If you think the Democrats care about the working man, think again, says Fox Business host Stuart Varney.
He says the Democratic elite are bending over backwards to try and help their wealthy donors at the expense of the working class.
Just look at the breakdown in the negotiations for a new stimulus bill. The Democrats aren’t clamoring for another round of $1200 stimulus checks, they’ve let that fall to the side. Who benefits from another $1200 check? The working class, of course. The wealthy sure don’t need it.
The sticking point, says Varney, is a tax deduction. Specifically the SALT deduction that allows state tax payments to be deducted from federal taxes. President Trump put in a $10,000 cap on the deduction as part of his Tax Cut and Jobs Act. That’s not an issue for ordinary working class Americans, but does affect wealthy individuals in high-tax states, many of which are Democrat states likes New York, New Jersey, California and Illinois.
Varney says the Democrats clinging to this tax deduction for the wealthy at the expense of the working class tells you everything you need to know about their priorities.
“The Democrats are moving heaven and earth to help the rich. You heard right. The Democrats are running to the assistance of the top 1%. This tells you a lot about political change. If you thought the Democrats were all about working people, think again.”
He says the far left may want to tax the rich, but the Democrat establishment is looking to protect them.
“Maybe the socialist wing wants to seize your wealth, but the establishment is desperate to bail out their wealthy supporters. Specifically, they want to bring back the deduction for state taxes. Yes, that’s the SALT issue. It’s the big sticking point in the fight over the new virus package.”
He says for wealthy Americans living in Democrat states, it was a “major league” deduction. Without it, they are paying higher federal taxes.
“It was a major league deduction. It was a big tax saving. But that’s the old days. Now, no tax deduction. And the wealth, especially in high-tax Democrat states, are complaining bitterly. They’re paying more Federal tax, not less.”
Establishment Democrats are scrambling to get SALT repealed, says Varney, showing their true colors to their constituents.
“Oh, there is desperation. New York Senator Chuck Schumer, he is demanding a SALT repeal. So is Speaker Pelosi. She’s from California. So is candidate Joe Biden. The establishment is desperate to avoid even higher taxes in already high tax Democrat states which would make things even worse.”
“If SALT were to be repealed, the establishment helps its rich donors. It will be a Democrat gift to the wealthy. The main beneficiaries will be one-percenters. Forget ideology. Political self interest is what rules the Democrat elites.”