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Wisconsin Budget: State s $1 Billion Tax Cut Leaves Out 49% of Taxpayers » Urban Milwaukee
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Child Tax Credit payments may miss some of America s poorest
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It’s past time we shine light on the IRS and an inequitable tax code
OPINION: Americans need to advocate for more transparency, a racial equity analysis of both tax penalties and tax incentive programs, and put pressure on the IRS to re-evaluate and change its enforcement policies A copy of a IRS 1040 tax form is seen at an H&R Block office on the day President Donald Trump signed the Republican tax cut bill in Washington, DC on December 22, 2017 in Miami, Florida. (Photo by Joe Raedle/Getty Images)
As he reached 100 days in office, President Joe Biden proposed doubling the rate that millionaires pay on capital gains. This is the money that they make when they sell assets. While conservatives decry the proposal, Mr. Biden’s plan will only apply to less than 1% of taxpayers, which is not even the top half of the top 1% of wealthy people in the U.S.
Bernie Sanders gets it half right on SALT deduction | Moran
Updated May 11, 2021;
Posted May 11, 2021
Sen. Bernie Sanders says that a full repeal of the cap on SALT deductions would be a boon to the rich. (Photo by Susan Walsh-Pool/Getty Images)
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New Jersey’s congressional delegation is working hard to repeal the $10,000 cap on federal deductions for state and local taxes, a provision in President Trump’s 2017 tax bill that landed hardest on wealthy blue states like ours.
But it’s not going well. President Biden included no provision for relief in his budget plan, and now Sen. Bernie Sanders is pointing to compelling data that shows a full repeal would skew benefits steeply towards the super-rich.
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On April 1, Illinois Gov. J.B. Pritzker – along with six other Democratic governors – sent a letter to President Joe Biden urging him to remove the cap placed on State and Local Tax deductions by the 2017 Tax Cuts and Jobs Act.
The policy change would substantially benefit Pritzker. Based on his 2019 income tax returns, the governor would save an estimated $2.5 million annually on federal income taxes at current rates if Pritzker gets his way and the SALT cap is removed.
Had Pritzker gotten his way on another tax scheme and voters Nov. 3 not rejected his “fair tax,” the governor would have saved an estimated $3.65 million annually on his federal tax bill by eliminating the SALT cap, essentially eliminating the entire tax increase he told voters he was willing to pay under a progressive income tax.
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