Are you sure you’re in the middle class?
Nov 7, 2017, 5:56 AM | Updated: 7:25 am
Rep. Mike Thompson, D-Calif., left, joined by Rep. John Larson, D-Conn., questions House Ways and Means Committee Chairman Kevin Brady, R-Texas, about tax relief provisions for disaster victims as the panel begin the markup process of the GOP's far-reaching tax overhaul. (AP Photo/J. Scott Applewhite)
(AP Photo/J. Scott Applewhite)
Congress has started debating how much tax you’ll be paying next year. Let’s eavesdrop and see how it’s going.
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“There have been no expert witnesses.”
“A rigged, crooked process.”
“This is disgraceful.”
Seems a bit tense. And there’s a reason for that.
Here’s just one exchange concerning the home mortgage deduction. Republicans want to limit the deduction to middle-class homeowners. They would get to deduct interest only on the first $500,000 of their loan amount. After that, nothing.
Which, to Republican Jason Smith of Missouri, makes perfect sense.
“I don’t know many Americans that are middle class that purchase a home of more than $500,000 in Southeast Missouri whenever the median income is $40,000.”
But Democrat Joe Crowley of Queens New York says where he comes from a $500,000 home mortgage doesn’t exactly make you Donald Trump.
“The house I grew up in … three bedroom, one bathroom … is well over $650,000. It all depends on what we describe as the middle class.”
And that’s exactly it. The money that makes you middle class in New York City would make you pretty much the richest family in Potosi, Missouri.
Normally, Democrats are all about soaking the rich to help the middle class. But be careful what you wish for.
“Soak the rich” the people shout // A good idea, without a doubt
Sounds so good it must be true // ‘Til everybody looks at you.
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