Trump Tax Plan Seattle/WA State Implications? (Republic: real estate market, apartment)

[elkotronics]

Seacove - you bring up a valid point, and I think Tall Traveler gets it. But I also see his point, and the point I would like to make is I am not looking at poverty as a racist thing. We lived next to a white guy in his 50's in Kansas City. He was on state income for who knows what. His wife had had "9 car accidents - several her own fault" and yes, she's white, too. They both draw a total of around $1,800 a month from the state of Missouri. They have a son in his 20's with mental challenges of some sort who also doesn't work and he also draws money from Missouri - around $1,000 a month. So they're drawing together $3,000 a month from the State of Missouri. Neither Mom or Dad works. If you have anything to throw outside for garbage he's on it like a hawk.

My point? All races use State Industrial Disease for income and don't/won't work for a living. He supposedly had a bad back (or something) and drew state money, but I would look out my window and see him sort stuff out. He and his wife and two of his sons crammed into her parent's small south Kansas City home. I don't look at it as a racist thing. I have many, many black friends. It's stupid to be racist. Of course, I am a strong Bible believer and I would be opposing my belief system to be racist.

But all races dupe the government for monthly handout money. Imagine how much more infrastructure money would be available to Missouri (or any of the 50 U.S. states and Puerto Rico) if people were honest? It really comes down to being honest, being a good, tax-paying citizen, and someone who looks out for other people, not just yourself and your own family.

Oh, I would add some of my best friends to this discussion. Animals. If someone could head over to Asia and talk some sense into their governments about abusing animals I would perk up with ears with so much happiness. It is a heartbreaking crime that they torture dogs before eating their meat because of some stupid, antiquated idea that "it makes the meat more tasty" for the Chinese, Korean, Thai, Indonesian, etc. on and on Asian nations that continue in these horrific practices. I look at it this way: the governments of those nations are too lazy to stop it. Don't tell me it's a "cultural thing." Bull#$%A^. A cultural thing to burn a dog alive? To skin them alive? To boil them to death...while alive? Stop it! Just stop it. I can't take it anymore.

[sacite]

Originally Posted by elkotronics

Seacove - you bring up a valid point, and I think Tall Traveler gets it. But I also see his point, and the point I would like to make is I am not looking at poverty as a racist thing. We lived next to a white guy in his 50's in Kansas City. He was on state income for who knows what. His wife had had "9 car accidents - several her own fault" and yes, she's white, too. They both draw a total of around $1,800 a month from the state of Missouri. They have a son in his 20's with mental challenges of some sort who also doesn't work and he also draws money from Missouri - around $1,000 a month. So they're drawing together $3,000 a month from the State of Missouri. Neither Mom or Dad works. If you have anything to throw outside for garbage he's on it like a hawk.

My point? All races use State Industrial Disease for income and don't/won't work for a living. He supposedly had a bad back (or something) and drew state money, but I would look out my window and see him sort stuff out. He and his wife and two of his sons crammed into her parent's small south Kansas City home. I don't look at it as a racist thing. I have many, many black friends. It's stupid to be racist. Of course, I am a strong Bible believer and I would be opposing my belief system to be racist.

But all races dupe the government for monthly handout money. Imagine how much more infrastructure money would be available to Missouri (or any of the 50 U.S. states and Puerto Rico) if people were honest? It really comes down to being honest, being a good, tax-paying citizen, and someone who looks out for other people, not just yourself and your own family.

Oh, I would add some of my best friends to this discussion. Animals. If someone could head over to Asia and talk some sense into their governments about abusing animals I would perk up with ears with so much happiness. It is a heartbreaking crime that they torture dogs before eating their meat because of some stupid, antiquated idea that "it makes the meat more tasty" for the Chinese, Korean, Thai, Indonesian, etc. on and on Asian nations that continue in these horrific practices. I look at it this way: the governments of those nations are too lazy to stop it. Don't tell me it's a "cultural thing." Bull#$%A^. A cultural thing to burn a dog alive? To skin them alive? To boil them to death...while alive? Stop it! Just stop it. I can't take it anymore.

Also, the biggest con in the con argument (no pun intended) is the idea that the "handouts" are killing us. Wealthy people abuse the system too - and at a much higher absolute amount than poor people. There are corporations that are illegally shielding income from tax and collectively owe literally billions in federal tax. I am not exaggerating that figure. There are thousands upon thousands of people who report $10 mil, $12 mil, $5 mil, $18 mil (pick a number) PER YR. People would be shocked to know how many wealthy people live amongst us in this country. A good number of them are under reporting tax or taking advantage of laws that most of us do not understand or could not argue against.

If you take all of the money that "should" be paid from the upper 1%, you'd fix a most of the problems in the budget. I understand we all have differences in political opinions and philosophy, but I honestly do not understand why so many people hammer on the lesser of the problems.

[Akama13]

Originally Posted by homesinseattle

Botev, relative to your question, this is worth a quick read: Let’s Stop Using “White” and “Black” to Describe European-Americans and African-Americans : Here Are The Reasons Why – Ronald J Sheehy | Race Inquiry

A lot of people prefer to be called black.

Black American versus African-American: Why I prefer to be called a black American.

[Neerwhal]

I don't mind the tax cuts for myself, though I think that overall we'd be much better off investing more money as a group in our country's future.

I also don't understand the whining of people with million-dollar homes within 25 minutes of jobs that pay seven figure salaries, about the loss of part of their deduction. For real, guys?

Complain about the lowering of the corporate rate--I think that's fair--but the whining of the upper middle class is stunning. We're taxed less than anyone like us in the industrialized world. I wasn't complaining before and I'm certainly not complaining now. We paid less than many for our house as we don't have a new house or live in a posh area so we are going to make out well under the new plan.

[ragnarkar]

If I understand correctly, Washington has no income tax so at least people here aren't getting shafted when it comes to the state income tax deductions unlike the vast majority of states.

[sacite]

Originally Posted by Neerwhal

I don't mind the tax cuts for myself, though I think that overall we'd be much better off investing more money as a group in our country's future.

I also don't understand the whining of people with million-dollar homes within 25 minutes of jobs that pay seven figure salaries, about the loss of part of their deduction. For real, guys?

Complain about the lowering of the corporate rate--I think that's fair--but the whining of the upper middle class is stunning. We're taxed less than anyone like us in the industrialized world. I wasn't complaining before and I'm certainly not complaining now. We paid less than many for our house as we don't have a new house or live in a posh area so we are going to make out well under the new plan.

Why is it “stunning”?? $100k is nothing in some high tax states, especially when you condider the state taxes paid and average home values. Here in Sacramento a decent home will run you $400-$500k. A lot of people do not have 20% to put down, so they are taking out larger mortgages just to get in the home and paying $15k+ between state and property tax alone each yr. These are middle class people, not “rich” or “wealthy”. They work professional jobs that they busted their a— in school for, worked their way up the way the conservatives always claim they respect, and now they’ve been hammered for it. Under this plan $9k of the deductions are gone ($5k lost due to $10k limit on SALT + elimination of personal exemption).

What is stunning to me is posts like yours, that are truly oblivious to what other people experience. Great, it’s working well for you, in your personal bubble so everyone else should be happy? I am guessing you didn’t even calculate your estimated tax correctly in any case just based on what you did post, so we can’t even take that for face value. And, even using your $1 mil analogy, I’m sorry, my best friend makes $170k-$200k in SF, he could “probably” get into a $1 mil home with his and his GF’s combined salary, but he’d not be living large my friend. He studied hard in college, paid his entire tuition by waiting tables, worked his way up in different sales jobs after cllege until he landed his current career. That would just be a decent home in a lower crime area - something everyone should have the ability to attain through hard work. There’s ZERO reason he or anyone else should be making up the deficit caused by people who have inherited generational wealth and were basically born into ownership of corporations, pass through entities, etc.

Did you know congress has estimated the lengthening if the 121 exclusion to 5 of 8 yrs will bring in $200+ bil from people selling their homes? I suppose you’re ok with it be because “we’ve lived in our home over 5 yrs, so everyone else should have too”. Guess who will be paying the bulk of that $200 bil? The middle class. It’s great we get to fund a group of ultra wealthy folk’s new yachts and ironically, bigger mansions.

[renli3d]

I think one implication of the new tax plan is that it reduces the advantages of using real estate as an investment vehicle, i.e. requiring longer terms of ownership and the lower mortgage interest deduction. It negatively impacts me but cooling the RE market and going back to homes being homes instead of investment vehicles I think will ultimately improve the life of the middle class since homes consume such a large percentage of our incomes.

[sacite]

Originally Posted by renli3d

I think one implication of the new tax plan is that it reduces the advantages of using real estate as an investment vehicle, i.e. requiring longer terms of ownership and the lower mortgage interest deduction. It negatively impacts me but cooling the RE market and going back to homes being homes instead of investment vehicles I think will ultimately improve the life of the middle class since homes consume such a large percentage of our incomes.

Your post does not make any sense. Rents are going out of control in many areas of the country and this will only accelerate that trend. That's not "good" for the middle class, nor is anything that hurts home values. LOL, I get it. This is more conservative BS where us dummies are going to learn lesson about "being responsible" and "living" in our homes instead of selling them. Guess what. If this hurts demand, it hurts it in the same proportion, regardless of whether you sell in 2, 5 or 10 years dude. This isn't 2005 where lenders were handing out mortgages like candy to any and everyone and people who never should have been approved were essentially speculating on the market with their own home. You now have to prove your income, downpayment, etc and everything is scrutinized. People who buy now are by and large responsible folks. There's nothing wrong if they sell after 2 years at a profit or move for whatever reason, and there's no reason they should be penalized. The law changes are simply a way to pay for tax cut to the ultra wealthy.

[CrazyDonkey]

And the huge giveaways to corporations and the rich will only further inflate what are already large speculative bubbles (in real estate, stocks, cyber-currencies, etc.). Say thank you for getting a temporary tax break after the economy collapses, again, taking your job and assets with it.

[Botev1912]

The US is slowly becoming one of the worst places to live.