One San Francisco Accountant Finishes Every Client Conversation With A Discussion About What A Biden Administration Could Mean For Portfolios
Some rich Americans aren’t waiting for Election Day results to start planning now.
San Francisco accountant Scott Hoppe had a client who was planning to stretch the sale of founder shares in a tech-sector company over a three-year period.
Instead, the client compressed the installment sale into a one-shot transaction this month.
What accelerated the deal?
The 2020 presidential race. “Assuming all else was equal, that was the driver of the choice,” said Hoppe, principal of the accounting firm Why Blu.
Right now, Hoppe’s client, worth between $10 million and $20 million, will be taxed on capital gains at a rate of 23.8%.
If Democratic candidate Joe Biden beats President Donald Trump — and Democrats retain the House of Representatives and flip the Senate — that client could have potentially been staring at a 39.6% tax rate in two out of the installment sale’s three years.
The compressed transaction, then, could have saved the client approximately $320,000 in taxes on the $6 million sale. “The seller, for sure, was motivated, and the buyer had the wherewithal” to pay the full price upfront, said Hoppe.
Biden’s tax plan would put the marginal rate for top earners back at the Obama-era 39.6% rate, up from the current 37% rate. That 39.6% rate would apply to the capital gains of people who earn more than $1 million. It’s one aspect of a tax proposal where the of an increase in taxes, according to a budget model from the University of Pennsylvania’s Wharton School of Business.
Facebook Cofounder Dustin Moskovitz And His Wife Former Wall Street Journal Reporter Cari Tuna Donated $77 Million To Democrats
Net worth: $11.8 billion
After leaving Facebook in 2008, Dustin Moskovitz founded workflow management platform Asana, according to Forbes.
Alongside his wife Cari Tuna, Moskovitz has donated millions to health and LGBTQ+ organizations through their foundation Good Ventures, Forbes reports.
Moskovitz maintains a 3% stake in Facebook, according to Forbes.
If A Party Gets What It Wants In The Pursuit Of Delivering Something Most People Want Most Of The Time So Be It
There’s nothing morally wrong with being the party of corporate interests. There’s nothing wrong, for that matter, with viewing politics as the preserve of the few, not the many. What’s wrong is lying about it. What’s wrong is treating the opposition as if it does not have a legitimate claim. What’s wrong is setting off a conflagration of white-power fury that consumes nearly everything, even the republic itself, in order to slake a thirst for power. The day Joe Biden decided to run for president was the day this white-power fury burned through Charlottesville, screaming, “Jews will not replace us.” That day, according to published reports, is the day Biden chose to fight to “restore the soul of America.”
Maybe he’s full of it. Maybe Biden and the Democrats don’t really believe what they say when they talk about everyone being in this together. That’s certainly what the Republicans and their media allies believe. A critic said Thursday that we can expect to see from Biden “lofty rhetoric about unity, while acting below the radar to smash norms to implement the Left-wing agenda.” The same day, a Times reporter asked the White House press secretary why the administration has not offered a bipartisan “fig leaf” to the Republicans, given the president putting so much emphasis on unity. Maybe the Democrats don’t mean what they say. Maybe it’s just politics-as-usual.
Charles Schwab The Founder Of The Eponymous Brokerage Firm And His Wife Helen Gave $8531440 To Republicans
Net worth: $8.2 billion
Charles Schwab, 81, founded his brokerage firm in 1971 and served as its CEO until 2008, according to Forbes. Schwab’s fortune comes from his 11% stake in the firm.
Helen is a philanthropist and serves as the president of the board of the Charles and Helen Schwab Foundation, according to the organization’s website.
The couple resides in Woodside, California and has 5 children, according to Forbes.
Former Breitbart News Investor Robert Mercer And His Wife Diana Have Given $6544024 To Conservatives
Total donations: $6,544,024
Net worth: Unknown
Robert Mercer, 73, is the former co-CEO of Renaissance Technologies, a hedge fund valued at $50 million in 2017, according to The New York Times. Mercer left the hedge fund in 2017 after clients, including the retirement fund for Baltimore’s police and firefighters, withdrew their investments from Renaissance over concern about Mercer’s political donations and involvement with Breitbart, The Times reported.
The $6.5 million that Robert and his wife Diana donated to Republicans in 2018 was the smallest figure they’ve given in any election cycle since 2012, CNBC reported. The couple, once among President Trump’s biggest supporters, have become fatigued by the resulting media attention, sources told CNBC.
Democrats Have Much To Gain And Little To Lose By Running On A Progressive Economic Message In 2020
Between Donald Trump’s election and last year’s midterms, the Democratic Party shifted its economic agenda to the left and narrowed the focus of its message to “bread and butter” issues. Whereas Hillary Clinton’s paid messaging had centered on her party’s commitment to multicultural tolerance, the Democrats’ 2018 candidates favored a relentless focus on health care and tax policy.
This “Better Deal” agenda was insufficient to lure the GOP’s “big government” conservatives out of Trump’s camp. But Democrats did make major gains with economically left-wing independent voters. According to the VSG survey, Clinton won that contingent by 19 points in 2016, but Democratic congressional candidates won it by 42 points two years later. Since economically liberal independents make up about 7 percent of the electorate, the Democrats’ improved margin with such voters netted them a 1 percent gain in the national popular vote. Critically, this gain was not offset by any losses among economically right-wing Democrats or independents, as both of those voting blocs became slightly more likely to vote Democratic in 2018.
The GOP is far more dependent on the support of economic liberals than Democrats are on the votes of economic conservatives. While the Republicans’ burgeoning low-income wing is aberrantly liberal on fiscal issues, the Democrats growing professional-class contingent is just as — if not more — left-wing than the rest of the party on questions of federal economic policy .
Home Depot Cofounder Bernard Marcus And His Wife Billi Wilma Gave Nearly $8 Million To Republicans
Total donations: $8,000,018
Net worth: $6.5 billion
Bernie Marcus cofounded Home Depot in 1978 with Arthur Blank after they were fired from their jobs at another hardware store, according to Forbes. Marcus was the company’s first CEO and retired in 2002.
Marcus was a major contributor to President Trump’s 2016 presidential bid and will support the President again in 2020, Business Insider previously reported.
Democrats Are Gay Republicans Are Rich: Our Stereotypes Of Political Parties Are Amazingly Wrong
Here’s a quiz question for you: What percentage of Democrats identify as gay, lesbian or bisexual? Here’s another: What percentage of Republicans make more than $250,000 a year?
Got your answers? Now keep reading.
It’s pretty well known that Democrats and Republicans like each other less than they used to. And it’s pretty well known that being a Democrat or Republican can bias how we view virtually everything, including objective facts such as the state of the economy.
Now new research illuminates a key source of partisan animosity: Our internal pictures of the opposite party are terribly inaccurate. When asked about the groups historically associated with each party, we think these groups make up a vastly larger fraction of each party than they really do. In other words, we think each party is essentially a huge bundle of stereotypes — and this tendency is particularly pronounced when we’re characterizing the opposite party.
The research, by political scientists Doug Ahler and Gaurav Sood, can be tidily summarized in this graph. It shows people’s average guesses for what percentage of each party is in each group, as well as the true percentage.
On average, Americans thought that 32 percent of Democrats are gay, lesbian or bisexual. The correct answer is 6 percent. And they thought that 38 percent of Republicans made more than $250,000 a year. The correct answer is 2 percent.
Depressed yet? It gets worse:
Former New York Mayor Michael Bloomberg Donated Over $95 Million Nearly All Of It To Democrats
Total donations: $95,098,168
Net worth: $52.4 billion
Michael Bloomberg, 77, is the founder and CEO of financial media company Bloomberg LP.
Bloomberg will spend $500 million on the 2020 election in hopes of defeating Trump, Politico reported in February. On November 7, The New York Times reported that he was actively preparing to enter the Democratic primary.
Mike Pence Admits Republicans Prioritize The Rich And Whines About Democrats Helping The Poor
The Christmas season is supposed to be about helping those who are struggling and the Bible literally commands Christians to reject wealth in favor of lifting up the poor. But outgoing Vice President Mike Pence made it clear where the priorities of Republicans lie.
During a speech in Florida, Pence made an a** of himself by riling up the crowd to continue scheming to keep outgoing President Donald trump and himself in power even though they LOST the election to President-Elect Joe Biden fair and square.
But then he began boasting about what the Trump administration has done over the last four years, which includes massive tax cuts for the wealthy and dangerous rollbacks of regulations that protect workers.
In the process, Pence outright admitted that Republicans only care about rich people, and demonized Democrats for trying to help poor people as if it’s a bad thing.
“ want to make rich people poorer, and poor people more comfortable,” Pence said.
Here’s the video via Twitter:
Vice President Mike Pence: “ want to make rich people poorer, and poor people more comfortable.”pic.twitter.com/LXB8pvKSR8
— The Hill December 22, 2020
Again, a central tenet of Christianity is all about making the poor more comfortable. If anything, Pence should be demanding that the government do more for struggling Americans, especially since he claims to be the poster boy for evangelism in America. But he only demonstrated that he’s a fake Christian.
Featured Image: Screenshot
Investor Joshua Bekenstein And Philanthropist Anita Bekenstein Gave $77 Million To Democrats
Total Donations: $7,713,540
Net worth: Unknown
Anita, Joshua’s wife, is a philanthropist who manages the couple’s private fund, which supports health, education, arts, and environmental non-profits, in addition to serving on the board of patient advocacy non-profit Upstream USA, according to her biography on the organization’s website.
The couple lives in Boston and has five children, according to Anita’s biography on the organization’s website.
The 10 Richest Americans Are Just Beginning To Take Sides In The 2020 Presidential Race
The 10 richest Americans have a combined wealth of well over half a trillion dollars.
And we might only be beginning to feel the influence of all that buying power in the 2020 campaign.
Michael Bloomberg sits at No. 6 on this elite list and of course is running for president himself. He’s already spent hundreds of millions and is promising to spend over a billion before it’s all over .
Oracle co-founder Larry Ellison sits at No. 4 on Forbes’s list with an estimated fortune of $62.5 billion. He is set to jump into the 2020 fray in a big way with a fundraiser on Wednesday featuring President Donald Trump at the Oracle founder’s estate in Rancho Mirage, Calif.
According to a copy of the invitation, the golf outing this Wednesday will cost donors either $100,000 or $250,000 with funds being disbursed among Trump’s primary and general election accounts, the Republican National Committee, GOP state parties, and the Republican National Convention.
Here are the different ways the 10 members of the 0.000003% are publicly engaging in the 2020 campaign.
Silence From Congressional Liberals As Democrats Move Toward Salt Tax Cut For Wealthy
Congressional liberals have gone silent as Democrats have moved toward raising the cap on federal tax deductions for paid state and local taxes, a move that would result in large tax cuts for the wealthy.
This week, Senate Democrats paved the way for raising the $10,000 cap on SALT deductions, which was imposed by Republicans in the 2017 Trump tax overhaul, by approving a budget resolution that will allow them to pass a major spending bill without GOP votes. Leaders have said the SALT cap relief would be included in that legislative package.
The idea of raising the SALT cap is strongly supported by representatives of high-tax states that stand to see their finances strained by the loss of the full deduction.
But a number of liberal Democrats oppose raising the cap on the grounds that the bulk of the benefits would accrue to very high-earning households. Enough House Democrats have opposed such tax cuts in the past to make it impossible for Speaker Nancy Pelosi to pass the bill without GOP help if they stood firm.
But the Democrats who have opposed removing the SALT cap did not respond to requests for comment by the Washington Examiner this week.
The issue has made odd bedfellows of Republicans and some Democrats, with the liberal-leaning Institute on Taxation and Economic Policy blasting a repeal as “inequitable.”
Her office also did not respond when contacted by the Washington Examiner.
Collectively Their Gains Have Outpaced The Market Net Worth Is Five Times Us Median
The people’s representatives just keep getting richer, and doing so faster than the people represented.
The cumulative net worth of senators and House members jumped by one-fifth in the two years before the start of this Congress, outperforming the typical American’s improved fortunes as well as the solid performance of investment markets during that time.
The disparity becomes clear after examining the most recent financial disclosures of virtually every current lawmaker. The news is not likely to do them any good during a midterm campaign year when disapproval of Capitol Hill remains in record territory and sentiment remains strong that politicians in Washington are far too disconnected from the lives of their constituents.
The total wealth of all current members was at least $2.43 billion when the 115th Congress began, 20 percent more than the collective riches of the previous Congress, a significant gain during a period when both the Dow Jones industrial average and Standard & Poor’s 500 index rose slightly less than 10 percent.
Watch: A Guide to Roll Call’s Wealth of Congress
Beyond that grand total, the median minimum net worth of today’s senators and House members was $511,000 at the start of this Congress, an upward push of 16 percent over just two years — and quintuple the median net worth of an American household, which the Federal Reserve pegged at $97,300 in 2016.
Opinion:why Do Some Deluded Democrats Think Raising Taxes On The Rich Is A Bad Idea
At a moment when President Biden is still riding high in the polls and Democrats are focused on passing a popular bill to do popular things, an old and distasteful specter is rearing its head: the timorous Democrat, one so terrified of Republican criticism that they eagerly do the GOP’s work.
Biden has proposed paying for infrastructure by raising taxes on the wealthy, but as The Post reports, some Democrats aren’t too sure about the idea:
Rep. Sean Maloney , chair of the Democratic Congressional Campaign Committee responsible for party fundraising, has privately warned the tax plans could hurt vulnerable House Democrats up for reelection in 2022, said two people familiar with the matter, who spoke on the condition of anonymity to discuss internal matters. …Congressional Democratic leaders firmly support the measure, although that could change if the approximately 30 “front-line” House Democrats vulnerable in 2022 believe they are being hurt by the proposals.“The anxiety is anytime you raise taxes there is a belief among some Democrats and some in the consulting community that Democrats always get blamed,” said one Democratic official involved in the issue, who spoke on the condition of anonymity to candidly discuss internal dynamics.
One struggles to adequately describe how stupid this is.
So what would make a bunch of moderate Democrats believe that if their party does a popular thing, they’ll lose at the polls?
Net worth: $12.7 billion
Poll Finds Startling Difference In Vaccinations Among Us Republicans And Democrats
A Washington Post-ABC News poll has found a startling difference between Democrats and Republicans as it relates to COVID-19 vaccination. The poll found that while 86% of Democrats have received at least one COVID-19 vaccine shot, only 45% of Republicans have.
In addition, the survey found that while only 6% of Democrats said they would probably decline the vaccine, 47% of Republicans said they would probably not be inoculated.
The poll also found that 60% of unvaccinated Americans believe the U.S. is exaggerating the dangers of the COVID-19 delta variant, while 18% of the unvaccinated say the government is accurately describing the variant’s risks.
However, 64% of vaccinated Americans believe the government is accurately describing the dangers of the delta variant.
Iran fighting COVID 5th wave The variant is having a global impact. Iran’s President Hassan Rouhani has warned that the country is on the brink of a “fifth wave” of a COVID-19 outbreak. The delta variant of the virus, first identified in India, is largely responsible for the rising number of hospitalizations and deaths in Iran, officials say.
All non-essential businesses have been ordered closed in 275 cities, including Tehran, the capital. Travel has also been restricted between cities that are experiencing high infection rates.
Reports say only about 5% of Iranians have been vaccinated.
Health Care And Drug Addiction Seen As More Pressing Problems Than Inequality
When asked about 11 major issues facing the country today, concern about economic inequality ranks around the middle of the pack, with 44% saying this is a very big problem. By comparison, about two-thirds say the affordability of health care and drug addiction are very big problems.
The affordability of college, the federal budget deficit and climate change are also viewed as big problems by higher shares of adults. Inequality is roughly on par with concerns about illegal immigration and racism. And more view it as a very big problem than say the same about terrorism, sexism and job opportunities for all Americans.
Adults with lower incomes are more likely than those with middle or upper incomes to say that economic inequality is a very big problem in the country today. About half of lower-income adults say this, compared with 41% of middle-income Americans and 42% of those with higher incomes.17
Lower-income Americans are more likely than other income groups to say reducing economic inequality should be a top priority for the federal government
The degree to which Americans see reducing income inequality as a priority differs by income and by party. Adults with lower incomes are more likely than those with middle and upper incomes to say this should be a top priority. And, by a margin of roughly three-to-one, Democrats are more likely than Republicans to say the same .
Who Is Richer Democrats Or Republicans The Answer Probably Wont Surprise You
Which of the two political parties has more money, Democrats or Republicans? Most would rush to say Republicans due to the party’s ideas towards tax and money. In fact, polls have shown about 60 percent of the American people believe Republicans favor the rich. But how true is that? can help you write about the issue but read our post first.
Investor George Marcus And His Wife Judith Gave $9610125 Mostly To Democrats
Total donations: $9,610,125
Net worth: $1.5 billion
George Marcus is the founder of real-estate brokerage Marcus & Millichap Company, according to the company’s website. Marcus is also the chairman of Essex Property Trust, a multi-family real-estate investment trust, and he serves on the board of California-based commercial bank Greater Bay Bancorp.
The Marcuses gave $10,400 to Republicans in 2018, according to the Center for Responsive Politics. The rest went to Democrats.
More Democrats Than Republicans Sit On 10 Richest Members Of Congress List
While Republicans often get the reputation for being “the party of the rich,” seven of the 10 richest members of Congress are Democrats, according to the Center for Responsive Politics .
CRP compiled a list of the 10 richest members of Congress using 2012 personal finance disclosure information, the latest available.
These wealthy Democrats are not afraid to use their big bucks and high-powered connections to get ahead.
Here are the seven Democrats in the top 10 list:
Experiment Shows Conservatives More Willing To Share Wealth Than They Say
Across 60 nations, Trump supporters are outliers on their views on economic inequality. But their actions suggest it’s not a core philosophical difference.
American conservatives are global outliers in views about the fairness of income inequality, and they’re among the most likely to attribute such inequality to merit, an ambitious global survey reveals.
Yet when it comes to actual behavior — whether to redistribute money to workers in an experimental setting — American conservatives act a lot like everyone else.
The results suggest that policy preferences are not based on core philosophical differences so much as the stories that parties tell themselves about why people are rich and poor to begin with.
Privilege And Entitlement Starting On Third Base Is Deserving A Home Run
The elites of certain churches, universities, private schools or ethnicities may unconsciously accept their position as any crowned head assumed the “divine right of kings”. Growing up inside such an elite seems natural and right; those in power enable others like themselves. If they studied hard and played on the football team, compared to their classmates who did not work as hard, they know they are deserving. For one in that position, it’s a forgivable failure of imagination to not consider that the student across town who also worked hard and perhaps did not achieve the same SAT scores, may have often gone to bed hungry, may have surmounted far greater obstacles to achieve a lot – capacity and determination which should be counted in. The privileged may not see the distortions that benefit them. This is not confined to one party, one class, one ethnicity, one gender. Some of us simply benefit from a surfeit of privilege.
Off with their heads is not an answer. Possible answers include: wealth tax; higher marginal inheritance taxes; and crediting overcoming the privilege deficit, without demonizing people who won the birth lottery – a 21st-century rework of affirmative action.
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6. Their life experiences open the corruption door.
Billionaire Financier George Soros Donated Over $20 Million To Democrats
Net worth: $8.3 billion
Soros built his fortune leading Quantum Fund, once the world’s largest hedge fund. Since retiring from money managing in 2011, Soros has turned his attention to philanthropy. He started donating to campaigns in 2003 because of his dissatisfaction with the war in Iraq, Business Insider previously reported.
Soros has also found himself at the center of numerous conspiracy theories about his involvement in governments from the United States to Hungary to Russia, many of which are anti-Semitic and have never been supported by evidence.
Party Of The Rich: Democrats Are 7 Of 10 Wealthiest Members Of Congress
Republicans have long been smeared by Democrats as the party of the rich, even though all of Hollywood, all of Silicon Valley and all of Wall Street are in their pockets. It’s a cheap and long-debunked tactic, and now we have another piece of evidence to corroborate the obvious fact that Democrats are the party of rich white men.
According to a study conducted by the Center for Responsive Politics, financial disclosure forms reveal that out of the ten richest members of Congress, a whopping total of seven are Democrats.
Collectively, the total wealth of the seven richest Democrats in Congress amounts to $1.1 billion.
To be fair, however, the richest member of Congress has an R next to his name, Rep. Darrell Issa, whose wealth totals $330,050,015. The other two Republicans, Rep. Dave Trott of Michigan and Rep. Vernon Buchanan, rank at number 5 and 6.
Four of the 10 richest members hail from California.
The Center for Responsive Politics gathered their numbers by the :
Majority Of Americans Favor Wealth Tax On Very Rich: Reuters/ipsos Poll
6 Min Read
WASHINGTON/NEW YORK – The idea of imposing a wealth tax on the richest Americans has elicited sharply divergent views across a spectrum of politicians, with President Donald Trump branding it socialist and progressive Democratic presidential contenders Senators Elizabeth Warren and Bernie Sanders prominently endorsing it.
But it may have broad public support, according to a Reuters/Ipsos poll that found nearly two-thirds of respondents agree that the very rich should pay more.
Among the 4,441 respondents to the poll, 64% strongly or somewhat agreed that “the very rich should contribute an extra share of their total wealth each year to support public programs” – the essence of a wealth tax. Results were similar across gender, race and household income. While support among Democrats was stronger, at 77%, a majority of Republicans, 53%, also agreed with the idea.
A wealth tax is levied on an individual’s net worth, such as stocks, bonds and real estate, as well as cash holdings, similar in concept to property taxes. It is separate from an income tax, which applies to wages, interest and dividends, among other sources.
Asked in the poll if “the very rich should be allowed to keep the money they have, even if that means increasing inequality,” 54% of respondents disagreed.
The results may reflect how the economic changes of the past roughly 20 years, from globalization to the financial crisis, have shaped attitudes about economic policy.
How Democrats And Republicans Differ On Matters Of Wealth And Equality
A protester wears a T-shirt in support of Bernie Sanders, an independent from Vermont who is part of … a group of Democrats looking to beat Trump in 2020. Photographer: John Taggart/Bloomberg
If you’re a rich Democrat, you wake up each day with self-loathing, wondering how you can make the world more egalitarian. Please tax me more, you say to your elected officials. Until then, the next thing you do is call your financial advisor to inquire about tax shelters.
If you’re a poor Republican, however, you have more in common with the Democratic Party than the traditional Wall Street, big business base of the Republican Party, according to a survey by the Voter Study Group, a two-year-old consortium made up of academics and think tank scholars from across the political spectrum. That means the mostly conservative American Enterprise Institute and Cato were also on board with professors from Stanford and Georgetown universities when conducting this study, released this month.
The fact that lower-income Republicans, largely known as the “basket of deplorables,” support more social spending and taxing the rich was a key takeaway from this year’s report, says Lee Drutman, senior fellow on the political reform program at New America, a Washington D.C.-based think tank.
Across party lines, only 37% of respondents said they supported government getting active in reducing differences in income, close to the 39% who opposed it outright. Some 24% had no opinion on the subject.
Congress: More Democrat Millionaires Than Republican And Here’s Why
In a report from AllGov.com, we learn that for the first time more than half of all members of Congress are millionaires. But what’s really interesting about the story is that it tells us there are more Democrats than Republicans in Congress who are millionaires.
That is not surprising to some of us, but it might be to a lot of people who have bought the Democrat/lamestream media narrative that Republicans are “the party of the rich.”
Let me tell you why this really is.
First, let’s understand there is nothing wrong with being a millionaire, or a billionaire for that matter. Contrary to what the rhetoric of the Democratic Party suggests, the vast majority of rich people have earned their fortunes by working hard and accomplishing things that have benefited others. That includes those who have made their money by investing, because they have put their capital at risk to help finance businesses that create jobs and produce goods and services people want and need.
Having said that, how can it be that there are more Democrat millionaires than Republican millionaires when everyone knows the conventional wisdom that Democrats are the party of the working man and Republicans are the party of the rich?
Because that’s a load of crap, that’s how.
Democrats Prepare Plan To Pass ‘salt Cap Relief’ Tax Break For Wealthy
Democratic leadership outlined plans Monday to bypass GOP filibusters to alter the cap on deductions for state and local taxes paid, a tax break largely for the wealthy opposed by most Republicans and some Democrats.
The fiscal 2022 Senate Democratic budget proposal released on Monday calls for “SALT cap relief” among its sweeping measures. While the budget is not legislation and is not binding, approving it would unlock a legislative process that would allow for Democrats to enact legislation with a simple majority in the Senate, meaning that Republicans could not block it using the filibuster.
The proposal comes after vocal advocates in the self-described “SALT caucus” pushed for changes to the tax code. A $10,000 cap on the SALT deduction, which largely benefits high-income households, was imposed by Republicans as part of the 2017 Tax Cuts and Jobs Act, which was signed by then-President Donald Trump.
Members of the SALT caucus, which include both Republicans and Democrats, hail from high-tax states and argue that the cap doesn’t just affect wealthy people because of the cost of living in their districts, although the Tax Policy Center found that only 3% of middle-income households would pay less in taxes if the cap is removed.
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