RICH 0zombies are going to be...

[IIFFOFRDB]

SUCKING AIR in a few months! fuckem...

http://www.investors.com/politics/ed...-tax-cut-plan/

This Is Rich: Democrats Fight To Protect A $1.8 Trillion Tax Break That Benefits The Top 1%

Tax Reform: What do you call a tax break that delivers 88% of the benefits to upper-income families and subsidizes rich states at the expense of poor ones? If you're a Democrat, you call it a sacred cow.

One provision of the Republican's tax-cutting plan that has drawn intense opposition from Democrats is the elimination of state and local tax deductions for those who itemize.

00:2301:27
Autoplay: On | OffRep. Nancy Pelosi said it was "an insidious effort to raise taxes on middle class families … across America." Sen. Ron Wyden said that "hardworking middle-class folks are not going to appreciate Congress double taxing them." New York Gov. Andrew Cuomo called it "a pure tax increase."

So what is it that Democrats are valiantly trying to protect?

This SALT deduction, as it's sometimes called, will cost the federal government $1.8 trillion over the next decade, according to the Tax Foundation.

And the benefits go almost entirely to upper-income families.

Fewer than 22% of tax filers even claim the state and local tax deduction, and the vast majority of these are higher-income families. While 78% of those with incomes above $200,000 claim the deduction, just 7% of those making between $30,000 and $40,000 do. For most taxpayers, the standard deduction is more valuable.

In addition, because the wealthy pay more in state and local taxes, and are taxed at higher rates at the federal level, the value of this tax break sharply increases with income.

The Joint Committee on Taxation calculates that for those earning more than $200,000, the SALT deduction cuts their federal tax bill by an average $6,295. For those with incomes of between $100,000 and $200,000, it's just $857. Those earning from $30,000 to $40,000 get an average of $93 off their federal tax bill.

As a result, 88% of the $1.8 trillion cost of this tax break goes to families with incomes above $100,000.