If you look at the areas most impacted by this, you’ll quickly realize young Americans haven’t been able to afford homes there for years. Not that the prices are too high, but the McJobs available would prevent those people from making property tax payments - even if the homes were given to them outright. Here in northeastern NJ our property taxes are approaching (and in some areas have exceeded) the cost of a monthly rent for an apartment.
3/4 of those taxes go right to public schools; childless young Americans see little point if spending so much on foreign children.
““state and local taxes and property taxes “
The federal tax system should not be used to allow states and municipalities to raise their taxes.”
Agree. State and local deductions shift greater tax burden to states with no income tax. Some more gov perks I nominate to be eliminated are; ethanol, wind power generators, electric cars (I.e. tesla), the numerous stupid government grants to academics. The list is almost infinite. Drain the swamp, blue swamp creatures, red swamp creatures, get’em all, lol!
Young people haven’t been able to own homes since 2008 crash, this is first year many have been able to purchase a home....pushing up prices in my area 30% since last year!
President Trump has brought the jobs up, and the economy. So yes, now some people have a way to pay for a home. However, as a real estate investor...you buy when people are selling low and sell when property is high! That is how you make a profit! Only home owners who live in their homes get to deduct their property taxes, unless those properties are rentals, which is whole other ballgame w taxes and costs.
This is about simplifying the Income Tax process to prevent a lot of false deductions that must be audited to find! While allowing people to do a standard deduction that is higher, and not have to pay out so much to have their taxes done elsewhere.
ES: If you are paying $300. (for example) to get your taxes done and you can eliminate that with Turbo Tax or some other easily used online process....that costs less than $100. You may have gained the loss of that personal deduction process....that gives you back $200.
The only tax issue I would be concerned about is ‘Do you still get your deduction ($500,000 for married, and $250,000 for single) if lived in 2 years... for capital gains on a house you sell that you live in?
How are taxes used by government is another question... The democrats used taxpayer dollars to support immigrants; Medicaid, welfare, food stamps. Hopefully, with new jobs some of that expense is gone.