Democrats from high-tax blue areas are asking President Biden to restore an unlimited federal deduction for state and local taxes , and here’s New York Rep. Jerry Nadler’s pithy pitch on Twitter : “No one should ever be taxed twice on the same income. It’s not fair and it’s not just.”
Deal! Quick, shake on it, before he realizes what he’s saying. Conservatives have been making arguments about double taxation for years. We’re glad to hear Mr. Nadler thinks the death tax and the corporate-income tax are unjust and should be repealed. Also, it’s nice to see him pledge never to vote for any sort of wealth tax.
This is a joke, alas. In reality Mr. Nadler is simply trying to reframe the unlimited SALT deduction, which is a tax break for wealthy urbanites mostly in New York and California, as a matter of justice. What makes his complaint especially unpersuasive is that it involves overlapping taxes by different bodies: The federal government has an income tax. So does New York state. So does New York City.
This kind of thing happens all the time. Property taxes are assessed by cities, counties, school districts, fire districts and the like. The federal government taxes gasoline, as do states. When you buy a pack of gum, by Mr. Nadler’s logic, the local sales tax should be deducted on the receipt before the state sales tax is calculated.
More pernicious double taxation is when the same level of government takes multiple bites, which is what business profits face. Say you own part of a corporation that makes $1. Setting aside deductions and whatnot, the federal corporate tax on that money is 21%, and Mr. Biden wants to make it 28%. When the profits hit your tax return, the feds take another cut, with a top rate of 23.8% on capital gains or qualified dividends.
opinion Free enterprise exchange or free commodity order
opinion Dosent want that belly of his taxed
opinion Taxation is theft by the government!
opinion The estate tax taxes the transfer between two individuals. It's not double taxation. Quit being Murdoch's toady.
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opinion Actually that’s not the estate tax though it is the corporate tax.
opinion It is estimated that only the largest 0.2% of estates in the US will pay the tax. For '17,the exemption increased to $5.49 million. In '18,the exemption doubled to $11.18 million per taxpayer. As a result,only about 2k estates in the US are currently liable for fed. estate tax.
opinion Nice PANTS NADLER 😂😂
opinion The estate tax needs to be raised to 97% for everything over 2 million dollars. We don't want de facto royal families.
opinion Address the NAKED SHORT SELLING THATS BEEN DESTROYING COMPANIES AND JOBS FOREVER YOU HACKS!!
opinion Someone actually married that thing and there is no way I'm looking to see who that person is.
opinion Guys a jackass
opinion This is the same dude who shit himself at a press conference right?