03/13/2018

Democrat Tax Hike Plan Hits Blue States Hardest

Ryan Ellis, Forbes.com

Last week, Congressional Democrats released a detailed tax hike plan they will be running on this fall in the midterms.

What's most striking about the plan, besides the specificity not usually seen in such agendas, is that if the plan became law it would hit blue states and cities much harder than red/Trump states and areas. This is true for several reasons:

The Democratic tax hike plan restores the AMT yet leaves the SALT cap in place. The Tax Cuts and Jobs Act law all but eliminated the alternative minimum tax (AMT) for 4.4 million families. These tax households--mostly six figure mass affluent types living in expensive blue cities and suburbs--used to have to calculate their taxes two ways, and pay the higher (that is, AMT) figure. One of the things they had to do in that calculation was disallow their state and local tax (SALT) deduction. So by being in the AMT, they got no SALT deduction at all.

The new tax law restores the SALT deduction for these families, but caps it at $10,000.

Read full article



You May Also Like:

The Boring Supreme Court Case That Could Help Make America Great Again David French, National Review

Comey, Careless And Corrupt George Neumayr, The American Spectator

The Hoax Of 'Climate Change' Allison Nichols, American Thinker

Ocasio-Cortez's Green New Deal Gains Big Backer But Shows Signs Of Falling Apart Chris White, The Daily Caller

Thomas Sowell Explains The Economics Of Discrimination David Weinberger, The Federalist

The Bush Tax Betrayal Stephen Moore, Townhall

Nebraska Elementary School Principal Bans Everything Related To Christmas; EVERYTHING Alex Parker, RedState

Your Phone Is Tracking Your Every Movement. Here's What You Can Do About It Phil Baker, PJ Media

Harvard Study: "Gender Wage Gap" Explained Entirely By Work Choices Of Men And Women John Phelan, FEE

VICTORY: Radio Station Lifts Ban On 'Baby, It's Cold Outside' After Overwhelmingly Positive Poll Paul Bois, The Daily Wire

I’m A Jew. Here’s Why I Support Saying ‘Merry Christmas.’ Dennis Prager, The Daily Signal

For More go to the Home Page >>>

Join Our Email List



section

Bookshelf

FreeMarket Central

Some titles recent, all recommended -

Special Video Feature

FreeMarket Central

Voices From The 2017 International Students For Liberty Conference

section

In Search Of History

4,000 Years Of Price Control

Tablets, said to be 200 years older than the Babylonian Code of Hammurabi ... show that the ancient kingdom of Eshnunna had wage control and price control. The news ought not to have come as a surprise. For the code of Hammurabi itself (unearthed in 1902), which was promulgated earlier than 2000 B.C., fixed prices, wages, interest rates, and fees. This makes price control at least about 4,000 years old. ...

 

Ironically, it is those who now wish to return to this ancient totalitarian device who are fondest of calling themselves “progressives.” They are also fond of saying that those who believe in economic liberty “are living in the nineteenth century.” These controlists have yet to learn that they themselves are still living, as the discoveries in Babylonia attest, in the nineteenth century—B.C.!

-- Henry Hazlitt,

Shadow Stats Snapshot


FreeMarket Central

ShadowStats alternate economic indicators are based on the methodology of noted economist John Williams, specialist in government economic reporting.

  • Unemployment:
    FreeMarket Central BLS: 4.05%
    FreeMarket Central Shadow Stats: 21.5%
  • Inflation:
    FreeMarket Central November Year-to-Year: 2.87% (CPI-U*)
    FreeMarket Central Shadow Stats: 9.9%

*[cpi-u is the Bureau of Labor Statistics inflation rate for all urban consumers]

section