(Still a bunch of BS)
Bkmrk thanks for the info
I can’t understand why we just simply go to a flat tax. Nothing could be fairer.
There was a real estate decline around 1993 because Congress changed certain real estate expensing rules. I expect if this tax bill passes that we’ll see a possibly sharp decline in real estate as people realize housing costs more. This will be most painful in high tax states like New Jersey. Expect the States most affected to sue Congress.
The most important event is the ongoing process where by protected assets in an IRA have increased in value 20% in the last year.
The result is there will be a large gain but no increase in the $0 taxes paid
The House bill raises us from a 33% to 35% tax bracket and I lose a bunch of deductions..massive tax increase for us. Funny, I don’t feel rich. Senate bill I go from 33% to 24%. I’m rooting for the Senate bill, which is closer to across the board cuts.