Attempt by Dems to cut tax on rich is hypocritical
Contrary to what you have heard from the liberal tax-and-spend crowd, federal tax reform championed by President Donald Trump is not a big break for the rich. In fact, while tens of millions of Americans are beginning to see substantial tax cuts in their paychecks, many of the wealthy will pay more.
The hit will be especially bad in states with their own high tax rates. In California, New York and New Jersey, as many as 43 percent of people in the top 1 percent income bracket will pay higher taxes.
A powerful group of politicians wants to spare them the pain. Democrats in those three states are working to enact tax breaks for the wealthy.
Their target is lessening the pain of a major part of the federal tax reform law. It eliminates income tax deductions for state and local property taxes in excess of $10,000.
Very few Americans pay more than that amount in property taxes. The change will affect primarily the well-to-do.
It will be a reminder to those of them in high-tax areas that their local and state governments are overtaxing residents.
So, in high-tax states such as the three noted above, Democrat politicians are scrambling to help those with large incomes and thus, big tax bills. Among their strategies is a lawsuit claiming the federal $10,000 cap is unfair.
It is not unfair to working men and women, of course. The liberals’ fight against it is a sterling example of hypocrisy.