Nevada senator opposes tax reform that would benefit most Nevadans

Nevada Sen. Catherine Cortez Masto figures you can’t figure.

Cotez Masto

She stated in a recent press release, “Republicans in Congress have one priority: ripping off America’s middle class and working families. Rather than transparently writing a bill that puts economic growth and American’s financial security first, the current Republican tax proposal targets Nevada families.”

Her press release goes on to state that the Republican tax plan would raise taxes on about 211,000 Nevada households in 2018, neglecting to mention that there are more than a million households in Nevada.

Cortez Masto also claims that doubling the standard deduction while eliminating the deduction for state and local taxes would harm Nevadans, neglecting to note that 70 percent of Americans don’t itemize and take those state and local tax deductions nor that those deductions for Nevadans are far less than for residents of high-tax states such as California and New York. Nevadans essentially subsidize those states.

 

 

9 comments on “Nevada senator opposes tax reform that would benefit most Nevadans

  1. Rincon says:

    Funny how Conservatives claim that there should be no inheritance tax (they call it a “death tax”, of course) because they don’t believe in double taxation. For state income tax though, they are quite willing to make an exception. Someone explain this to me. Sure sounds hypocritical to me.

  2. Because the tax burden is uneven and unfair. Low tax states pay a higher percent of national taxes. Simple.

  3. Steve says:

    Rincon, frankly speaking, inheritance taxes affect only the top one percent of the top one percent. And those people have a hundred ways to avoid paying anything on inherited money and assets.

    The current Federal threshold for an estate to be taxed is $5,490,000.00 This means almost no one ever reaches it. And it is indexed. Last year it was $5,450,000.00
    Factually speaking, there is already no inheritance tax, only wasted paper and confusing tax law.
    It should be eliminated altogether.
    Each state has it’s own tax law on this, for instance Massachusetts is $1,000,000.00 while Nevada has no inheritance tax.

    My brother and I paid no inheritance taxes.

    As for sales taxes, Tom is right. Several FA’s confirm the numbers work in favor of the wealthy states over the rest of the nation. Nevada actually pays for California’s state sales tax deductions.

  4. Athos says:

    But why would she lie?

  5. Rincon says:

    If a state doesn’t charge an income tax, then it must make revenue a different way. If those alternative revenue sources are taxed, then it’s fair to tax state income taxes; if not, then it’s unfair. Sales tax should definitely not be deductible, for example.

    If we want to be fair though, then we shouldn’t ignore that fact that some states receive a federal windfall every year while others get very little. Illinois and Nevada rank at the bottom for federal largess (ranked 47th and 44th, respectively. https://wallethub.com/edu/states-most-least-dependent-on-the-federal-government/2700/

  6. Two wrongs don’t make a right.

  7. Rincon says:

    Agreed. Far better to eliminate all deductions than to single out only one group for the chopping block – but of course, since it’s to Nevada’s advantage, might as well single out the one group. I don’t object greatly though. The state and local tax deduction is a perk for the wealthy, and therefore worth eliminating. The politics behind this move is obvious. Blue states will be hit a lot harder than red states, but that’s OK, because at least we’re eliminating a tax dodge for the wealthy. When the Dems get control in the future, they can get their revenge by socking it to the red states. Kind of like economic civil war. I guess I’ll just have to learn to be an Illinoisan first and an American second. That seems to be the new paradigm, although since Hurricane Harvey, I haven’t heard a peep from Texas about seceding. I wonder why.

  8. Steve says:

    Because, as usual, the only people in Texas even talking about secession were and still are only the loud, extremist factions hell bent on making the very large majority bend to their will.

    Never happen, Texas is a permanent member of the union.

    Cheer the Astros! First ever world series. They stopped the Yankees and that makes them aces in my book! What a series this was.

    There’s a whole bunch o’blue states that benefit from eliminating this deduction. Bet me the Dems don’t go after them too?

  9. […] in a press release about how the GOP tax reform bill would rip off middle-class taxpayers. We poked fun at a few items, but it turns out one was a […]

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