Federal Income Tax Reform Proposal - Effect on Californians (buy, college)

[expatCA]

Originally Posted by CA4Now

"But victims of future calamities will be cut loose to fend for themselves absent a national disaster declaration.

Not all casualties occur in natural disasters, of course. Kitchen fires can set a house ablaze. Cars can be stolen. Houses burglarized. Insurance might not cover it all. Tough.

A grease pan lights up, igniting the house. That’s a disaster for one family, but it doesn’t merit a presidential declaration. No deduction."



Yes, it will.

Yep and remember if a person does not carry enough insurance, why should you and I pay the difference?

[CA4Now]

Originally Posted by expatCA

Yep and remember if a person does not carry enough insurance, why should you and I pay the difference?

Anyone with a mortgage is required by that bank to carry adequate homeowner's insurance. (You appear to be searching for ways to make the elimination of this casualty loss deduction look good.)

[DKM]

The casualty loss deduction only works for people who don't carry adequate insurance. So it forces the taxpayers to subsidize those who don't insure themselves enough. I don't see a problem getting rid of the deduction. It also gets abused by cheaters.

[expatCA]

Originally Posted by CA4Now

Anyone with a mortgage is required by that bank to carry adequate homeowner's insurance. (You appear to be searching for ways to make the elimination of this casualty loss deduction look good.)

If they have adequate insurance the new law does not hurt them.

[CA4Now]

Originally Posted by DKM

The casualty loss deduction only works for people who don't carry adequate insurance.

“Casualty losses occur in isolation; you’re just unlucky and your house burns down in a fire,” Steve Rosenthal, a senior fellow at the Urban-Brookings Tax Policy Center at the Urban Institute, said. He thinks getting rid of the casualty loss deduction for most natural disasters is just one more way the Republicans are hoping to raise some revenue: “Really, you can look at this as denying deductions in the future for individuals to help pay for the large corporate tax cuts.”

The GOP Tax Bill Takes Aim at Victims of Natural Disasters – Mother Jones

[cttransplant85]

Get ready liberals you're going to have to start paying for all this government you wanted at the state/local level! But you shouldn't care you love taxes!

[CA4Now]

Originally Posted by expatCA

If they have adequate insurance the new law does not hurt them.

Depends on the type of insurance they have...content replacement cost coverage, additional replacement cost coverage, valuable items, etc, etc.

(You love that little head smacking icon, don't you? Does it make you feel better to use it so frequently?)

[cttransplant85]

I love how this is being sold as a give away to the rich when it's actually SOAKING the rich in high tax coastal states(where the majority of them live).

[2sleepy]

Originally Posted by cttransplant85

Get ready liberals you're going to have to start paying for all this government you wanted at the state/local level! But you shouldn't care you love taxes!

You live in South Carolina, right, so what's up with your obsession with California?

[2sleepy]

Originally Posted by expatCA

If they have adequate insurance the new law does not hurt them.

Not all losses are fully covered by insurance. Earthquake insurance has a 15% deductible that could end up being a financial disaster for a middle class family and would amount to a $45,000 deductible on a $300,000 home. Not everyone has flood insurance because they don't live in high risk areas so their losses would not be covered at all by their homeowner's insurance in case of a flood.