EDITORIAL: Democrats fights to preserve a tax break for the rich
Democrats continue to hammer the GOP tax reform framework as a sop to “the rich.” Yet interested observers should follow their deeds rather than be deceived by populist poppycock.
On Friday, The Wall Street Journal reported that House Republicans are working out a compromise that will retain a portion of the deduction for state and local taxes. The move is an attempt to avoid defections by GOP pols from blue states.
The write-off primarily helps the wealthy, particularly those who live in high-tax enclaves such as New York and California. About 71 percent of the benefits go to households with at least $200,000 in income. The compromise would phase out the deduction for those making above a certain threshold.
But here’s the catch. The deduction helps progressive politicians disguise the true costs of their big-government agenda — it limits pushback when they impose tax increase after tax increase at the state and local level. Getting rid of it could trigger taxpayer revolts throughout blue America.
Consequently, “Democrats who represent high-tax areas are united in defense of the break,” the Journal reported. “Senate Majority Leader Chuck Schumer of New York says no compromise is acceptable.”
Imagine that. Sen. Schumer and friends are all for a rich-guy tax loophole. What are principles in the race for self preservation?
