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Ridgewood NJ, President-elect Donald Trump’s campaign promise to repeal the controversial $10,000 cap on state and local property tax (SALT) deductions may take a different turn. According to recent reports, Trump’s advisers are exploring an alternative plan: raising the cap to $20,000 instead of eliminating it entirely.
By Dan Weil | Tuesday, 09 Jun 2015 04:57 PM
Here’s an interesting take on income inequality that bucks conventional wisdom.
While President Barack Obama claims that low-income Americans work just as hard as their wealthy counterparts, that simply isn’t true, says Stephen Moore, a distinguished visiting fellow at The Heritage Foundation.
“Yes, many people in poor households heroically work very hard at low wages to take care of their families, no doubt about that,” he and Heritage Foundation research associate Joel Griffith write in The Washington Times.
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“Yet the average poor family doesn’t work nearly as much as the rich families do. And that’s a key reason why these households are poor.”
Census Bureau data show that for every hour worked by those in a low-income household, those in a wealthy household toil five hours.
“The idea that the rich are idle bondholders who play golf or go to the spa every day while the poor toil isn’t accurate,” Moore and Griffith explain.
“The finding that six out of 10 poor households have no one working at all is disturbing. Since they have no income from work, is it a surprise they are poor?”
Meanwhile, Americans are concerned about the growing inequality of income, but they don’t see the government as a solution for the most part, according to a new study by four esteemed professors for the Washington Center for Equitable Growth.
Read Latest Breaking News from Newsmax.com https://www.newsmax.com/Finance/StreetTalk/income-Obama-work-pay/2015/06/08/id/649410/#ixzz3cgHVGBpa
