KW is right on eliminating the home mortgage interest deduction and the deductibility of state and local taxes. For the record, I live in DC and would be hit hard by both changes. But both are good policy. I’ve been arguing that for years but never had much support. I’d be surprised to see it get off the ground now, but who knows.
Probably right from a fairness standpoint, but it would be politically idiotic and I don’t see Trump as an idiot. Ryan and McConnell however . . .
ultimately this is all about trying to use tax policy as a tool to influence individual decisions. How about we just ban the whole idea of using taxation regimes to influence public behavior? I would happily give up the mortgage interest deduction and the myriad other little deductions in exchange for a complete repudiation of income tax and property tax, nether of which are particularly moral. If government is so wonderful for the economy let it be funded by some form of equally applicable transaction tax, and let social good instead be supported by charitable donations advocated by reasonable persuasion, not force of arms.
This sounds more like a liberal tax the so called elite wet dream than a conservative one.
The communities in California where the elite are moving into. The new buyers don’t need mortgages. They have cash.
Sometimes, they come from high price home areas in La Raza, S. California or New York.
Or they are coming from China, Canada, the Uk and recently the Euro Trash countries. Some are from Houston,Texas.
Regardless, if they are coming from La Raza S. California, or the Bay Area or Europe. They are paying cash for the homes in the high demand coastal or vineyard growing areas.
This bs of taxing the rich or removing the tax write off of a mortgage is not only liberal. It will hurt the working and retired people who still need a mortgage and tax write off to stay in their home they have had for decades.
People have NO CLUE how much DEMOCRATS benefit from these ‘tax loopholes’ (as Rush once called them). The people in the Blue States, with their huge housing prices will KICK AND SCREAM about these types of policy changes, and their elected Democrats will have no choice but to join them.
It will be VERY JUICY to watch the Democrats explain why such wealthy people need to keep their loopholes, which are not even (or barely even) accessible to the Working Class.
This is a GREAT WAY for Trump to cement his support of the Working Class and I’m sure he won’t miss this opportunity!