Biden infrastructure/tax increase megathread

[Starry Eyed Jagaloon]

https://twitter.com/schwartzbCNBC/status/1376618726620065794

Schumer himself has been pushing to bring back the deduction. Schumer and his fellow Democratic New York senator, Kirsten Gillibrand, introduced legi
slation in January that would eliminate the SALT cap.

“Sen. Schumer has long been a supporter of the SALT deduction and vehemently opposed the punitive Trump tax bill that severely undermined it. He is looking for the best way to repeal the SALT deduction cap,” a Schumer spokesperson said.

The so-called SALT deduction was capped at $10,000 by former President Donald Trump’s tax reform bill, which became law in late 2017. Taxpayers, particularly wealthy people, in New York and other high-tax states, including New Jersey and California, saw the biggest benefits when there was no cap. SALT deductions account for taxes on the state and local levels, including property and income tax.

The so-called SALT deduction was capped at $10,000 by former President Donald Trump’s tax reform bill, which became law in late 2017. Taxpayers, particularly wealthy people, in New York and other high-tax states, including New Jersey and California, saw the biggest benefits when there was no cap. SALT deductions account for taxes on the state and local levels, including property and income tax.

The cap, according to the Tax Foundation, “broadened the tax base by limiting the amount individuals could deduct in state and local taxes to $10,000. For high-income taxpayers, this cap increased federal taxable income.”

I hope, Biden will refuse.

Seems like a good idea to ditch the SALT cap

It is not.

As Sprouts mentioned earlier there should probably be a marriage doubling for 20k for a married couple.

That assumes that state and local taxes should ever be deductible from federal income taxes--for anyone, ever. They should not.

[lfromnj]

https://twitter.com/schwartzbCNBC/status/1376618726620065794

Schumer himself has been pushing to bring back the deduction. Schumer and his fellow Democratic New York senator, Kirsten Gillibrand, introduced legi
slation in January that would eliminate the SALT cap.

“Sen. Schumer has long been a supporter of the SALT deduction and vehemently opposed the punitive Trump tax bill that severely undermined it. He is looking for the best way to repeal the SALT deduction cap,” a Schumer spokesperson said.

The so-called SALT deduction was capped at $10,000 by former President Donald Trump’s tax reform bill, which became law in late 2017. Taxpayers, particularly wealthy people, in New York and other high-tax states, including New Jersey and California, saw the biggest benefits when there was no cap. SALT deductions account for taxes on the state and local levels, including property and income tax.

The so-called SALT deduction was capped at $10,000 by former President Donald Trump’s tax reform bill, which became law in late 2017. Taxpayers, particularly wealthy people, in New York and other high-tax states, including New Jersey and California, saw the biggest benefits when there was no cap. SALT deductions account for taxes on the state and local levels, including property and income tax.

The cap, according to the Tax Foundation, “broadened the tax base by limiting the amount individuals could deduct in state and local taxes to $10,000. For high-income taxpayers, this cap increased federal taxable income.”

I hope, Biden will refuse.

Seems like a good idea to ditch the SALT cap

It is not.

As Sprouts mentioned earlier there should probably be a marriage doubling for 20k for a married couple.

That assumes that state and local taxes should ever be deductible from federal income taxes--for anyone, ever. They should not.

Thats another fair point too, although there is 0% chance the Democrats completely remove the cap. IIRC it was actually Susan Collins who put in the cap. Im sure those French voters who earn 10k total per year love her for this populism .

[Starry Eyed Jagaloon]

Eliminate exclusionary zoning and harmful land use policies. For decades, exclusionary zoning laws – like minimum lot sizes, mandatory parking requirements, and prohibitions on multifamily housing – have inflated housing and construction costs and locked families out of areas with more opportunities. President Biden is calling on Congress to enact an innovative, new competitive grant program that awards flexible and attractive funding to jurisdictions that take concrete steps to eliminate such needless barriers to producing affordable housing.

https://www.whitehouse.gov/briefing-room/statements-releases/2021/03/31/fact-sheet-the-american-jobs-plan/

Also, let's hear it for YIMBY Joe!

[Born to Slay. Forced to Work.]

So much winning

[H.E. VOLODYMYR ZELENKSYY]

Underrated aspect that should be getting more attention.

https://twitter.com/johnkartch/status/1377245266697457673

I love that they’re learning to play the Republicans’ game of slipping really important provisions into larger, blander bills. Why not slip Taft-Hartley repeal in while we’re at it?

[sting in the rafters]

$45 billion to ensure no child ever is forced to drink water from a lead pipe

Correct me if I'm wrong, but doesn't replacing water service lines take a significantly more time than believed by the public at-large?

[Starry Eyed Jagaloon]

Okay WaPo went through the line items better than me:



I mean, this is pretty good, but when I heard 1T infrastructure bill, I was thinking the top bar would be 1T and the rest of the bars would be 0.

[brucejoel99]

https://twitter.com/schwartzbCNBC/status/1376618726620065794

[snip]

I hope, Biden will refuse.

Wow, a Trump supporter who wants to keep punishing (non-Atlas) blue state middle-class home-owners for just existing? I'm shocked! Shocked, I tell ya!!

Looks like the spending priorities are out:

-$400 billion spending on in-home care
-$300 billion to promote advanced manufacturing
-$215 billion for research and development
-$174 billion for electric vehicles
-$115 billion for roads and bridges
-$111 billion for water infrastructure ($45 billion to deal with lead pipes)
-$100 billion for the electric grid
-$100 billion for broadband
-$85 billion for public transit
-$80 billion for Amtrak and freight rail
-$50 billion for infrastructure resilience from natural disasters
-$46 billion to electrify government vehicles
-$42 billion for ports and airports
-$16 billion to help fossil fuel workers transition
-$10 billion for a Civilian Climate Corps

Seems aight. I'd prefer to spend more on actual trains and roads and less on weird industrial policy, but it's solid. Also, 80-20 is dead which is huge for transit.

This plan actually makes me feel a little bit hopeful & optimistic about our country. We've been coasting on the infrastructure accomplishments of 70 years ago for so long now. Who knew we could actually invest in growth & grow the pie again!?

Underrated aspect that should be getting more attention.

https://twitter.com/johnkartch/status/1377245266697457673

If the minimum wage wasn't eligible under the Byrd rule, then I don't see how a RTW-ban would be either, but I guess it's worth a shot.

[Holy Unifying Centrist]

https://twitter.com/schwartzbCNBC/status/1376618726620065794

[snip]

I hope, Biden will refuse.

Wow, a Trump supporter who wants to keep punishing (non-Atlas) blue state middle-class home-owners for just existing? I'm shocked! Shocked, I tell ya!!

A lot more than just Trump supporters are against increasing the SALT deduction by more than $10,000..... like half of the progressives on this forum are against it. It's a handout to the upper middle class

[Starry Eyed Jagaloon]

https://twitter.com/schwartzbCNBC/status/1376618726620065794

[snip]

I hope, Biden will refuse.

Wow, a Trump supporter who wants to keep punishing (non-Atlas) blue state middle-class home-owners for just existing? I'm shocked! Shocked, I tell ya!!

A lot more than just Trump supporters are against increasing the SALT deduction by more than $10,000..... like half of the progressives on this forum are against it. It's a handout to the upper middle class

I'm so pleasantly surprised that even neoliberal Blairite opposes it. Like I'll take my free money, but it doesn't even benefit middle-class homeowners let alone most upper middle-class homeowners.

I've been consistently talking about how mortgage interest and state and local taxes should NEVER be deductible for four years now. It's unbelievably regressive and unfair, and it's so frustrating to see Democrats be on the wrong side of this.

I'm consistent about my values. I support markets and reducing weird government incentives for everyone--and that extends to the liberal upper middle class. Opportunity hoarding is despicable.

[KaiserDave]

Underrated aspect that should be getting more attention.

https://twitter.com/johnkartch/status/1377245266697457673

Oh yeah
Ohhhhhhhhhh yeaaaahhhhhhh

[GP270watch]

Tax the rich isn't just a good fiscal policy it's a winning political message. When are Democrats going to figure this out?

[politics_king]

Underrated aspect that should be getting more attention.

https://twitter.com/johnkartch/status/1377245266697457673

As a proud union member! Ohhhhh yeeeeahhhhh!!!!
Oh yeah
Ohhhhhhhhhh yeaaaahhhhhhh

[Old Man Willow]

Underrated aspect that should be getting more attention.

https://twitter.com/johnkartch/status/1377245266697457673

WTF I love Biden now.

[Born to Slay. Forced to Work.]

Biden is the new Robinhood

[Morning in Atlas]

Damn. Biden really is making this a party I can be proud of.

He won't be able to change it overnight, but he's definitely changing it.

[OSR stands with Israel]

So far it really seems like an inverse of this article : https://www.csmonitor.com/1981/0731/073138.html

[Chancellor Tanterterg]

Damn. Biden really is making this a party I can be proud of.

He won't be able to change it overnight, but he's definitely changing it.

Joe Biden and Chuck Schumer are not the heroes the Democratic Party wanted, but they are the heroes it needed.

[This user has not been convicted of 34 felonies]

Potential 2024 candidate and bonafide satan hater Kristi Noem brings up a great point about Biden’s infrastructure plan: it gives money for things like houses and pipes

https://twitter.com/acyn/status/1377429336014262275?s=21

[certified hummus supporter 🇵🇸🤝🇺🇸🤝🇺🇦]

Potential 2024 candidate and bonafide satan hater Kristi Noem brings up a great point about Biden’s infrastructure plan: it gives money for things like houses and pipes

https://twitter.com/acyn/status/1377429336014262275?s=21

Honest question, how dumb is this country?

[brucejoel99]

Potential 2024 candidate and bonafide satan hater Kristi Noem brings up a great point about Biden’s infrastructure plan: it gives money for things like houses and pipes

https://twitter.com/acyn/status/1377429336014262275?s=21

Beyond parody.

[Obama-Biden Democrat]

The fraud fake populist Hawley is going to vote against this.

[Pericles]

Potential 2024 candidate and bonafide satan hater Kristi Noem brings up a great point about Biden’s infrastructure plan: it gives money for things like houses and pipes

https://twitter.com/acyn/status/1377429336014262275?s=21

No wonder she has barely won twice in South Dakota.

[Vaccinated Russian Bear]

https://twitter.com/JustinWolfers/status/1377357708232257537

[MillennialModerate]

So I can’t say how disappointed I’am. The mass transit in this nation needs roughly $300B. (LA needs around 60; Boston 30; NYC around 50, Dallas 10; Austin 5, Chicago 15, DC 15)

And this bill puts way too much into things like electric cars and not enough toward Rail, Bridges, Hospitals, Schools, Airports, rural broadband.

Biden needs to keep his eye on the prize