Schumer’s Scheme To Make YOU Bankroll Blue States’ Policies Of Fiscal Suicide

Every hundred days, America adds another trillion dollars in debt. Interest payments on debt now exceeds military spending, but Dems are happy to waste even more taxpayer dollars.

With radical blue states like California and New York now drowning in debt, but unwilling to rein in spending even a little bit… they’ll need some other unsuspecting chump to cover the cost of their unchecked fiscal irresponsibility.

They’ve found their chump. They want YOU to pay for it.

With the country still focused on the Kabuki theatre of the DNC Kamala drama, Chuck Schumer made one of his most radical announcements yet… and hardly anyone paid attention.

Senate Majority Leader Chuck Schumer (D-N.Y.) told reporters at the Democratic National Convention in Chicago Tuesday that he will not allow the Trump-era cap on state and local tax deductions to continue after its scheduled expiration at the end of next year.

Former President Trump and his Republican allies in Congress inserted a provision in the 2017 tax reform bill to cap state and local tax deductions at $10,000. That provision hit residents of expensive blue states such as New York, New Jersey and California with higher state and local taxes especially hard, but it raised a lot of revenue to offset the cost of Trump’s other proposals, such as cutting the corporate tax rate from 28 percent to 21 percent.

The issue of capping these so-called SALT deductions is especially potent on Long Island, a key swing area in New York that could help Democrats take back control of the U.S. House of Representatives in November. — The Hill

In plain English, the SALT deductions (State And Local Tax Deduction) works this way:

State and local taxes you pay are deductible if you itemize on your federal income tax return. But the Tax Cuts and Jobs Act of 2017 capped the state and local tax (SALT) deduction at $10,000 for tax years 2018 through 2025.

Because state and local taxes vary widely throughout the country, this cap affects wealthy taxpayers in states with high tax rates the most. In 2017, the last tax year before the $10,000 cap took effect, taxpayers who earned more than $100,000 claimed 91% of the tax benefit for the SALT deduction. That year, the average SALT deduction taxpayers claimed was $23,804 in New York and $5,451 in Alaska, according to Internal Revenue Service data.

The cap on the SALT deduction may affect where people choose to live, since the deduction no longer offsets high taxes. The TCJA, however, expanded other tax benefits that help compensate for the cap. And some states are offering workarounds to help taxpayers deduct additional state and local taxes. — USNews (Dec 2022)

So basically, this SALT Deduction is especially beneficial for the Democrat’s wealthy Blue State donors. And the blue states themselves. It means California, New York, and other high-tax states will get a bump on state income with a dollar-for-dollar loss at the federal level.

If wealthy taxpayers in high-tax Blue States like New York get a discount on their FEDERAL taxes because their STATE taxes are super-high… doesn’t that mean the federal government is taking in LESS money to pay for daily operations?

Yes. And Harris-Biden-Schumer’s 87,000 new IRS agents will look for taxpayers they can fleece to make up the difference. That load will NOT be falling on Dems’ wealthy buddies in Blue States with reckless spending. It will be on small-dollar Venmo payments you give as a tip to the guys who helped you on moving day, to dog-walkers and barbers.

It will come off the check of truck drivers and self-employed book-keepers trying to keep their families fed.

What new plans do blue states have for how the government can spend YOUR tax dollars?

Here’s an example from what California is doing this week:

The Democrat-controlled California Legislature has passed a polarizing bill that would make the Golden State the first in the nation to offer down payment assistance to illegal immigrant home buyers.

Assembly Bill 1840, which was approved Wednesday, would grant undocumented immigrants access to the state’s taxpayer-funded home loan program, which provides up to $150,000 in down payment assistance for eligible first-time home buyers.

The legislation easily cleared the state Senate on Tuesday 25-14 and was subsequently approved by the Assembly 45-15. Democrats enjoy supermajorities in both chambers. — NYPost

Surely the people who have been adding a trillion dollars of national debt every 100 days can afford to let Blue States rack up bills and use those high bills as an excuse to make more responsible states pick up their share of the federal tab in the process.

It’s not like States were designed to represent their OWN interests against those of bad actors and corrupt politicians in OTHER states, right?

It’s not as if the Framers introduced the country to the notion of Federalism or anything, right? Oh, wait…

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