Pelosi tried to preserve tax breaks for two of her multi-million-dollar homes

Get the DML App. CLICK HERE

House Minority Leader Nancy Pelosi, D.-Calif., attempted in late December to preserve tax breaks for two of her multi-million-dollar homes prior to the enactment of new tax laws.

According to the Center for Responsive Politics, Pelosi is the wealthiest woman in Congress, with a net worth of more than $100 million, and the seventh wealthiest member overall. Pelosi’s worth is largely attributable to her husband Paul, a real-estate and venture-capital investor, The Washington Free Beacon reported.

Assets and cash acknowledged in Pelosi’s 2016 financial disclosure statement places Pelosi in the top one-tenth of 1 percent of the Americans in regard to wealth.

During the contentious debate over the Republican tax reform plan, Pelosi accused the GOP and Trump of raising taxes on the middle class and cutting those for corporations, calling the plan a “monumental, brazen theft from the middle class” and predicting that it would result in “Armageddon.”

Pelosi also declared that the Democrats would continue to demand “job-creating, wage-raising tax reform with not one penny in tax breaks for the wealthiest one percent.”

Days after President Donald Trump signed the tax reform legislation into law in December, Pelosi and her husband attempted 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 of state and local taxes to $10,000 and took effect Jan. 1.

In late December, the Pelosis prepaid the second half of their 2017-2018 property tax bills for their $7.2 million estate in San Francisco’s Pacific Heights and their $4 million Napa vineyard and residence, according to San Francisco city-county and Napa county property records. They also paid the full annual property taxes on their luxury Washington Harbor condominium on the Georgetown waterfront in D.C.

City and county property records showed that the Pelosis have paid approximately $137,000 annually in local property taxes on the three homes that they use and do not rent out. Prior to the implementation of the new tax law, they were allowed to deduct all of those property taxes on their federal taxes.

According to Pelosi’s most recent financial disclosure report — which only provides broad ranges — she and her husband also own four additional residential and commercial properties with a combined total value of $7.5 to $36 million. The properties produce a reported annual rental income of between $315,000 and $3,050,000.

If you would like to receive Breaking News text alerts on a smartphone or tablet, download the DML APP which is completely FREE and easy to use. Go to the Google Play Store or the IOS App Store and search for DML APP. Be sure to keep the app’s notifications setting on. Another way to receive alerts is to text to 40404 the following message: follow @realdennislynch (be sure to put a space between the word follow and the @ symbol).

To see more stories like this, sign up below for Dennis Michael Lynch’s email newsletter.







 

Comment via Facebook

Send this to a friend