaf of bread seems so fucking outlandish for me living in Poland. You would buy 5 of them here with this money. Although average earnings are also lower, so there's that.
For perspective, with minimum hourly wage you would buy 4 of them.
So, yeah. We've got sub $4 minimum wage. More like tree fiddy per hour.
Or maybe you're talking about some big ass loaf of bread.
Edit: although for clarity - minimum wage after taxes, price of bread with VAT included
Bread is about 20oz and seems to be mostly between 2-3 dollars. Bread flour is about 55c/lb or 70c for a loaf's worth. That's quite a markup. (These are in the US)
Not $4 high but eve $2 is high compared to what I've seen in other countries. The mainstream bread in the US is typically shitty too.
I've heard that bread in other countries is often used as a loss-leader in the supermarkets though so maybe that has something to do with it. What's a fair market price for what's essentially prepared flour?
Hyperinflation is an exaggeration. That's like Weimar Germany and Zimbabwe. No what we're about to get is more like Jimmy Carter stagflation where there's a recession and 15% annual inflation. We get hyperinflation when far leftist retards run the fed and they just start paying for shit with printed money instead of loaning it to themselves. I know what I just said sounds insane but there is a difference between what Zimbabwe did and what we're doing at the present moment. There is a faction of the left that would happily go down the Zimbabwe path.
I've noticed the same thing. There was a house down the street put on the market, it sold before the for sale sign had a chance to be put up. I'm wondering if all the liberals are flocking from the shitholes and coming to Massachusetts since it's the last place that still hasn't completely collapsed and meets their criteria of being "safe" since all the red states are scaring them away with their "dangerous" return to normal life.
except, the 'renting' class is wiped out and many are now at poverty level.
Where will these 'higher' rents come from? You are next if you rely on rental income
It all turns into section 8 style housing where they get the city to subsidize and then get massive grants from the fed. Essentially stealing from other states.
California has been doing this for years, [Since Obama for sure.] yet most our section 8 housing are Illegals with Anchor babies [or suspected trafficked children] on welfare. And collecting welfare is just to take care of basics. They get a jobs outside paying cash [out of pity for imagined brown oppression]someone illegal under the table cash- for small jobs here and there, and weekly cleaning jobs. Plus- they crowd the children into one room, rent out the other to another that gets a job through a Union[I think they pay money to get their job-through the union while they are still in their country- because they are hired and at work within a week of entering the country].
Additional people live there for a small fee- to use the shower and the kitchen, but sleep in their work truck.
And American families might have to pull together like this to survive Joe Biden.
"And collecting welfare is just to take care of basics. They get a jobs outside paying cash [out of pity for imagined brown "
I guess. It's so low, the ones surviving on it have to cheat. I once considered it and was like wtf. How does my psycho neighbor afford same rent I do? I had no roommate & neither did the bitch on pills + drugs. Luckily I found a job 2 months before unemployment ran out. It wouldn't even have covered the very low rent price which was cheapest on market.
I am not dissing them for surviving, but the same people hiring them, will often look down on someone white in the same position, and refer to them as trash, so you can say an active culture of cutting them out is being perpetuated to make white people- not hire white people.
Yep, the same people who admire Immigrants for being willing to live in a truck or old camper behind somebody's property and their "Work Ethic", will turn around and say "White Trash" if a White guy tries to save money by doing likewise.
During Obama years, alot of black and white people get booted off welfare, treated badly if they try to collect What they qualify for- many were in the Army.
are threatening to block "Pedo Joe Biden’s $2.25 billion infrastructure bill **funded by corporate tax increases **if the legislation also didn’t restore a tax break valuable for many residents in high-tax states
Let's review:
They will only approve a tax increase if Old Joe decreases them with a tax break.
Plus NY gets to defined the "high tax states" that get the relief. So red states get a tax increase and the blues do not
It's to get big companies to stop fleeing CA and other blue states while maintaining revenue by bleeding the red states
yet another step closer to outright civil war
They don't. They just let you deduct all the state and local taxes from the federal tax owed. This allows states like New York to wildly overcharge their citizens.
the point is that this would only be done for high tax states
which states have the highest taxes?
so which states are left holding the bag?
Low tax states are still eligible for SALT deductions, they just aren't nearly as valuable. And yes, fiscally responsible states are left holding the bag.
Nowhere in the article does it say NY gets to define high tax states, they just want to uncap the SALT tax imposed by Donald at $10,000.
SALT does not apply to corporations so it does not keep business in NY or Cali. It does allow them to attract higher salaried employees who would otherwise refuse to move there.
If you are going to completely edit your post, you should say as much. If you are going to review, please review your statements before posting.
People will stop paying taxes long before they pick up a rifle.
Seventeen New York Democrats told House Speaker Nancy Pelosi that any economic recovery bills funded by tax increases will also need to fully restore the state and local tax, or SALT, deduction to get their support. * the list of Democrats who are threatening to block President Joe Biden’s $2.25 billion infrastructure bill funded by corporate tax increases if the legislation also didn’t restore a tax break valuable for many residents in high-tax states, including New York, New Jersey and California.*
It would appear NY wants to run the show
The states are already smouldering over the biden fraud gang denying them a voice in the the government by stealing the election
Gun control, Kung Flu bullshit which tries to usurp their rights are pissing them off and causing rebellion
My prediction is that, the way things are going, divisive partisan shit like this will lead to states refusing to charge and pay federal taxes
That's when the guns will come out
It basically is. They're not using their power to govern the US but to punish states which were against them. They're engaging in plunder.
the stolen election showed then that they have no voice
Wealthy just means conservative to them, they’re not calling for higher taxes on Silicon Valley or Walmart, just the ones supporting the right.
What's that, all the people with money are fleeing the state and now we can't prop up our shitty authoritarian state? Quick, do anything to keep them here!
Republicans should vote against it just to spite them.
lol at New York getting hit hardest by "the pandemic"
It got hit hardest by the Cuomo.
Cuomo was the pandemic lol
Not enough to be a pandemic and I hope there never will be. May their balls shrink into BB size and their children not reproduce.
Cuomo IS the pandemic
I live in upstate NY. The lib/Dems I know (theoretically) want to tax the shit out of the mega wealthy so they vote Dem. 🤣🤣🤣🤣 They are blind to their own ignorance as they keep voting against their own best interest, and sinking the whole damn ship for the rest of us.
Well said it's a fucking hamster wheel
You rang?
Upstate NYer here. We’re doomed.
The false idealism and blind loyalty to ‘moderation’ is a cancer in this state. Coupled with the fact that private sector is dead here....
A jog thru ny gun Reddit subs is a clear example of the batshit idealism that flows through this state.
and you laughed at the Indians for selling Manhattan in exchange for beads
they should give you a refund
we should sell you to Canada in exchange for some syrup
I'm in Queens. In the northerly red dot. The plan is to tax the middle class homeowner into oblivion.
I live on LI and it’s happening here too. Property taxes are through the roof and almost 70% of it goes to a school district that hasn’t been open in a year. Somehow the houses are selling for more but the community has gone to shit. It’s like people are panic buying homes away from urban areas not realizing their value is about to crash while anyone already living here is selling fast to GTFO of dodge.
New YAWKuhs wont leave their empire untill the very end. I know Republicans who sold their houses in the south and moved up there because they want to put their kids in the schools up there.
And transfer deed to the state. Indeed.
OMG I once told a guy who is from that part of the country that bipartisanship wasn't a good thing and he looked like I kicked his dog in front of him.
All the while they hail abortion....🤦♂️
It's a psychological trick to enable incrementalism. It's never moderation between left and right but between the status quo and leftism.
You have my sympathy. Upstate NY is absolutely gorgeous.
the voters will only get half the story
We increased taxes on the rich!
nothing about the tax breaks handing the money back to them
They'll do it. Remember it always happens, the leftists promise to raise taxes on the wealthy, spend a ton of money, and then find someway to not tax the wealthy and pass the cost down to the middle class. Every time.
At this point as the elections roll around and you're in a red state or even a red area of a commie state if your candidates don't acknowledge the fraud that was COVID, that the election was stolen, and that secession is a viable option, they should get zero support. It's obvious.
Although secession may not be the best word because WE'RE the ones who still want to abide by the Constitution. Instead it should be more of a move to grant leftists autonomous zones like NYC, coastal California, NOVA, etc. Wall them off and let them establish their communist utopias
More like tax the hell out the average American using complicated tax codes (making it hard to fight), plus their private enterprises (multinational mega-corporations); to slowly leech you of everything you own... (bonus: if your children are roped in too; more slaves for masters)
Trickle-down poverty.
Exactly, 100% dead on balls accurate, HK, and Lion.
Sorry to my based NOVA friends, but please wall off the DC/NOVA area to save us. Arlington and Fairfax have had enough unrelenting immigration to turn VA into the new California
Northern VA has been getting exponentially worse since 2001. W Bush opened the floodgates after 9/11.
they ship all the immigrants to little Juarez aka Montgomery county
close enough to be DC but far enough not to lower property values
YOU ARE CORRECT. IT IS ALWAYS THE SAME. THE RHETORIC STARTS ONE WAY AND BY THE TIME THE BILL IS PASSED THE MIDDLE CLASS IS PAYING FOR IT ALL. IT IS LIKE WATER ERODING BEDROCK. THE GOOD INTENTIONS ARE STRIPPED AWAY UNTIL THE RHETORIC IS A LIE AS MASSIVE AS THE GRAND CANYON (OR KAMALA'S CAREER MAKER, YOU CHOOSE).
NY wants taxpayers across the US to subsidize tax breaks for their local taxpayers.
What a bunch of BS.
This is exactly it.
yup
you know they will be determining who the "high tax states" are
and they will all be blue
I think idiot joe wants another Civil War
Definitely one of their options if they realize they can't deep six the US while piecing out the infrastructure to the highest bidders
There used to be a political boss named Tom Pendergast wh0 ran my hometown of KC
He was the chairman of the County Democratic Party and used his large network of family and friends to hand out government contracts and patronage jobs.
There are places in city where the sidewalks are six feet thick
There's nothing new under the sun
Their WEALTHY taxpayers. Middle class homeowner in NY has seen taxes quadruple on our property in 15 years, while values have not even doubled.
They want to keep claiming that blue states give more to the federal government than they get by using the tax write off loophole.
Fuck these asshats. They deserve to bleed financially.
That was Trumps most ingenious move. “Ok I’ll raise taxes on the wealthy...”
This is what I was thinking when he put a limit on SALT by capping it at 10k. Most millionaires and billionaires in New York were no longer able to write off an insane amount of money on their taxes. Hell, it even affected Trump's businesses.
Thats what the Dems wanted. But since most corporate moguls are Democrats, now its all of a sudden a bad thing to have such high taxes on the ultra rich.
Imagine my surprise.
Notice he moved to Florida. He doesn’t have battered wife syndrome with his former homeland. He got sick of their shit, started moving and then got taxes to go up on any asshats still enabling that shithole. Love it.
Fuck we had such a good President. Top three in the past hundred years or so with Ike and the Gipper
Gonna be a no from me dawg
Only way to get them back into the city. It's as if they wanted to raise taxes and crime to get people to leave... or blame high crime on a President.
Either way they chop there own hands off typical communism 👍
"Make people pay their fair share!" ... "Wait, not me!"
Can we please get to the collapse? I want off this ride.
“Fair share” means the worker gets to keep 25% of what they earn.
Random: no kidding.. Let's get off this rollercoaster
It’s not for billionaires it’s for people who itemize their deductions to write off state and local taxes. So if you make 80k and own a house you would use it. But yeah the state should just lower taxes instead of doing this
these are federal tax deductions
IOW what you pay in states taxes would be deducted from your federal taxes
but only of you are a billionaire in a blue state
That’s what I’m saying if your state/local tax burden is >10k you are not necessarily a billionaire. That’s how much property taxes cost alone for most houses that are not in the boonies. It’s ridiculous but I agree to keep the salt deductions capped, because they are subsidizing the high cost of ny by reducing federal tax revenue from there. Without it ny would have to lower taxes or become definct. Problem is i hate the state and federal governemnt and dont think either of them should get any taxes
without SALT, you are paying taxes on your taxes. so, no matter what the argument, it needs to be re-instituted
i don't think there should be a cap on it
My issue is NY being to go to the Federal government and decide which states get the tax break and which don't
And fuck NY. If they would stop wasting some of the money and stealing the rest, they would not be going down the toilet
I am against income taxes. We should go totally value based- basically sales taxes
that bases taxes on what you are able to spend
and it would encourage savings
Agree that we should scrap income tax and go to a consumption tax. But with the system we currently have, SALT disproportionately benefits high tax (read: Democrat) areas, at the expense of lower tax (read: Republican) areas who don’t get as much federal tax deductions out of it. If New Yorkers want to pay less in taxes, they should throw DiBlasio and Cuomo’s asses out and elect someone who will cut spending and lower their taxes.
It only is iseful if your state and local taxes (income plus property) are above the stabdard decution right? Unless you already itemize
I'm for anything that accelerates the destruction of blue states or fascist states
Put them in cages like the kids at the border that will keep them in your shitty state
This is the only logical answer.
Kek
https://newfastuff.com/wp-content/uploads/2019/10/72-E7Y2rHa.png
I live on LI, and I shit you not, there were alot of people who voted for Biden solely on this issue. They literally agreed with every policy Trump put forth, are fairly right of center socially, but voted for Biden because of the SALT tax deduction issue.
I still think Trump won NY
What a post pede yup.....don't look behind the curtain
lol well, only DEMOCRAT Billionaires. Anyone who was loyal to Trump, no
Cities have become obsolete, let them die.
... but tax the rich? It gets votes, but it's bad in practice somehow?
In NJ and my property taxes alone are well over the $10,000. With that said, other states with balanced budgets should not be footing the bill for overspending states with outrageous taxes. Time to balance the budgets and stop blaming others.
This is exactly how teaching the wealthy works. They have a very high tax rate up front, but then they lobby for tax breaks carved out here and there hidden within the code to dramatically reduce their burden. When people complain that the wealthy used to have a tax rate upwards of 80%, they forget to mention that we got rid of a lot of tax breaks when dropping it down to the present rate.
It's all a game and who do you think wins, the middle class or the connected wealthy?
Now we know why they selected Biden.
I got hit by the tax too and I'm not a millionaire. I'm fine with it though. This completely shows the left's hypocrisy. They're trying to raise tax rates on people while trying to lower another tax that only affects the higher income brackets in left leaning states.
In short, relatively high-income individuals -- the 10% to 15% of filers who itemize their federal tax returns rather than take a standard deduction.
Who benefits from itemized deductions? The rich and wealthy as well. Most people take the standard deduction because we don't blow money on qualified deductions.
Time to start eating the Rich....a bit!
It always benefits the poor and whatever is left of the middle class
Amazing when they HAD to pay SALT vs. get reimbursed from the fed (US taxpayers), many decided to actually move to other states.
I though democrats kept saying out lowering taxes doesn't create jobs and how the money just goes to the ceo's pockets???
This is why Schumer, Pelosi, and other dems demonized the Trump tax cuts so much. Because it directly hit at their millionaire and billionaire buddies.
NYC seeing a serious exodus of wealthy, taking all that economy-driving and power with them. All it took was a Cuoma and a DeBlasio.
It's obvious the dems have become the party of the ultra wealthy. Why do you think all the mega Corp ceo's have aligned themselves with the woke leftys?
I've seen a pattern that each blue state is doing their best to make shit out the state and that the people who are affected flee (most support the MAGA movement) to other states.
It is almost as if what they want is for President Trump's supporters to leave those states, so that the DemonRat governors can bring in illegals and give them citizenship and always be able to maintain the blue state.
Fuck Bloomberg, click an archive link instead: https://archive.is/f8y0n
They will continue to tax non-uniparty members to the extreme.
So don’t get rid of the tax hike...just create tax breaks. How fucking retarded.
NY pedes...I suggest buying one of the filters that AJ Advertises....something ain’t right with the water up there
If you billionaire bastards decide to move your businesses to Texas, please don't vote for Democrats once you've relocated.
Lol of course. Why do u think the wealthy elites always donate to dems
NOT when it's there own controlled Wealthy! Especially all those that helped them steal this election and implement all their crap!
The billionaires pay the lobbyist tax, which trumps all others
Every red state should pass massive deduction on federal taxes like this. Drain the feds dry.