Cuomo Pushes Tax Break For Renters (insurance, home, to buy)
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Because I'm extremely pro-gun and anti-welfare I must be pro-bankers and big business? The world isn't as simple as only black or white. I suppose you'll pass out if I tell you I'm a solid atheist also.
Because owners actually pay real estate taxes, renters do not. There is nothing special about being a renter that requires a tax break. If renters receive a tax break, it is coming from their income taxes, which mean owners should get a real estate tax break and an income tax break commiserate with whatever is given to renters.
Er, no.
Renters pay property taxes via the rates passed along from their landlord. This is one of the reasons LLs have been at the RSB about low annual increases and why such things have been rather high of late. Bloomberg raised property taxes a few times during his tenure and commercial buildings (which all rentals are) see those increases at once. Single and two family property owners have a convoluted system where it takes years for property tax increases to fully go up or down. This is why even during the worse of the housing market NYC home owners were still paying increases in property taxes. It took that long for the new values to fully come in.
RS tenants may be shielded in part from the full effects of property tax increases, but market rate tenants are another story. Landlords there must either recoup the cost via higher rates or eat it in whole or part by accepting lower rent.
Homeowners can not only deduct the interest on their loans but also property taxes as housing-related costs on their federal income tax.
This is a government subsidy to encourage homeownership, but since RE prices in NYC are amongst the nation's highest. Buying a home in NYC is out of reach for most people.
Renters cannot deduct their housing-related costs as homeowners do.
And If I'm not mistaken you purchased your home with a FHA loan, which in case you didn't know is government backed.
In any case I have no problems subsidizing your salary and home loan with my tax dollars.
And don't make it look like you're paying a sh*tload of taxes, you dont live in LI or Westchester, NYC RE taxes are amongst the lowest in the tri-state area
This common idea is also widely mistaken.
Homeowners can only take such deductions if they itemize, which many do *NOT* because the standard deduction is greater. The number of homeowners that take the federal tax deduction for home mortgages actually is not that great and is concentrated in a few areas of the United States.
New York because of it's high home prices and taxes is one of the places the HMD is used along with other deductions. You see the same in California another area with high housing costs and taxes.
In essence a bulk of the American population subsidizes high value homes and that includes renters.
you beat me to it, i was typing while you posted almost the same thing.
both renters and homeowners get the same standard deduction to clear before they get their first dollar back.
the renter usually has the better tax deal.
yep ,the renter.
why?
because as an example the standard deduction for a couple is around 12,800.00. the renter may typically fly the empty seats because they usually have little to deduct.
a renter may have 7 or 8k in local taxes and contributions and they actually get money back they never spent.
odds are the homeowner actually spent all of that first 12,800 and merely got back .25-30 cent for every dollar they spend if they even clear the standard deduction to get anything back.. they have less money in their piggie ..... the renter has more money in their piggie because they get to fly those empty seats more ofton and benefit from the huge standard deduction without spending much of it for real.
Because I'm extremely pro-gun and anti-welfare I must be pro-bankers and big business? The world isn't as simple as only black or white. I suppose you'll pass out if I tell you I'm a solid atheist also.
i don't think i could be an athiest. who would i talk to during sex? ha ha ha ha
Because owners actually pay real estate taxes, renters do not. There is nothing special about being a renter that requires a tax break. If renters receive a tax break, it is coming from their income taxes, which mean owners should get a real estate tax break and an income tax break commiserate with whatever is given to renters.
there is really nothing that warrants a tax break for homeowners either other than america thrives on promoting home ownership.
if someone wants to finance a home or own it that is their choice but if you think about it there is really no reason they deserve any reduction in taxes .
the only reason it is done is to get folks to buy homes. a resale on a home on average creates 2 jobs ,the purchase of a new home creates 3 jobs so for an economy based on 70% consumer spending promoting homeownership is the best thing you can do as a capitalist country.
on the other hand financially for the buyer it is not always the best thing to do.
No, I got your point and should have given you kudos, but then the inevitable screamers about "THE HOMELESS DON'T PAY TAXES" would have been a pain in the ass diversion.
I have long felt that the only people who DO pay their fair share are the working poor. They pay from the first dollar and pay with everything they buy. They get NO tax credits or corporate rates.
If only they knew how to run a hedge fund and get the really low tax rates life would be fairer for them. But they cannot afford to buy congress people, judges and presidents.
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