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Belle of the Ranch

Let's talk about Democrats throwing SALT in Biden's plans....

Belle of the Ranch

Belle of the Ranch

Society & Culture

4.91K Ratings

🗓️ 5 April 2021

⏱️ 4 minutes

🧾️ Download transcript

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0:00.0

If just thinking about your bills makes you feel confused and disorientated,

0:05.0

like your head is full of Raspberry,

0:08.0

then you need Monzo.

0:10.0

Download your new favorite bank and pay bills from custom pots.

0:15.0

Money never felt like Monzo.

0:18.0

UK residents, Tease and see supply.

0:21.0

Well, howdy there, internet people, it's about again. So today we're going to talk

0:27.6

about President Biden's first real internal struggle within the Democratic Party.

0:34.6

Congressional Democrats are throwing salt into Biden's infrastructure program.

0:40.0

By salt, I mean state and local taxes.

0:43.5

It's a deduction you can take on your federal taxes

0:46.0

to offset the cost of paying state and local taxes.

0:49.2

It's a deduction that has been around a really long time.

0:53.0

Trump capped this deduction at $10,000.

0:58.3

So if you are a representative for a major metropolitan area in a blue state with high taxes.

1:07.3

You want this cap gone.

1:09.8

Your constituents are demanding. It's gone. Your voters want it gone. Because you have to remember

1:17.1

in a lot of these places, $100,000 a year is like making 30 where I live because of the cost of living. It's very different.

1:27.0

So their voters need it gone.

1:33.2

From Biden's point of view,

1:36.4

it would be framed as giving tax breaks to the rich,

1:40.1

because not just would it benefit those that group of people it would also benefit

...

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