Gonna be fun watching right-wing Catholic heads explode.
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Thats a stream i would watch.
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Everyone knows thatâs not the real Pope.
Just did the whole family leave planning thing and was surprised to find out California provides up to 1357 per week to take care of a newborn or sick family member. I liked that, it was crazy.
This is a good read. Shit is bleak.
Once Donald Trump was defeated, in 2020, Yarmuth acknowledged, he, like many Democrats, felt a false sense of relief: âWe all felt, âWhew, we can relax.â â He said, âPeople may still think that elsewhere in the country, but in Congress no one thinks that now. Yet,â he added, âweâre all just sitting here waiting for Kyrsten Sinema and Joe Manchin to save democracy. But they wonât bend on the filibuster.â
Sounds like on SALT they are gonna dump caps for at least '22/'23 and sunset the changes for cost purposes, so BBB gonna be a decent tax cut for many wealthy blue staters even with some of the surtax tweaks on investment income. The sunsets mean SALT going to remain a voting issue for elections to come
SALT is an absolute disgrace.
It is a particular disgrace in this bill because it amounts to a somewhat meaningful tax cut for wealthy blue staters since we arent doing anything else to rates.
Rough math I think is right: make $15MM AGI in NY, if 10% to the state assume like $300K in deductions, so $1.2 million to the state. 40% rate would mean saving $480K on Fed taxes saved from SALT. Surtax on that $5MM of income over $10MM would cost $190K, so still ~$300K tax cut for $15MM New York earner. Expansion of 3.8% medicare surtax knocks it down some, but still looks like a nice tax cut for wealthy blue staters. Lower state blue staters a little different, but really looks like the wealthy make out pretty OK from BBB. Billionaires untouched and even tax cuts for some seven figure and even eight figure earners
given that housing is ridiculously overpriced, SALT is nearly necessary for political support. itâs one thing that you are taxed on the money you pay as taxes, but when itâs inflated 2-10x based on suburban growth, it can easily take 50% of take-home pay. the fact that itâs disproportionally affects the blue coasts is just ** chefâs kiss ** the perfect gop wedge issue.
Thats the problem though, we finally got rid of having to politically support the issue, was like the one good thing about the Trump tax reform. Now its going to be another tax break for the well-off that we cant get rid of.
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How fucking hard is it to phase the deduction out over $400,000 or even $1 million in income. Naked, infuriating corruption.
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Yeah weird that they lose their means testing fetish when it comes to this
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Hopefully they do that and just missing in translation but this is lol Dems
Joe Manchin loves means-testing. Get together with him to figure out a way to means-test SALT deductions.
Iâm just concerned about an entitlement mentality
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I can see a theory for changing the SALT cap if you do it in conjunction with raising federal taxes on the rich, with the idea that you hurt red state millionaires more than blue state millionaires, if you think you gain something from that.
in general i donât think carving out taxation like this is an efficient way of collecting revenue nor of winning over constituents. it also has an outsized effect on housing markets, and has been weaponized for oppression by state and local governments.
in a perfect vacuum, the federal government should collect information on how much SALT was paid by county, and redistribute its additional revenue directly towards local services, normalizing for things like high populations, high income, and high property value zip codes. thereâs a lot of good it can do to improve low cost areas if you just make the schools and clinics better.
I want Democrats to weaponize policy.
Can we take a moment to discuss how fucking stupid âbuild back betterâ is as a slogan?
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