Posted on 11/12/2017 3:50:03 AM PST by SkyPilot
As we now know, both chambers of Congress have introduced their versions of legislation to overhaul our tax system, or, rather, the tax code. Some say it is reform, others more properly say it is merely a tax cut for the wealthiest and most powerful of American persons and corporations at the hands of those less fortunate, the middle class. But to give the rich their largesse, the middle class is being looked to as the sacrificial lamb by having certain deductions stripped away from them. Among the most critical of these deductions are the ones that make home ownershipthe American dream-more impossible to achieve. They are state and local taxes and property taxes (SALT) which promises to become a real lightening rod in passing any tax legislation in the weeks and months ahead (Senate Tax Plan Diverges From House Version, Highlighting Political Pressures). Lessening the mortgage interest deduction, as House Republicans are wanting to do, is also a problem (How The Republican Tax Plan Could Change Mortgage Interest and Property Tax Deductions).
In recent days, Congressman Peter King (R-NY) said he will not vote for the removal of any such deductions since it will mean his constituents in NY (Long Island) will find their federal income taxes going up. He espouses a view in microcosm held by millions across the nation in middle class suburbia that pay high state and local taxes. Besides New York, other states like Connecticut, Illinois and California readily come to mind. But, who cares, so says Republicans in states that do not have high SALT; what is important is to feed the pocketbooks of the uber classRepublican donors and fatcats. This is the Robin Hood scenario but in reverse-take from the poor and give to the rich.
(Excerpt) Read more at huffingtonpost.com ...
Succinct and good answer. Thank you.
The price of everything has doubled in the past 10 years, while the investment income of those retired has almost been cut in half.
True, but that is also a product of our media infused and covetous culture.
My wife and said that if there was a drinking game whereby whenever said said on these home buying shows (like House Hunters, Property Brothers, etc.) the phrases "Granite Counter Tops", "Stainless Steel Appliances", and "Open Concept" - you would be smashing drunk in about 10 minutes.
I think most people, however, simply want a decent home to raise their families in and to enjoy.
The average property tax in NJ is $9,500. In NY, it is about $8,800.
Exactly! Never any discussion of cutting spending. Never crosses their minds.
"The tax bill would zero out the Plug-In Electric Drive Vehicle Credit"
A slap in the face of CA Governor Brown but not a lot of money saved.
Since an individual has to pay income tax on interest received, it’s only logical that interest paid should be a straight up deduction from income on its own line.
It’s well past time for common sense, comprehensive Spending Control.
“Since an individual has to pay income tax on interest received, its only logical that interest paid should be a straight up deduction from income on its own line.”
Absolutely. The other guy pays a tax.
Not being able to deduct nursing home expense is a real killer. I guess state medicaid and federal govt can fight over scraps
My parents worked damn hard to accumulate their wealth...their corporation paid taxes. They paid income taxes. Using your logic..why should their estate pay taxes on wealth already taxed and paid for when they earned it.
Yup. And there are so many other fornication's to the taxpayers in both bills. Adoptive parents. Disaster victims. Those with whopping medical expenses. Divorced dads. Student loan recipients.
As a writer recently stated, in order to give the corporations a massive tax break, Congress went through the sofa looking for loose change tax revenue wherever they could.
Some professions have crazy student loan amounts..like Doctors. In their beginning years it is already a struggle
Gop should be ashamed of this bill
Oh noze - the government might take something from me and I don't like it.....but if they take it from someone else, that's OK.....Waaaaaaaaaah!
Stopping this imperfect tax deal will just insure that which you just carped about stays in place.
“The tax system takes money from those who earn it and gives it to those who vote democrat.”
In this case, the system will take money from those who earn it an give it to Republican donors. And, they’ll tak more than the Democrats.
“We have all become so accustomed to government “largess”
When government takes less of our money, that’s “largess”?
You speak as if it’s the governments money and we’ve luck to keep any of it.
“Is this what we Conservatives have come to?”
There’s dozens and dozens of them right here on Free Republic.
And there’s nothing, nothing conservative about it.
It’s the shtick of Social Justice Warriors, most of whom pay no income taxes whatsoever.
“There is no public purpose served by artificially inflating housing prices to enrich realtors and mortgage lenders. We have a policy induced bubble in housing prices. The bubble should be eliminated. “
Spoken like Central Planner.
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