Barbella
Senator
House Minority Leader Nancy Pelosi (D., Calif.), who often rails against income inequality and calls on the wealthy to pay its "fair share" in taxes, took pains in late December to try to preserve tax breaks for two of her multi-million-dollar homes one last time before the new tax law kicked in.
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.
Like most taxpayers, she also apparently wants to keep as much of her money as U.S. tax law allows, though she did not mention those plans during the contentious months-long debate on the GOP tax bill last fall or how it would impact her personally.
At the time, Pelosi accused Republicans and President Trump of hiking taxes on the middle-class while slashing those for corporations. She denounced the bill using apocalyptic terms, decrying it as "Armageddon" and "like death."
At one point, she said the tax plan was a "monumental, brazen theft from the middle class," and pledged that Democrats will continue to demand "job-creating, wage-raising tax reform with not one penny in tax breaks for the wealthiest one percent."
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 new tax law limits the deduction to $10,000 and went into effect Jan. 1.
Like many taxpayers with big property tax bills across the country, the Pelosis in late December prepaid the second half of their 2017-2018 property tax bills for their $7.2 million estate in San Francisco's tony Pacific Heights and Napa vineyard and residence worth more than $4 million, according to San Francisco city-county and Napa county property records.
The couple paid the full annual property taxes on their luxury Washington Harbor condo on the Georgetown waterfront before the tax bill became law.
Paying the taxes earlier than the 2018 bills require is a smart accounting move that could save the Pelosis tens of thousands of dollars. However, it also illustrates a Republican talking point about the tax bill: that the new law is eliminating tax breaks that primarily benefit the wealthy.
http://freebeacon.com/politics/pelosi-tries-extend-tax-break-two-multi-million-dollar-homes/
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.
Like most taxpayers, she also apparently wants to keep as much of her money as U.S. tax law allows, though she did not mention those plans during the contentious months-long debate on the GOP tax bill last fall or how it would impact her personally.
At the time, Pelosi accused Republicans and President Trump of hiking taxes on the middle-class while slashing those for corporations. She denounced the bill using apocalyptic terms, decrying it as "Armageddon" and "like death."
At one point, she said the tax plan was a "monumental, brazen theft from the middle class," and pledged that Democrats will continue to demand "job-creating, wage-raising tax reform with not one penny in tax breaks for the wealthiest one percent."
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 new tax law limits the deduction to $10,000 and went into effect Jan. 1.
Like many taxpayers with big property tax bills across the country, the Pelosis in late December prepaid the second half of their 2017-2018 property tax bills for their $7.2 million estate in San Francisco's tony Pacific Heights and Napa vineyard and residence worth more than $4 million, according to San Francisco city-county and Napa county property records.
The couple paid the full annual property taxes on their luxury Washington Harbor condo on the Georgetown waterfront before the tax bill became law.
Paying the taxes earlier than the 2018 bills require is a smart accounting move that could save the Pelosis tens of thousands of dollars. However, it also illustrates a Republican talking point about the tax bill: that the new law is eliminating tax breaks that primarily benefit the wealthy.
http://freebeacon.com/politics/pelosi-tries-extend-tax-break-two-multi-million-dollar-homes/