Rep. Nancy Pelosi (D-CA) has come out strongly against the GOP tax reform. Despite the fact that it reportedly has resulted in millions getting bonuses and raises. And despite the fact that over 80% of Americans will reportedly receive a tax cut. Pelosi has dinged the reform and called the bonuses and raises “crumbs.” But there may be a deeper reason why she was against it – to protect her own interests and what she has to pay out in taxes.
Pelosi is incredibly wealthy and owns three luxury homes with a property bill that costs more than some regular people’s homes.
From Free Beacon:
Largely thanks to her husband Paul, a real-estate and venture-capital investor, Pelosi is the wealthiest woman in Congress with a net worth of more than $100 million and the seventh wealthiest member overall, according to the Center for Responsive Politics.
In fact, assets and cash disclosed in her 2016 financial-disclosure statement places Pelosi in the top one-tenth of the 1 percent of Americans.
Pelosi’s annual property tax bill alone on three luxury homes last year—$137,000—is more than twice the 2016 U.S. median household income of $59,039, which the U.S. Census reported last fall.
But here’s the problem she has with the tax reform bill.
There’s a provision that limits the amount of state, local and property taxes that one can deduct to just $10,000.
Because this provision means that the wealthy residents of high-tax liberal states will undoubtedly pay more on their taxes starting in 2018, some rich people have been trying to game the system by prepaying their property taxes.
“(S)ome states and localities allow people to prepay their state and local taxes, including property taxes. If they did so this year, people could conceivably deduct them from this year’s taxes,” The Washington Post explained late last year in a guide sheet it prepared for its wealthy readers.
So naturally, guess who ran right out to take advantage of this possibility and prepay her taxes?
Yup, Pelosi, the same woman who chastises the rich for “not paying their fair share.”
“Just days after President Trump signed the sweeping tax bill into law late last month, Pelosi and her husband tried to preserve $64,000 in property tax breaks, known as the state and local taxes (SALT) deductions, for her two California homes,” the Beacon reported.
She accomplished this by prepaying the property taxes on a $7.2 million estate she owns in San Francisco and a $4.0 million residence she owns in Napa.
She also reportedly paid the property taxes on her third multi-million-dollar home, a condo that resides in Washington, D.C.
It looks like she was more concerned about how her own taxes might take a hit because she’s in high tax state of California, so she fights against 80 percent of Americans benefitting?
Doesn’t sound much like a champion of the working class, Nan….
[Note: This post was written by Nick Arama]