Elder Patriot – Ever since then-House Speaker Nancy Pelosi urged the passage of Obamacare by infamously telling America “We have to pass the bill so that you can find out what’s in it” she has been the face of Republican fundraising efforts.
And with good cause. She admitted to never having read the bill but promised us:
“It is legislation for the future. Not just about healthcare for America but about a healthier America where preventive care is not something you have to pay a deductible for out-of-pocket.”
How has that worked out for you? Not only has insurance costs tripled since then but coverage has shrunk. Not only has the “Affordable Care Act” made healthcare unaffordable it has failed to make us healthier.
For the first time in American history our life expectancy declined in 2015. And it declined again in 2016.
So when Vice President Mike Pence addressed the audience at CPAC he went straight for the lyin’ lib’s most recent assault on common sense legislation. This time the legislation Pelosi attacked were the tax cuts that Trump pushed through Congress:
“I don’t know if you heard, but the woman who wants to be Speaker of the House again said… she actually said the tax cuts would be Armageddon if they passed. Just a few days ago she said it would be unpatriotic to let the American people keep more of what they earn.
But, most amazingly of all, she keeps saying that a $1,000 bonus for working Americans is nothing more than crumbs.
Her disregard for middle-class America is astonishing.
Since 2013, the Federal Reserve Board has conducted a survey to “monitor the financial and economic status of American consumers.”
One of the questions the Fed asked respondents was how they would pay for a $400 emergency. The answer from 47 percent of respondents was that either they would cover the expense by borrowing or selling something, or they would not be able to come up with the $400 at all. Four hundred dollars!
So Obamacare not only made healthcare unaffordable but its far-reaching economic impact on businesses also drained middle-class Americans of all of their savings.
Pelosi, of course, couldn’t care a bit about those people. The tax cuts resulted in savings for 80% of American taxpayers though most of them were surprised to learn that when it showed up in their paychecks.
Why? Because the mainstream media matrix promoted Pelosi’s propaganda throughout the Congressional debate over the president’s tax bill just as they had done for her with the Affordable Care Act.
The Republicans, stiffened by support from President Trump, passed the bill despite negative public polling prior to the vote.
There’s another aspect of Pelosi’s deceit that should disgust people. In June of last year Nancy Pelosi led a group of nearly 200 Democrat lawmakers in filing a suit charging President Trump with violating the Constitution’s “foreign emoluments clause” because he insisted on retaining interest in his business empire.
The suit was a stretch even for the hypocritical Pelosi who, like virtually every one of her colleagues became multi-millionaires during their terms in office. And, the new tax bill proves who is benefitting from emoluments and who has bitten the bullet on their personal wealth to help everyday Americans.
One of the reforms President Trump insisted on including in the bill was ending the state and local tax (SALT) deductions that resulted in taxpayers from states with low real estate taxes subsidized the excessive spending of states with high real estate taxes.
In order to protect lower income taxpayers living in every state, a compromise was arrived at allowing a $10,000 maximum deduction for property taxes and mortgage interest combined.
The loss of these deductions would be immensely expensive to Trump because of his ultra luxurious holdings in many of the highest tax cities in America. It didn’t matter to Trump, who actually was in favor of the original bill that didn’t even have the carve-out for those paying under $10,000.
Higher personal income taxes aren’t the only way President Trump knew he would be hurt. Higher taxes mean higher payments and that diminishes the equity values of his holdings as well.
Well apparently it matters a lot to Pelosi who has used her power to amass a huge financial empire along with her husband.
According to tax records Pelosi and her husband own three multi-million dollar properties. Two are located in California – one in San Francisco and the other in Napa – with the other being the condo that she uses while in Washington, DC.
The combined annual property taxes come to $137,000. The $10,000 deduction leaves her with $127,000 newly exposed to federal income taxes. In her tax bracket that increases her personal tax burden by $47,000.
That’s if she and her husband aren’t carrying any debt on their properties. If that’s the case her tax burden rises even more.
Then there’s Paul Pelosi, Nancy’s husband, who is a major real estate investor. Imagine how severely the value of high-end properties will be affected by the increased tax burdens they’ll carry. This will cost the Pelosi’s, who have a net worth estimated to be at least $200 million, a whole lot more than $137,000 in lost equity.
When Pelosi said the tax bill would result in Armageddon she was absolutely correct. Just not for the hardworking American’s whose reserves for an emergency have more than tripled.
Not even for Pelosi who can afford to pay taxes without effect on her lavish lifestyle.
It is, however, Armageddon for tax and spend liberals whose policies left Americans broke and dependent.