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Old 11-02-2017, 02:56 PM
 
Location: Raleigh NC
25,119 posts, read 16,146,620 times
Reputation: 14408

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Wondering what the actual discussion among the Real Estate Professionals looks like?

Personally, I haven't liked many of the Call to Action! Emails I've gotten for several years. They're as if ANY changes that MIGHT have a perceived negative effect are to be always fought tooth and nail.

We can't get simplified taxation - which seems to be a highly accepted goal - if all the various players dig in on their turf.

Has any entity put out a ta scoring on this? What does a "middle class family" itemize in $. Is the average of current standard + itemization $ more than the proposed standard deduction?

https://www.nar.realtor/tax-reform
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Old 11-02-2017, 03:17 PM
Status: "Made the Retirement Run in under 12 parsecs!!!" (set 21 days ago)
 
Location: Cary, NC
43,176 posts, read 76,815,786 times
Reputation: 45533
I'm OK with a reduction to $500,000 MID mortgage threshold.
I see little reason to deduct a second home mortgage anyway.
Let's encourage primary housing, maybe, but not second homes.
And, increasing the standard deduction will help a lot of folks across the board.

Really, I tried to care about the MID, but there is too much puffery from all sides about it.
Everyone wants to do tax reform in bits and pieces, senselessly.
Too many lies....

I had similar bewonderment about MID, and did this casual poll:
Poll: When you think of buying a home, how important is the mortgage interest deduction to you?
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Old 11-02-2017, 03:33 PM
 
Location: Raleigh NC
25,119 posts, read 16,146,620 times
Reputation: 14408
I'll look for more widespread stats, but for now from the snippet that's been released of the 2017 NAR Survey:

Median Household Income of Homebuyers: $88,800
Basic Mortgage Amount you CAN get: $372,000 (say a 410K home, with 10% down which is also the median)
MID 1st year: $6,840
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Old 11-02-2017, 07:44 PM
 
Location: Berkeley Neighborhood, Denver, CO USA
17,692 posts, read 29,691,842 times
Reputation: 33260
I think doing away with the MID will crater house prices as the Canadians have shown us.
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Old 11-02-2017, 07:55 PM
Status: "Made the Retirement Run in under 12 parsecs!!!" (set 21 days ago)
 
Location: Cary, NC
43,176 posts, read 76,815,786 times
Reputation: 45533
Quote:
Originally Posted by davebarnes View Post
I think doing away with the MID will crater house prices as the Canadians have shown us.
And no one is proposing to do away with it.
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Old 11-03-2017, 06:25 AM
 
Location: Raleigh NC
25,119 posts, read 16,146,620 times
Reputation: 14408
"we" (every consumer/individual taxpayer) should be arguing for higher standard deduction and lower rates, not fighting over loopholes aka deductions. Or am I wrong somehow?

I care what my IRS and state total bills are at the end of the year. How I get there, and everyone gets there, should be of little consequence to your everyday consumer.

Doesn't "every" taxpayer right now theoretically itemize, and then compare that to their standard deduction? If my standard deduction increases by the above $6,800 and other current "consumer friendly" deductions like state income taxes and property taxes, it's all the same to me.

And if I "lose" on this end, but gain the same amount in a lower rate, shouldn't I be just as satisfied?
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Old 11-03-2017, 09:21 AM
 
Location: Salem, OR
15,539 posts, read 40,308,808 times
Reputation: 17422
Only a quarter of homeowners actually use the MID. If they increased the standard deduction, I think it will pencil out close to the same for a chunk of homeowners, except for those with really large mortgages. It might impact those higher end markets where the MID might make a difference but for the 99 %, it won't matter significantly.
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Old 11-03-2017, 12:49 PM
 
Location: Lakewood Ranch, FL
5,663 posts, read 10,707,643 times
Reputation: 6945
Put me down for a balanced budget amendment, no deductions, everyone pays the same percentage of their income (whether it's employment or investment) and file on a single sheet of paper. I'm sick of special interests, government selected winners and losers, and benefits for some that get paid for by others. If people want government to do X,Y,Z...fine but pay for it....everyone.

Let's just say I want some real changes made.
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Old 11-03-2017, 12:53 PM
Status: "Made the Retirement Run in under 12 parsecs!!!" (set 21 days ago)
 
Location: Cary, NC
43,176 posts, read 76,815,786 times
Reputation: 45533
Quote:
Originally Posted by bbronston View Post
Put me down for a balanced budget amendment, no deductions, everyone pays the same percentage of their income (whether it's employment or investment) and file on a single sheet of paper. I'm sick of special interests, government selected winners and losers, and benefits for some that get paid for by others. If people want government to do X,Y,Z...fine but pay for it....everyone.

Let's just say I want some real changes made.
My income vs. my revenue are two widely disparate amounts.
No deductions for business costs?

Yikes.
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Old 11-03-2017, 01:46 PM
 
Location: Lakewood Ranch, FL
5,663 posts, read 10,707,643 times
Reputation: 6945
Sorry...I was referring to deductions for taxes, medical expenses, MID, etc. Businesses have to deduct their overhead to determine their actual profit and agents aren't any different. I just don't see why people without mortgages should pay more federal income tax than people with them given the same incomes. I don't see why people in high tax states should pay less federal income tax than those in low tax states assuming they can deduct. For that matter, I don't see why people who can itemize should pay less than those who have to settle for the standard deduction because they can't itemize. These inequities are the things I want eliminated.

I also don't think that people with high earnings should have to pay a higher percentage than those who earn less. I'm not close to being one of those people but we are all citizens and should all pay the same percentage. Obviously, that would mean more dollars the higher the income (which I don't think is fair, either, but try getting anyone to agree on that).

I really can't stand it when politicians say things like "the rich should pay their fair share." According to the information I can find, that is a completely moronic statement with zero basis in fact and designed to fire up the masses. Talk about "dog whistles"!!! The top 1% of earners pays about 38% of income taxes paid. The top 10% of earners pays about 70% of income taxes paid. For those people to pay their "fair share", they'd need a huge tax cut, for pete's sake. I realize it's not quite that simple but it's not what most people in this country think it is, either.

Half the country wants everything free or nearly free, or wants government to fund this project or that project, but expects someone else to pay for it. The best way for the population to get an immediate understanding of what has already been done and what they want done is to make everyone pony up the bucks now. Pay for what you've allowed to be spent and pay for what they are planning to spend now. I suspect many expectations will change once the real cost is felt by everyone.

What we really need is a cold smack in the face. That's the only thing that will wake us up and cause us all to demand that the politicians in DC stop wasting and stop spending money they don't have.
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