Nancy Pelosi, whose end-times rhetoric during and after the passage of the GOP tax reform plan rivaled that of the Book of Revelation, seems to have been caught trying to protect her own tax breaks during the reform fight.
The Washington Free Beacon has blown the whistle on what appears to be Pelosi arguing in bad faith during the legislative battle.
Pelosi’s annual property tax bill alone on three luxury homes last year—$137,000—is more than twice the 2016 U.S. median household income of $59,039, which the U.S. Census reported last fall.
Like most taxpayers, she also apparently wants to keep as much of her money as U.S. tax law allows, though she did not mention those plans during the contentious months-long debate on the GOP tax bill last fall or how it would impact her personally.
At the time, Pelosi accused Republicans and President Trump of hiking taxes on the middle-class while slashing those for corporations. She denounced the bill using apocalyptic terms, decrying it as “Armageddon” and “like death.”
Now, don’t get me wrong. I support anyone fighting for a lower tax bill, even Pelosi. But, it does kind of make her a bit hypocritical, no?
At one point, she said the tax plan was a “monumental, brazen theft from the middle class,” and pledged that Democrats will continue to demand “job-creating, wage-raising tax reform with not one penny in tax breaks for the wealthiest one percent.”
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 new tax law limits the deduction to $10,000 and went into effect Jan. 1.
Pelosi and her husband have owed roughly $137,000 annually in local property taxes on the three homes they use and don’t rent out: two in California and one in D.C., city and county property records show. Before the beginning of the year, they were allowed to write off all of those property taxes on their federal taxes but now can deduct only $10,000 of it under the new law.
The Pelosis could make up a good portion of the lost deduction through the new law’s provision lowering the tax rate on the highest income bracket from 39.6 to 37 percent. However, tax experts say they could still wind up paying thousands of dollars more to the federal government than in previous years because of the new law’s SALT deduction cap.
Pelosi is worth about $100 million, and despite her bashing of the GOP’s treatment of the super wealthy, she has used her fair share of accounting tricks to withhold as much tax money from the government as possible. This practice is at devastating odds with her constant devotion to making sure the government gets enough money from the rich.
I urge @SpeakerBoehner & my @HouseGOP colleagues to put #MiddleClassFirst instead of the wealthy few. My statement: http://t.co/f0E1diJ4Dp
— Nancy Pelosi (@SpeakerPelosi) January 14, 2015
#GOPs1st100Days of new Congress include handout after handout for ultra-wealthy. How about bigger paychecks & better infrastructure for all?
— Nancy Pelosi (@SpeakerPelosi) April 15, 2015
Meanwhile, since President Donald Trump took office and began attacking the regulatory state and the GOP passed a tax reform package, many workers across the U.S. have seen new jobs created and filled and promises of wage raises and bonuses.
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