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Latest News

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Democrats keep saying Trump’s tax cuts helped only the rich, but they’re paying more and now it’s Dems wanting tax cuts for the rich

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Tax Forms And Check With Calculator That Spells Out TAX TIME On The Display

titleWASHINGTON — Politicians in mostly Democratic high-tax areas say the new federal cap on state and local tax deductions hurts their residents. Yet the vast majority of those taxpayers never actually got the break in the first place, undermining a key criticism of the Trump tax overhaul.

About three-quarters of people who in past years paid more than $10,000 in state and local taxes had been required to take the alternative minimum tax, meaning they couldn’t have written off the SALT levies anyway, according to IRS data analyzed by Bloomberg. And because the AMT has been scaled back as well, those top earners in fact get a new tax break by now being able to write off up to $10,000 of their SALT payments.

Bloomberg analyzed IRS data from 10 of the wealthiest counties in the U.S. — including New York’s Westchester, New Jersey’s Somerset, Connecticut’s Fairfield and California’s Marin counties.

The numbers could deflate some of the heated rhetoric over the 2017 tax overhaul, the Republican Party’s signature legislation of the Trump era. Since the law was enacted, governors and lawmakers from high-tax states have decried the change as a GOP assault on Democratic strongholds. New York Gov. Andrew Cuomo called it an “economic civil war.”

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