Does Nancy Pelosi ever listen to herself?
She talks incessantly about income inequality, and one of her favorite topics of all time is talking about the privileged wealthy and all the breaks they get.
Pelosi can be seen on countless hours of video clips calling for the top one percent of wealthy Americans to pay their fair share of taxes.
In a true tale of the pot calling the kettle black, Pelosi is the richest woman in Congress AND the seventh wealthiest member of Congress overall. Her net worth exceeds $100 million, mainly because her husband Paul Pelosi is a very savvy venture capitalist and investor in real estate.
In fact, her wealth per her 2016 Congressional financial disclosure statement puts Nancy in the top 1/10th of the top one percent of all Americans.
Anyhoo, Pelosi acted behind the scenes in December to make sure she had tax breaks on two of her priciest homes—yes, we’re talking TWO multi-million dollar homes—before Trump’s new tax plan kicked in.
Pelosi pays more in property tax than most people earn in one year—to the tune of $137,000 on three luxury homes.
According to 2016 U.S. census data, the average American household earned around $59,000.
Her public-private Jekyll and Hyde persona is hilarious and hypocritical with a capital “H”.
Pelosi rants and raves about how horrible President Trump and the Republicans are for raising middle-class taxes while cutting taxes for the wealthy and for corporations. She accused the president of brazen theft of the middle class, and actually described the bill as “like death” and even as “Armageddon”.
But that is her public face. A few days after President Trump signed his reform tax bill, Pelosi along with her husband tried to save $64,000 in property tax breaks for her two lavish California homes.
Poor Nancy—President Trump’s new law limited her to a $10,000 deduction starting at the beginning of this year.
So the Pelosis did what many Americans—especially Californians—did in December. They flocked to pre-pay their property taxes.
For the Pelosis, that meant paying taxes on their $4 million Napa valley residence and vineyard, and on their $7.2 million very posh home in San Francisco’s exclusive Pacific Heights neighborhood.
But Pelosi owns a third luxury home—the one she lives in when she is governing. She has a lovely condo in Washington Harbor, on the very exclusive Georgetown waterfront. She prepaid all her taxes on that one too.
And, the Pelosis own tons of other properties totaling $36 million. So needless to say, they’re getting hit pretty hard.
Now, you can’t blame Nancy for doing this. It is a smart business move. It probably saved them thousands and thousands of dollars. But she’s not any regular businesswoman. It is incredible that she would do this after barking all the anti-Trump evil tax plan rhetoric. It is appalling, to say the least.
It’s actually very funny because President Trump has always stuck to his guns, saying that his new tax bill eliminated the tax breaks for the wealthy. He’s wealthy, so he is imposing a tax on himself.
But the fact that this affected Pelosi, and she took the actions she did, is hysterical.
Wealthy people can deduct less, but they also now pay less overall tax—from 39.6 percent down to 37 percent—so there’s a break there. However, the Pelosis are so incredibly wealthy that they will still end up losing lots of money because there is still a deduction cap that they exceed.
Just recall how many times Trump said the same when he was being raked over the coals for his business dealings. Everything President Trump did was legal too, but Pelosi and other Dems still skewered him for it.
The bottom line is that people like the Pelosis were hit pretty hard, but that is what the president’s tax reform was intended to do. They have three homes, lots of other assets and abundant wealth, but they are heavily mortgaged. They can only deduct the first $1 million in their mortgage interest debt on each home, certainly something that the other 99.9 percent of us will never ever have to worry about.