Except for the increase in standard deduction that everyone gets, how did “renters” win in this tax bill? The title is misleading.
Agree - it only levels the playing field by taking away a deduction for homeowners. Sort of like penalizing a lottery winner by taking away their prize but not giving it to those with a losing ticket. Dragging those who have been able to afford a home down to those who can't isn't really an advantage to renters and sounds like a Communist arguement for "equality."
being a renter myself i searched for it as well. If its lower taxes then thats not just for renters.
“”Except for the increase in standard deduction that everyone gets, how did “renters” win in this tax bill? The title is misleading.””
I’ve been reading and trying to find that tidbit in the article but so far, no luck. I have no idea what they’re talking about. But I will say I’m mighty tired (and retired) with only 3 days into the New Year that the articles themselves have nothing to do with the titles.... This is the 3rd time I’ve commented on that this year..
Eliminating the deduction for mortgage interest and property taxes means the government will collect more in taxes.
This allowed the government to, in exchange, lower the tax rates for everyone. They also doubled the standard deduction which you can take whether or not you have so much in actual deductions. This applies to everyone.
But it benefits renters WITHOUT THE CORRESPONDING LOSS that owners will experience from the phased out interest and tax deductions.