Dem lawmaker works to save tax break for rich constituents: Varney
Most wealthy people now vote Democrat: Varney
FBN’s Stuart Varney argues the Democratic Party has become the party of the rich.
Ask any high-income earner in a high-tax state what they would like most, and this is what they'll say, "Please, please, re-instate a much-loved tax deduction. Please, please, let us deduct our state and local taxes, like we used to." We're talking here about the SALT deduction, done away with in Mr. Trump's tax reform. Taking away that deduction really hurt the 1 percenters, especially those in New York, New Jersey and California.
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So who is rushing to help the rich? None other than a leading Democrat, New York’s Nita Lowey. She wants to bring back the SALT deduction. Think about this: Soaking the rich is classic left-wing policy, Yet here's a Democrat who wants to restore a big tax break for the rich. Make no mistake, if the deductibility of state and local taxes comes back, the biggest winners will be the 1 percenters. Since when has a Democrat championed the interests of the rich?
Well, Ms. Lowey represents a wealthy suburb just north of New York City where the median household income is $96,000 a year. She is defending her own constituents, who happen to be wealthy!
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This tells you a lot about politics these days: First of all, wealthy people now vote Democrat. It wasn't always like this, but it is now. And Democrats will support their wealthy constituents. It also shows the big split among Democrats . Do you think the Bernie Sanders wing of the party really wants to help the rich?
Nita Lowey chairs the House Appropriations Committee. She's powerful. Her SALT proposal will have a lot of support from both sides of the aisle in high-tax states. Ironic isn't it? To many on the left, the rich are not so bad, especially when they are your constituents.
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