House Speaker Nancy Pelosi, D-Calif., is pushing for a new stimulus bill that would roll back the state and local tax deduction (SALT) cap, a proposal that would predominantly help wealthy individuals — including most residents in Pelosi’s district and perhaps even Pelosi herself.
Fox News reports that a 2019 report from the Joint Committee on Taxation projected that of those who would face lower tax liability from the elimination of the SALT cap – which only affects those who itemize tax deductions – 94 percent earn at least $100,000. The government would lose out on $77.4 billion in tax dollars, with more than half of that amount being saved by taxpayers earning $1 million or more. Those earning more than $200,000 would reap most of the balance.
Pelosi is a traitor to her nation and to the people of the United States and during a national emergency in-which hundreds of thousands of people could pass and millions suffer from the virus, all Pelosi cares about is getting richer for herself and her “people”.
Dems have told us that they will never let a crisis go to waste. Pelosi is trying to make good on that promise by aiming to roll back the SALT cap, which would result in funneling money to the wealthy elite. https://t.co/RQneTLWkLH
— Ways and Means GOP (@WaysandMeansGOP) April 1, 2020
As Fox reports,California’s 12th congressional district, which Pelosi represents, is among the wealthiest in the U.S., with a median income of $113,919, according to census data. The average household income is $168,456 — meaning most residents would benefit from any significant cut to SALT.
Pelosi and her husband have a property tax liability of approximately $198,337.62 considering their two homes, a winery and two commercial properties, public records show, indicating that the couple could reap substantial benefits in the event of a full SALT repeal.
Let that sink in, while people are suffering and others struggle on how they can even put food on the table, Pelosi is finding ways to feed her greed and use the government emergency stimulus to her own advantage.
Pelosi pushes 'SALT shakeup' stimulus that could reduce her tax bill and enrich her wealthy districthttps://t.co/xKpsPvMWMC
— Jason Farmer (@JasonFarmer15) April 2, 2020
“This is a nonstarter. Millionaires don’t need a new tax break as the federal government spends trillions of dollars to fight a pandemic,” a spokesperson for Grassley said.
“Mrs. Pelosi’s remarks underscore the potential for further political mischief and long-term damage as the government intervenes to stimulate the economy,” The Wall Street Journal editorial board wrote Tuesday. “When Democrats next complain that Republicans want to cut taxes ‘for the rich,’ remember that Mrs. Pelosi wants to cut them too—but mainly for the progressive rich in Democratic states.”