1) no - people that are renting don't pay taxes. Most people with a mortgage are paying taxes.
2) the link you have is the median home price for NEW homes which are less than 10% of the home market. It's no secret that builders are building at the higher end of the market this economic cycle. The median home price nationally is $200k.
3) The purchase price doesn't include down payments or paying down the mortgage over time. Even if you buy a $300k home, if you put 20% down you only owe $240k to start. But a couple making $40k isn't buying a $300k home, they are buying a $150k home and putting $30k down ($120k loan)
4) For the higher income earners, while your deductions go down, the standard deduction goes up $10k. Also, right now you hit the 15% early - now that goes down to 12%, and if you hit 28% or 33%, that goes to 25%. The only people that lose with the new plan are people with massive deductions in the top 2% of incomes.
“But a couple making $40k isn’t buying a $300k home, they are buying a $150k home and putting $30k down ($120k loan)”
The couple making $40k aren’t paying any taxes so they aren’t in the discussion.
Please get back to me when you know the present tax brackets.
“For the higher income earners, while your deductions go down, the standard deduction goes up $10k.”
Sigh ....
Most higher income earners don’t use the standard deduction.
Can capital losses still be chargeable to gross income?