Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
So it appears that SALT is back in subject to a $10,000 limit. And it appears that a Senator from Maine (U.S. Sen. Susan Collins) is the only one who held out for this and wouldn't give up on it. While our senators rolled over and did nothing.
It took a bloody liberal Senator from Maine to save our bacon while the useless turds who represent us failed to take a stand.
Of course this has to survive conference, but since it's also in the House version, there has to be what is considered some hope.
Home equity lines are still out, though. No deductibility in either version I believe. The only silver lining there is that most HEQ loans carry low interest rates at the present time.
And also neither the proposed mortgage interest deduction nor the SALT deduction are indexed. Which means they are on a de facto phase out over time.
If you think your home value dropped 10%, unless you are planning to SELL it this month, then that's GOOD! then take that to the tax dept with your protest and tell them you want that 10% reduction in the assessed value.
I honestly don't know why people fret over loss of perceived value, did you buy a home to LIVE IN or did you buy a house to sell like stocks and bonds??? if you are living there then who cares what it's value is then- you have a house with a roof over your head- that's what you bought it for.
If you think your home value dropped 10%, unless you are planning to SELL it this month, then that's GOOD! then take that to the tax dept with your protest and tell them you want that 10% reduction in the assessed value.
I honestly don't know why people fret over loss of perceived value, did you buy a home to LIVE IN or did you buy a house to sell like stocks and bonds??? if you are living there then who cares what it's value is then- you have a house with a roof over your head- that's what you bought it for.
This. I don't really get why people want their home values to go up unless they plan on selling and moving to a lower cost location. On top of the increased tax burden, how will their kids and grand kids ever afford a house if prices continue to outpace inflation.
This. I don't really get why people want their home values to go up unless they plan on selling and moving to a lower cost location. On top of the increased tax burden, how will their kids and grand kids ever afford a house if prices continue to outpace inflation.
Most of them already won't be able to afford it unless they "knock over more gasoline stations than many NJ-ians do now".
Good buying opportunity. Homes over $500k are overpriced and a drop in demand spooked by the tax bill will lead to a selloff then a buying pickup. Many home flippers have business setup to take advantage of taxes and are unaffected and will get a boost. If you are buying a new home this maybe the best time to buy in 10 years.
NJ will need to straighten then own mess, the highest property tax state will need to redo their tax system.
That is basically what is going to happen if this tax bill passes. It completely changes the balance of the rent vs buy equation, especially here in New Jersey where confiscatory property taxes are already stripping homeowners of billions in private wealth. So not only is property tax deductibility lost, but the basic demand for homes is gutted. So if you just recently found yourself finally above water from recent increases in property values, the State is about to push your head back below the water level, where they feel it belongs.
And your silence is tacit permission. Yet do we hear any protests? Not much. Most are quietly going to accept this travesty. And they deserve what they get. There are plenty of protests to release disgusting convicted criminals from prison, but deafening silence when the State comes a calling to strip you of what you earn and own. They count on the fact that you are busy and your life is hectic, and you are doing exactly what they hoped: Nothing at all.
So when your home drops 10% in value and your income tax bill jumps 30%, don't beotch. It will be too late and you will already have bent over and invited the invasion.
Value of my house may drop 10% tomorrow, but value of my 401k will be up 20%. So it balances out.
Also they have cap property tax deductions to $10k, not $0.
Value of my house may drop 10% tomorrow, but value of my 401k will be up 20%. So it balances out.
Also they have cap property tax deductions to $10k, not $0.
Not yet. Senate restores $10,000 SALT, House is still zero.point.zero.
And your 401K can tank at any time, and will when the economics of this tax increase begin to sink in, and sink us.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
unless 
they "knock over more gasoline stations than many NJ-ians do now".
