Posted on 10/26/2017 8:26:53 PM PDT by House Atreides
Why should the rest of the country let them deduct such taxes thereby keeping that money in Maryland?
I say remove the SALT deduction and force people to lobby their States to reduce their overhead.
Of course, I advocate removing income and property taxes completely.
The deduction is open to all. Some take, some don’t.
You can deduct BOTH now.
You have no idea what you're talking about.
We really have far too few things to go on, right now, AND they keep on changing things...such as the number of brackets. And we have NO idea what figures are going to be in which brackets.
Oh...and what might be "upper middle class" in one state, is more like lower middle class in many others.
My objections to all of this are: 1) we don't know much of anything that's in it 2) they refuse to give us any numbers for the bracket places 3) they now want more than three brackets 4)this was supposed to be TAX CUTS ACROSS THE BOARD and not stick it to the "rich" 5) it now includes something about amnesty AND DACA 6) he kept in the unearned income kickback and 7) while it's great to finally get rid of the damned DEATH DUTY...that doesn't do anything for those who made and saved/invested the money.
Actually you can deduct EITHER state and local income tax OR state and local sales tax, not both. CAPs for emphasis only...
Yeah? Well explain how homesteaders purchased homes prior to the invention of Freddie Mac, Fannie Mae, and HUD. Many of these people bought their first homes in CASH.
A sudden increase in housing costs will cause disaster, there is no doubt about this.
Good! I am a renter. I have a comfortable large 1-bedroom out in the country. Why should homeowners get breaks but not renters?
Let’s start with the Homestead Acts which gave people land for little or no cost. Homesteaders did not buy homes, they built them over a period of years.
We are long past that with all its inefficiencies. Homeownership became a national goal hence the write-off for taxes and interest.
Self-interest does not produce optimum results particularly when it would collapse the economy.
But after that the gubmint got out of the way though. You can't compare that to the gross malinvestment that's occurring now through HUD, Freddie and Fannie. Homesteaders then were responsible for their land and expected no help from the gubmint.
Homesteaders did not buy homes, they built them over a period of years.
From the outset, their homes were paid for in cash. Whether they came to fruition immediately or months later, they were still paid in full and had zero liability.
Self-interest does not produce optimum results particularly when it would collapse the economy.
Again, no faith in the only economic system that is self-regulating and self-correcting, and that said prices would automatically decline if there were no tax deduction giveaways and such.
Most of the earlier settlers did not buy homes. They built them as I said.
The people have decided home ownership is to be encouraged hence the deductions.
It is folly to believe there will be a market without government involvement in such a major part of life. The assumptions necessary for an adjusting free market are not there. Nor will that adjustment occur quickly if ever.
It took ten years and WWII to get the world out of the Great Depression. Your proposal will cause at least a depression as deep as the one in the 30s, like it or not.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.