Young Research & Publishing Inc.

Investment Research Since 1978

Disclosure

  • About Us
    • Contributors
    • Archives
    • Dick Young’s Safe America
    • The Final Richard C. Young’s Intelligence Report
    • You’ve Read The Last Issue of Intelligence Report, Now What?
    • Dick Young’s Research Key: Anecdotal Evidence Gathering
    • Crisis at Vanguard
  • Investment Analysis
    • Bonds
    • Currencies and Gold
    • Dividend Investing
    • ETFs & Funds
    • Investment Strategy
    • Retirement Investing
    • Stocks
    • The Efficient Frontier
  • Investment Counsel
  • Dynamic Maximizers®
  • Retirement Compounders®
  • Free Email Signup

Since When do Democrats Want to Lower Taxes on the Wealthy?

October 24, 2019 By Jeremy Jones, CFA

Senator Schumer speaks about the importance of equality at the It Gets Better press conference. Photo provided by the office of Senator Chris Coons.

Democrats in the Senate attempted and failed to loosen the $10,000 cap on state and local tax deductions yesterday. This seems odd because the burden of the cap falls heavily on wealthy taxpayers, and since the Bush administration Democrats haven’t given an inch when it comes to lower taxes on wealthier Americans. The problem with the cap may arise for Democrats in that it hits the wealthy in high-income tax, Democrat voting states the hardest. In other words, Democrat politicians’ donors. Richard Rubin reports in The Wall Street Journal:

Full repeal of the cap would deliver more than half the benefits to the top 1% of households, according to the Tax Policy Center, a Washington group run by a former Obama administration official. That impact could be offset by raising top tax rates across the board or making other progressive tax changes, Democrats have said.

Still, Democrats from the Northeast may have trouble persuading those from lower-tax states to back any plan that would shift the federal tax burden from high-income New Yorkers to high-income Floridians.

Read more here.

Share this:

  • Email
  • Twitter
  • Facebook

You Might Also Like:

  • Democrats Fight for the Wealthy with New Tax Bill
  • Will Democrats Buy-in to Tax Cut 2.0?
  • Democrats’ Opening Bid? 70% Tax Rates
  • Author
  • Recent Posts
Jeremy Jones, CFA
Jeremy Jones, CFA, CFP® is the Director of Research at Young Research & Publishing Inc., and the Chief Investment Officer at Richard C. Young & Co., Ltd. Richard C. Young & Co., Ltd. was ranked #5 in CNBC's 2021 Financial Advisor Top 100. Jeremy is also a contributing editor of youngresearch.com.
Latest posts by Jeremy Jones, CFA (see all)
  • How Can the Fed Prevent Stagflation? - May 25, 2022
  • Now You Can Own Your Vacation and It Doesn’t Have to Be a Time Share - May 24, 2022
  • Big Banks Adopting Blockchain for Short-Term Trading - May 23, 2022

Search Young Research

Most Popular

  • MARKET CHAOS: This May Take Time, Here’s How to Prepare
  • Your Survival Guy: “Sell in May, Buy After Labor Day?”
  • PRICES SOAR: Diesel Shortage Could Cripple America's Economy
  • The Power of a Compound Interest Table
  • All-Powerful Money Managers Voting YOUR Money Targeted by Senate GOP
  • Institutional Investors Fall in Love with Oil, Again
  • Vanguard Wellesley (VWINX) vs. Wellington (VWELX): Which Fund is Best?
  • MARKET TURNING: Canada's Housing Market Turmoil
  • COMMODITY CRUNCH: Will Tesla Buy a Cobalt Mine?
  • HORDING CASH: Funds Hold the Highest Level of Cash Since 9/11

Don’t Miss

Default Risk Among the Many Concerns with Annuities

Risk and Reward: An Efficient Frontier

How to be a Billionaire: Proven Strategies from the Titans of Wealth

Could this Be the Vanguard GNMA Winning Edge?

Cryptocosm and Life After Google

Warning: Avoid Mutual Fund Year End Distributions

Is Gold a Good Long-term Investment?

How to Invest in Gold

Vanguard Wellington (VWELX): The Original Balanced Fund

What is the Best Gold ETF for Investing and Trading?

Procter & Gamble (PG) Stock: The Only True Dividend King

The Dividend King of the North

You’ll Love This if You’re Dreaming of an Active Retirement Life

RSS The Latest at Richardcyoung.com

  • Harvard Professor Calls Homeschooling a “Threat to Society”
  • Biden IGNORES Americans’ Pain at the Pump, Touts “Green Transition”
  • The Virtue of Trump Supporters vs. Antifa and ESG Investing is Like This…
  • Why Does Joe Biden Put Americans Last?
  • PRIMARIES: Watch GOP Voter Turnout Tonight
  • The Supreme Court Must Always Protect the Constitution
  • Our Daily Bread Threatened?
  • Watch Out for Your Worst Enemy
  • Farmer Tells Steve Bannon Biden’s Inflation Is Ruining His Business
  • PARTY’S OVER JOE: Republicans Crush Democrats in Local Elections

About Us

  • About Young Research
  • Archives
  • Contributors

Our Partners

  • Richard C. Young & Co.
  • Richardcyoung.com

Copyright © 2022 | Terms & Conditions

 

Loading Comments...
 

    loading Cancel
    Post was not sent - check your email addresses!
    Email check failed, please try again
    Sorry, your blog cannot share posts by email.