Pelosi Tries to Slip Tax Break for Rich Democrats into Infrastructure Bill

Nancy Pelosi is trying to add a tax break for rich Democrats in the infrastructure bill. She wants to restore the SALT deduction. (State and Local Taxes) Currently, they can only write off a maximum of $10,000 and she wants to make it unlimited. That allows the rich to write off their property tax, state tax, and local taxes. Millionaires save a bundle. The cost of her action would cost the Treasury a ton of money every year. Since the tax reform bill’s passage in 2017, Democrats have been trying to get that thrown out to benefit rich New Yorkers and Californians. A five-million-dollar mansion in LA county pays 1% which comes out to $50,000. That alone gives them an additional $40,000 dollar deduction. That does not include state and local taxes on their income. Imagine the kickbacks the Democrats will rake in.-- More...