Tags: nancy pelosi | prepaid | property taxes

Report: Pelosi Prepaid Property Taxes to Get Final $64K Break

Image: Report: Pelosi Prepaid Property Taxes to Get Final $64K Break
(Mark Wilson/Getty Images)

Thursday, 25 January 2018 12:27 PM

House Minority Leader Nancy Pelosi prepaid property taxes on two of her luxury homes in order to preserve her $64,000 tax credit one final time before the new tax law kicked in, The Washington Free Beacon reports.

Pelosi, with worth of more than $100 million, good for the top one-tenth of the top 1 percent of Americans, owns three multimillion properties with her husband, two of which they prepaid after President Donald Trump signed the new tax bill into law, the Free Beacon reports.

The Pelosis paid $137,000 in property taxes last year on a $7.2 million estate in San Francisco, a $4 million house in Napa Valley, and a luxury Washington Harbor condo in Georgetown.

It's the $64,000 in State and Local Taxes (SALT) on the two California homes the Pelosis wanted to deduct one final time by prepaying; the new law caps SALT deductions at $10,000 going forward.

A Pelosi spokesman said the move was "compliant with current tax laws and IRS guidance."

"Millions of middle-class families and homeowners in cities and suburbs across America are facing a big state and local tax hike because of the GOP tax scam," spokesman Henry Connelly told the Free Beacon.

"Any middle class family whose state and local income and property taxes add up to more than $10,000 will be forced to pay more — and many of these families also prepaid their property taxes before 2018 in hopes of staving off this GOP tax hike, including, for instance, 72,000 people in San Diego County alone," Connelly told the Free Beacon.

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House Minority Leader Nancy Pelosi prepaid property taxes on two of her luxury homes in order to preserve her $64,000 tax credit one final time before the new tax law kicked in, The Washington Free Beacon reports.
nancy pelosi, prepaid, property taxes
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2018-27-25
Thursday, 25 January 2018 12:27 PM
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