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Pelosi's Phase 4 coronavirus relief: Reinstate SALT deductions for high earners

Added 03-31-20 08:50:03am EST - “"...nearly all of which earn at least $100,000 a year."” - Hotair.com

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Posted By TheNewsCommenter: From Hotair.com: “Pelosi's Phase 4 coronavirus relief: Reinstate SALT deductions for high earners”. Below is an excerpt from the article.

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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