Elder Patriot – With an estimated ninety percent of American taxpayers getting bigger paychecks as a result of lower taxes, more generous tax brackets, and doubled standard deductions, cries of Armageddon from House Minority Leader Nancy Pelosi seemed a little shallow.
That is until we took a look at Mrs. Pelosi’s personal situation.
One of the reforms President Trump insisted on 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.
And, therein lies the Armageddon Mrs. Pelosi was talking about – her personal Armageddon.
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.
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.
Sorry Nancy. It looks like you’re more intent on protecting your own wealth than the poor working stiffs you claim to represent.
It looks like the rich bitch will be paying for those crumbs that quite a few deserving families will be getting.
Care to guess who’s getting hammered worse than the California windbag and her husband? Donald Trump, the president who pushed for and signed the massive tax overhaul to help hardworking American taxpayers like he promised to do despite the fact that he has massive real estate holdings in many of the highest taxed places on earth.