on taxes – does it all make sense?
So, Nancy Pelosi and team say they want the SALT (State and Local Taxes) deduction of $10,000 lifted. They say it is unfair to high tax states. Now aren’t they the same people who say “tax the rich?”
Well, how does lifting it square with this fact:
Removing the cap would mainly benefit wealthier taxpayers. The Tax Policy Center has projected that if the cap were repealed, more than half (50%+) of the benefits would flow to the top 1% of earners and more than 80% of the benefits would go to the top 5% of earners.
Did that limit benefit the wealthy as they claimed, and is lifting it hurting the wealthy? What am I missing?
On taxes, President Biden says, “We’re going to raise the corporate tax. It was 35% which was too high.” (Forget the fact it went that high under his watch). “We all agreed five years ago it should go to 28%.” (No we didn’t, some of us thought 21% was too high.) “But, they reduced it to 21%. We’re going to raise it back to 28%. No one should be able to complain about that.”
Yes they can and they should. In fact, as the Tax Foundation showed in a comprehensive report on global corporate rates, a national rate of 21% puts the U.S. rate at about 25.8% when state and local corporate income taxes are added in, and that’s still slightly above the world average.
Some think the tax hike would send jobs, factories and capital out of the U.S. by again saddling our businesses with one of the highest corporate tax rates in the world — while the trend everywhere else has been toward lower rates for decades.
on trust in the government
Here’s a report/poll from Morning Consult on trust in the government.
Republicans polling in October had a 67% trust vs. 41% among Democrats.
In the first poll after Election Day, Democrats shot up to 54%, while Republicans dropped to 51%.
Following Biden’s inauguration, 65% of Democrats said they had at least some trust, while only 42% of Republicans echoed the sentiment.
Current numbers stand at 60% for Democrats and 34% for Republicans.
The divide is on all issues. Take a look: