The left's newest aggrieved minority in need of emergency liberal help: Millionaires

CNBC reports that some blue-state governors are now concerned that since their states' high taxes can no longer be fully deducted from federal income taxes, some of their wealthy residents will leave.  Thus, millionaires are the new minority in need.

One of the core beliefs of the Democratic party is fairness. Tax the rich, help the poor and spread the gains of a growing economy more widely.  It has been a consistent message by federal and state lawmakers alike. Until now.  On the heels of the new Republican tax law, blue state Democrats, who until recently were advocating higher taxes on the rich, are suddenly fighting to protect their own members of the top 1 percent from higher taxes. Some Dems are even proposing both – raise taxes on the wealthy with one hand and help them with the other.

According to CNBC, a number of states have passed laws that allow the well heeled to make tax-deductible charitable donations to groups that support government activities, such as education.  The irony is rich.

All of these special laws are aimed squarely at helping the wealthy.  It's chiefly the high earners and affluent who suffer from the SALT deduction cap of $10,000.  According to one analysis, nearly 60 percent of the added revenue from the SALT changes will come from the top 1 percent.  While the Democratic politicians still say they're fighting for fairness, the gap is more political than economic – the red-state rich will get a big tax cut while many of the blue-state rich will pay more.

Among the victims of this discrimination is House minority leader and multi-millionaire Nancy Pelosi.  The Washington Free Beacon highlighted her personal efforts to save her family's $137,000 deduction on their three luxury homes.

Like many taxpayers with big property tax bills across the country, the Pelosi's in late December prepaid the second half of their 2017-2018 property tax bills for their $7.2 million estate in San Francisco's tony Pacific Heights and Napa vineyard and residence worth more than $4 million, according to San Francisco city-county and Napa county property records.

The couple paid the full annual property taxes on their luxury Washington Harbor condo on the Georgetown waterfront before the tax bill became law.

Paying the taxes earlier than the 2018 bills require is a smart accounting move that could save the Pelosi's tens of thousands of dollars. However, it also illustrates a Republican talking point about the tax bill: that the new law is eliminating tax breaks that primarily benefit the wealthy. 

These shenanigans, however, may be the germ of an interesting conservative concept.  By selecting charities that support specific government activities, donors are indirectly earmarking their taxes.  There's a thought: a federal budget built around the activities of government that are most popular – a "People's Budget."   That's exactly why the courts will likely strike these plans down.

Now pretty much every American is, in some way, shape, or form, "Hey, Big Brother, can you spare a dime?"

CNBC reports that some blue-state governors are now concerned that since their states' high taxes can no longer be fully deducted from federal income taxes, some of their wealthy residents will leave.  Thus, millionaires are the new minority in need.

One of the core beliefs of the Democratic party is fairness. Tax the rich, help the poor and spread the gains of a growing economy more widely.  It has been a consistent message by federal and state lawmakers alike. Until now.  On the heels of the new Republican tax law, blue state Democrats, who until recently were advocating higher taxes on the rich, are suddenly fighting to protect their own members of the top 1 percent from higher taxes. Some Dems are even proposing both – raise taxes on the wealthy with one hand and help them with the other.

According to CNBC, a number of states have passed laws that allow the well heeled to make tax-deductible charitable donations to groups that support government activities, such as education.  The irony is rich.

All of these special laws are aimed squarely at helping the wealthy.  It's chiefly the high earners and affluent who suffer from the SALT deduction cap of $10,000.  According to one analysis, nearly 60 percent of the added revenue from the SALT changes will come from the top 1 percent.  While the Democratic politicians still say they're fighting for fairness, the gap is more political than economic – the red-state rich will get a big tax cut while many of the blue-state rich will pay more.

Among the victims of this discrimination is House minority leader and multi-millionaire Nancy Pelosi.  The Washington Free Beacon highlighted her personal efforts to save her family's $137,000 deduction on their three luxury homes.

Like many taxpayers with big property tax bills across the country, the Pelosi's in late December prepaid the second half of their 2017-2018 property tax bills for their $7.2 million estate in San Francisco's tony Pacific Heights and Napa vineyard and residence worth more than $4 million, according to San Francisco city-county and Napa county property records.

The couple paid the full annual property taxes on their luxury Washington Harbor condo on the Georgetown waterfront before the tax bill became law.

Paying the taxes earlier than the 2018 bills require is a smart accounting move that could save the Pelosi's tens of thousands of dollars. However, it also illustrates a Republican talking point about the tax bill: that the new law is eliminating tax breaks that primarily benefit the wealthy. 

These shenanigans, however, may be the germ of an interesting conservative concept.  By selecting charities that support specific government activities, donors are indirectly earmarking their taxes.  There's a thought: a federal budget built around the activities of government that are most popular – a "People's Budget."   That's exactly why the courts will likely strike these plans down.

Now pretty much every American is, in some way, shape, or form, "Hey, Big Brother, can you spare a dime?"