Cal Skinner beat me to the punch and published an article citing a recent Moody Analytics measurement of the loss of housing value as a result of the Tax Cut & Jobs Act of 2017 (TCJA) and the state and local taxes (SALT) deduction limit of $10,000.
The SALT deduction limit of $10,000 was critical to pay for the TCJA. But Democrats have seized on fear to frighten suburbanites across the country and lie about TCJA, SALT deduction limit and all, while ignoring the truth that TCJA has given the American people a roaring economy and the lowest unemployment rate in 50 years.
The Moody Analytics metrics were used by ProPublica in an article published last Thursday titled and sub titled:
Trump’s Trillion-Dollar Hit to Homeowners
By reducing deductions for real estate taxes, Trump’s 2017 tax plan has harmed millions — and helped give corporations a $680 billion gift.
That headline sounds scary if you’re a homeowner, doesn’t it? Here’s the problem with it — it’s a lie that begs for discernment.
And discernment on the “gift” given to businesses and corporations across the country — the fruit of that “gift” is the roaring economy and the record low unemployment rate previously cited. Some, particularly leftist Democrats, want you to ignore the truth and vote in fear based on the lie.
A lie seized upon by Congresswoman Lauren Underwood in a tweet on Saturday citing the October 10 ProPublica article, which demanded responses by me in Twitter.
Please read through the embedded tweets from Saturday, including BOTH articles, from ProPublica and the Tax Foundation I linked to at the end of the thread. Read both with discernment. The respective articles can be accessed by clicking the links to the articles in the embedded tweets (and ICYMI the Jeanne Ives article published last Thursday on McHenry County Blog can be clicked, too):
My tweet response to Underwood’s 2-part tweet drew a response from Rick Wion, senior director of consumer engagement at Kellogg Company, and previously the social media leader at McDonald’s who in 2013 was named to the Top 50 in AdWeek (getting a response from someone with the “verified” check mark means they are a “someone” as far as social media is concerned):
My Saturday afternoon tweet to Wion was actually premature in my assessment of the ProPublica analysis. Not only was it incomplete, it was wrong because of the metrics Moody Analytics used.
This will be addressed in the next part concerning questionable analytics, as well as reminding everyone where we’ve seen this kind of faulty analytics before on major tax policy.
Hint: Think the 1990s and the Dick Armey Flat Tax plan.