Alright, folks, gather ’round and get ready for a super conservative spin on this news story about the Democrats feeling all hot and bothered over a bill to expand federal deductions for state and local taxes paid. Let’s dig in and see what the Democrats are squawking about this time.
So, the Democrats are all in a tizzy over a bill that would double the cap on SALT deductions for married joint tax filers. But here’s the kicker, my fellow patriots: this bill mainly benefits the wealthy, not the hardworking folks who actually need a break. Can you believe it? The Tax Foundation even says that a measly 1.3% of the tax relief would go to those earning less than 100 grand a year, while a whopping 56% would line the pockets of those making over 250 grand. Talk about robbing from the poor to give to the rich!
Democrats face tricky vote on expanding SALT deductions that benefit high earners.
A mere 1.3% of the tax relief would accrue to those earning under $100,000 annually, while 56% of the bill’s benefits would go to those earning in excess of $250,000… https://t.co/I6RLV7ABbc
— Mark 🇺🇸🐊 (@FLWolf01) February 6, 2024
Now, the Democrats are caught in a sticky situation because a lot of them represent areas with high taxes, and their deep-pocketed donors are breathing down their necks to vote in favor of this bill. But wait, it gets even juicier! You see, the Democrats are all about sticking it to the rich and making them pay higher taxes, so this bill goes against everything they stand for. Oh, the hypocrisy is just too delicious!
And get this, the progressive darling Bernie Sanders is all up in arms about this bill, shouting from the rooftops about how we shouldn’t be giving more tax breaks to the wealthy. It’s like a real-life soap opera, folks! But wait, it’s not just the Democrats who are bickering over this. Even the Republicans are against raising the SALT cap because they think it’s just a fancy way to help state and local governments spend more of our hard-earned cash. It’s a regular old showdown, y’all!
Now, here’s where it gets really spicy. If this bill even makes it out of the House, it’s got about as much chance of passing in the Senate as a snowball in July. The Penn Wharton Budget Model even says this bill would cost us $12 billion in lost tax revenue over the next 10 years. That’s a whole lot of dough, my friends.
So, in a nutshell, the Democrats are torn between pleasing their rich donors and sticking to their “tax the rich” mantra. And the Republicans are just sitting back, watching the show, and sipping on their sweet tea. It’s politics at its finest, folks! And who said government was boring? Stay tuned for the next episode of “As the Capitol Turns”!