STUMP » Articles » Taxing Tuesday: Taxmas Eve Edition » 24 December 2019, 16:15

Where Stu & MP spout off about everything.

Taxing Tuesday: Taxmas Eve Edition  

by

24 December 2019, 16:15

Sorry, Christmas Eve Edition.

So, in lieu of commentary, here are some Christmas/Winter Music Videos.

From this year:

From last year:

ONE COMMENT: YAY FOR AOC!

I am not being a snot, by the way. I’m very much on Ocasio-Cortez’s side when it comes to the SALT cap.

Ocasio-Cortez votes against repealing Trump tax deduction cap that most Dems say hammers New York’s middle class

Alexandria Ocasio-Cortez isn’t feeling salty about all things Trump.

The left-wing lawmaker from the Bronx bucked the party line Thursday and voted against a bill that would scrap a tax deduction cap implemented by one of President Trump’s most prized pieces of legislation — even though most Democrats say the cap has hammered the middle-class in New York and other states.

As I have demonstrated many times, no, it hasn’t hammered the middle class. We just didn’t get a tax cut (or barely one) — our taxes did not go up. You had to have a very specific set of facts to get taxes that went up. My own rates:

2013: 10.8%
2014: 9.7%
2015: 9.9%
2016: 11.4%
2017: 10.2%
2018: 9.4%

I suppose I’ll start seeing these rates going up a lot more once the kids move away.

Ocasio-Cortez was one of 16 Democrats in the House to vote against the measure, which nonetheless passed by a slim 218-206 margin.

The bill, which has virtually no chance of passing the Republican-controlled Senate, would temporarily lift the $10,000 cap on state and local deductions that was put in place by Trump’s signature 2017 tax overhaul.

…..
A spokeswoman for Ocasio-Cortez did not return a request for comment late Thursday, but the congresswoman has previously said the SALT deductions are disproportionately benefiting high-income earners, especially wealthy homeowners who can offset property taxes.

She is absolutely correct.

Good for her to stand up against the party of the rich! [ok, that’s me being a snot]

And good for the NY Daily News to find someone who agrees with me:

“The SALT deduction should be eliminated outright. Even a small deduction is harmful to equality and opportunity,” tweeted Samuel Hammond, a director of poverty and welfare policy at the Niskanen Center, a libertarian-leaning think tank.

But back to my point:

Congratulations to AOC!

AOC is right to stand up to Democratic establishment on SALT

But, as AOC has the guts to acknowledge, that doesn’t make it any less of a gift to the rich: Without question, the SALT deduction overwhelmingly benefits high earners with expensive homes. More than nine in 10 households in the top 1% would profit from repeal; only 3% of middle-income households would.

Congress’ nonpartisan Joint Committee on Taxation reports that by 2021, half the benefit of a SALT repeal would go to those earning more than $1 million a year, with almost nothing going to those earning under $100,000.

MmmmHmmm.

I’m almost amazed. This is based on actual numbers.

Anyway, I am legit impressed that her vote was based on reality as opposed to falling in line with the party line. Good for her.

via GIPHY

TAX STORIES

via GIPHY

Yeah, everybody is very willing for those other guys to pay higher taxes.

TAX TWEETS

This is so obvious

Competing stories:

Here is a visualization of sources of federal funds: [Fiscal Year 2017, so before the Trump tax cuts]

From the Tax Policy Center:

It’s almost all taxes on individuals. 83% are payroll taxes and individual income taxes. As I’ve mentioned before, the federal government makes far more money on the executives of companies than from corporate income taxes.

Sales taxes, of course, are more a state/local thing. Yes, there are excise taxes, too.


Aw, lighten up, ya Scrooges. [Also: don’t burn down your house]

via GIPHY

See you on New Year’s Eve!


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Taxing Tuesday: SALT cap zero! Great new taste!