Pelosi scolded for demanding help for wealthy amid coronavirus

By WND Staff

House Speaker Nancy Pelosi, D-Calif., who is lobbying for a fourth bill responding to the coronavirus pandemic that would implement her vision of open voting, subsidies for abortion and more, is being scolded for asking that a tax break for the wealthy be included.

The office of Senate Finance Committee Chairman Chuck Grassley, R-Iowa, blasted her advocating a rollback of the cap on state and local tax deductions implemented in the 2017 tax-reform bill.

“This is a nonstarter. Millionaires don’t need a new tax break as the federal government spends trillions of dollars to fight a pandemic,” a spokesman for the senator said.

FoxNews.com reported Pelosi wants lifted the current $10,000 limit on deductions from federal income for state and local taxes.

However a 2019 report from the Joint Committee on Taxation, Fox News said, “projected that of those who would face lower tax liability from elimination of the cap – which only affects those who itemize tax deductions – 94 percent earn at least $100,000. The government would lose out on $77.4 billion in tax dollars, with more than half of that amount being saved by taxpayers earning $1 million or more.”

Pelosi told the New York Times she wants Congress to repeal the limit and even make it retroactive for 2018 and 2019 because it would give the higher-earners “more disposable income, which is the lifeblood of our economy, a consumer economy that we are.”

House Democrats have been trying to remove the limit to curb the growing trend of people moving from high-tax states run by Democrats to states such as Florida, which has no state income tax.

Several high-tax states — New York, Maryland, Connecticut and New Jersey — sued over the limit, but the case was dismissed by a federal judge.

New York has lost 63,772 taxpaying residents to Florida over the last year, the report said.

Treasury Secretary Steve Mnuchin has advised the states to lower their taxes if they want people to stay.

Leave a Comment