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Of all the hobby horses to ride in a crisis, Nancy Pelosi has climbed onto the richest. Even the New York Times sees through this flimsy attempt to pander to voters in the two most populous states — at a time when all other taxpayers are funding a massive relief package to rescue the economy from its coronavirus coma.
The net effect of this would be a stimulus, all right … for those earning six figures or more. And Pelosi wants to make it retroactive, too:
As lawmakers prepare for another round of fiscal stimulus to address economic fallout from the coronavirus pandemic, Speaker Nancy Pelosi suggested the next package include a retroactive rollback of a tax change that hurt high earners in states like New York and California.
A full rollback of the limit on the state and local tax deduction, or SALT, would provide a quick cash infusion in the form of increased tax rebates to an estimated 13 million American households — nearly all of which earn at least $100,000 a year.
In an interview with The New York Times, Ms. Pelosi said the next phase of an economic rescue package should include additional measures to get more money directly to individuals — like the $1,200 direct payments for low- and middle-income taxpayers that were authorized in the $2 trillion bill that President Trump signed on Friday.
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