Forgive me for stating the obvious, but tax law is complicated. What you pay in taxes depends on a lot more than just your tax rate. Politicians have historically slipped special tax breaks into the tax code for their friends. Most of the rest of us never get to take advantage of these special breaks, even though those same politicians claim to work for you.
President Trump’s historic Tax Cuts and Jobs Act of 2017 focused on lowering taxes for all Americans, and I’m not just talking about the rates. He doubled the standard deduction for all. He doubled the child tax credit for all. Tax cuts for all was his battle cry.
President Biden wants to go back to the old way of doing things. He wants to claim to work on behalf of the little guy, but secretly cut special deals for his wealthy friends.
Proof comes from the current push to remove Trump’s cap on SALT deductions. Here’s what that translates to in English. SALT stands for “State And Local Tax.” Before President Trump, Americans could deduct all of their state and local taxes from their federal taxable income. Trump capped that at $10,000 because mostly just wealthy people benefitted from the deduction.
Now, Democrats want to reinstate this special deduction for their wealthy friends. Majority Leader Chuck Schumer promised to make it his top priority. Maybe you are wondering how the Democrats, who promise higher taxes for the rich, could get away with passing something that goes directly against what they tell the American people.
An article from Bloomberg laid out their strategy. It said “The SALT repeal would likely be bundled with dozens of other tax and spending provisions in what’s known as a budget reconciliation bill, a fast-tracked process to pass legislation with a simple Senate majority.”
Like most conservatives, I don’t have a problem with low taxes for wealthy Americans. My problem is with special tax deductions that only benefit the rich. I want low taxes for all.
I also have a problem with the hypocrisy of the left. As long as they want to repeal Trump’s cap on SALT deductions, Democrats can’t claim to be champions of the middle class.
