Is Menendez serious? Does a salary of $ 550,000 mean you are not rich? – The online observer
For the publisher:
If you try to figure out all the different Democrats’ proposals on how to handle the federal tax deduction for state and local taxes – which was capped at $ 10,000 under Bill Trump – you are not alone.
First of all, however, you must understand that under Bill Trump the SALT provision was supposed to require the rich to pay their share of the tariff – which the rich could now only deduct in property taxes from $ 10,000. , whereas previously there was no limit to the amount. they could deduce. To ease the pain that SALT would have on the real middle class, the standard deduction for married people who jointly file has been increased to $ 24,800, and in some cases to $ 27,400. In addition, tax rates were lowered so that a family with taxable income of $ 75,000 would pay $ 2,500 less in federal taxes than under President Obama. Look for him.
These changes led less than 14% of taxpayers to detail their tax returns in 2019.
The current Democratic proposals, if you can follow them, either bring us back to no limit on what the rich can deduct, or another limit of $ 80,000 on those. make $ 475,000.
Less confusing, and something most of us could figure out and figure out would be to increase the deduction to $ 15,000.
This would address the concerns of the real middle class and ensure that the rich pay their share of the tariff.
The absurdity in all of this is that Senator Robert Menendez wants those who earn $ 550,000 to be allowed to claim a deduction. His testimony being “If you are earning $ 550,000 in New Jersey, you are not rich and these families should be taken care of. “