Democrats are pushing tax breaks for the rich. They'll cry when voters punish them [View all]

[cinematicdiversions]

https://www.theguardian.com/commentisfree/2021/nov/22/democrats-are-pushing-tax-breaks-for-the-rich-theyll-cry-when-voters-punish-them

The last time Democrats held the presidency and Congress, the party spent its first year in power enriching big banks that had cratered the economy and then letting public money subsidize the Wall Street bonuses of their campaign donors. The spectacle gave Republicans a political bailout in the 2010 midterms, allowing them to depict themselves as anti-establishment populists challenging an elitist government.

Twelve years later, history is rhyming. Democrats were vaulted into office on popular promises to tax the wealthy, but they are now generating national headlines about their proposal to provide new tax breaks narrowly targeted to enrich their affluent blue-state donors – just as a new survey shows nearly two thirds of Americans see the party as “out of touch with the concerns of most people.” And now the Republican machine is gearing up to demagogue the issue in 2022.

The situation is like a storyline from Veep satirizing liberal elitism: As millions of voters are being crushed by health care costs and higher energy prices, and as Democratic lawmakers have abandoned a $15 minimum wage, Democratic leaders are pushing a regressive proposal to allow wealthy property owners to deduct more of their state and local taxes (SALT) from their federal taxes.

This initiative, which would provide almost no benefit to the working class, isn’t some small tweak. After Democrats gutted their wildly popular initiatives to expand Medicare and lower drug prices, the tax initiative has now become one of the most expensive provisions in President Joe Biden’s entire Build Back Better legislation.

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I know the issue is complicated but much as cancelling student debt is a giveaway to high income white woman. This is a giveaway to property owners that made a lot of money in house equity over the last few years.

It truly is tax breaks for "paper" millionaires.