What is the reason that the Democrats are so hostile when it comes to President Trump’s new tax reform?
The Democratic lawmakers have their own system in place at the moment called “sacred cow” that is protecting their pockets and they don’t want the status to be changed and that is the reason why they are so hostile.
An intense opposition from the Democrats was drawn from one provision of Republican’s tax-cutting strategy that is the elimination of local and state tax deductions for those who enumerate.
This is what Nancy Pelosi said:
“I’s an insidious effort to raise taxes on middle class families … across America.”
Then Ron Weyden said the following:
“Hardworking middle-class folks are not going to appreciate Congress double taxing them.”
And Andrew Cuomo finished with calling it:
“A pure tax increase.”
So what are the democrats trying to protect so hard?
According to the Tax Foundation that the reason is the SALT deduction and the cost the government will have to pay is nearly $1.8 trillion in the next decade.
And the upper-income families get almost all of the benefits.
Less than 21% of tax filers even claim the local and state tax deductions and most of these families are the upper-income families. And the rest 79% who have incomes above $200,000 who claim tax deductions only 7% have a salary between $31,000 and $41,000. For all of the taxpayer’s more valuable solution is the standard tax deductions.
The SALT assumption cuts the federal tax bill by an average $6,295 for those who are earning $210,000 or more. Those who earn between $110,000 and $210,000 the tax bill will cut just $857. And for the families that have income between $31,000 and $41,000 their federal tax bill will be cut just $93.
Democrats have no right to attack Trump’s new tax plan because its helping working-class families; but this plan is doing nothing for the working class man. The numbers just can’t be defended.
Share this if you agree with President Trump’s new tax plan. Thanks for reading.