It turns out that the woman who calls $1,000 Christmas bonuses “crumbs,” had good reasons to vote against the Tax Cuts and Jobs Act that benefits 90 percent of the American people – $137,000 of them.
House Minority Leader Nancy Pelosi, who likes to paint herself as a champion of the common man, owns three multi-million-dollar homes – in San Francisco, in Napa, and in Washington D.C.
The combined property tax bill for a single year came to what some Americans pay for a home.
But while President Trump’s tax reform bill cut taxes for most Americans, it limited the amount wealthy taxpayers could deduct on their state, local and property taxes to $10,000.
Oh dear – what’s a liberal with a $7.2 million home in tony San Francisco, a $4 million getaway in the wine country of the Napa Valley and another in D.C. to do?
One trick suggested by “How to” guidelines published by The Washington Post in December was to “game the system” by prepaying property taxes so that the full amount would be deductible.
“(S)ome states and localities allow people to prepay their state and local taxes, including property taxes. If they did so this year, people could conceivably deduct them from this year’s taxes.”
Sure enough, Pelosi and her husband did just that, according to the Washington Free Beacon.
“Just days after President Trump signed the sweeping tax bill into law late last month, Pelosi and her husband tried to preserve $64,000 in property tax breaks, known as the state and local taxes (SALT) deductions, for her two California homes,” the paper reported.
The House Democrat worth more than $100 million dismissed the generous bonuses paid by many companies to their employees following the signature of the tax reform bill as “crumbs.”
She must have been talking about what $1,000 means to her pocketbook – not to the rest of the working people in the U.S.
What do you think of wealthy people like U.S. House of Representatives Minority Leader Nancy Pelosi using tricks to avoid the new tax law that aren’t available to most Americans? Tell us what you think in the comments below.