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Typical liberal panicking over something you are clueless about. Stop watching MSNBC.
Where were you when property taxes went up to insane levels? Did that decrease property values? Properties are doing just find throughout NJ.
The federal government has zero responsibility to subsidize our crappy state.
Idiots in this state votes for Murphy who wants to increase our taxes in worse ways than the feds.
But property taxes do decrease property values. Look at the blue ribbon, hottest suburbs... they have a much lower effective tax rate than other towns. Or look at the Golden Coast, the highest appreciation in Jersey City are in the tax abated condos and brownstones with tax assessments from the 1980's (paying 1/4 of the taxes they should be paying after a proper re-eval). Condos in Downtown Jersey City without the tax benefits, paying the standard 2.3-2.4% effective tax rate have only appreciated a fraction as much.
Typical liberal panicking over something you are clueless about. Stop watching MSNBC.
Where were you when property taxes went up to insane levels? Did that decrease property values? Properties are doing just find throughout NJ.
The federal government has zero responsibility to subsidize our crappy state.
Idiots in this state votes for Murphy who wants to increase our taxes in worse ways than the feds.
Marc is pretty much as far away from “liberal” as it gets.
I can’t see how this won’t effect housing prices at least to some extent in the next few years. It’s a big change. Seems extremely unfair to me that we will now be taxed two times on the same money.
Right property taxes directly effect property values. How many people actually calculate property tax deductions when they buy a property?
Another point that is that being considered in this plan:
So the stock market is +30% since Trump won. Retirement accounts for those over 70 1/2 are likely up 15-20% over that time period. A tax cut for corporations, will likely continue to stimulate the market. Do any of these calculations determine how much tax dollars will be generated from retirees having to take larger required minimum IRA distributions? I'd imagine that their portfolios have grown by $100-$200B since the election. You take that and tax it by 28%? = about $40B in tax revenue. This is the stuff that is not being calculated in the COB figures. $40B - $50B over the next ten years is $400B-$500B in tax revenue.
The stock market is up almost 30%. Many have seen strong gains in both their 401ks and investments. Hell, some few people are making out like bandits just off minimal investments in Amazon, Netflix, bitcoin etc. the economy is very strong right now. And in regards to taxes, we certainly need to address AMT which is now hitting middle class. Those in AMT land, who can’t deduct property taxes to begin with, no longer have to cut a check every year when they file. For some it’s 5k, others it breaks 20k. That a massive tax break. On top of that, they can now deduct up to 10k of property taxes.
Personally I think the higher end neighborhoods with high taxes will be the least hit, as the residents are almost guaranteed to be in AMT, and weren’t factoring in property tax deductions to begin with...and probably have more substantial holdings with more realized gains over the past year. They are coming to the housing market with deeper pockets.
Found this in another thread: National Association of Realtors forecasting New Jersey home prices will decline between $36,620 and $54,950, or between 14% and 21%. https://www.nar.realtor/sites/defaul...w%20Jersey.pdf
Marc P is going with a 10% hit to equity, which makes no sense because if a home's value changes, the hit to equity is determined by the amount of financing in place. For example, a 10% decline in home value would equate to a 10% decline in equity for a home owned free and clear, but a much higher percentage decline in equity for a home with a mortgage.
This week, Josh Gottheimer, a New Jersey congressman who recently pocketed $1.3 million in donations from the NAR, wrote an opinion piece forecasting tax reforms, "will likely spark a massive housing crisis in our state."
I'm not arguing tax policy doesn't matter - but the level of hysteria generated by the NAR, its puppet politicians, and naive realtors is getting absurd.
Typical liberal panicking over something you are clueless about. Stop watching MSNBC.
Where were you when property taxes went up to insane levels? Did that decrease property values? Properties are doing just find throughout NJ.
The federal government has zero responsibility to subsidize our crappy state.
Idiots in this state votes for Murphy who wants to increase our taxes in worse ways than the feds.
OK so I'll bite.
Exactly what is good about this tax bill. If I am clueless please educate me. I mean that in all sincerity. basically all you have said here is what people should have done years ago. oh and before you blame Murphy please remember the names Christie and Whitman.
So please tell me what part of this bill will help NJ or anyone in NJ????
I don't have cable so I don't watch MSNBC. Can I say typical republican BSing now.
Listen the bottom line is very simple. In order to give big corporations a tax break (lowering the corporate tax from 35% to 20%) which is NOT msnbc bs, it's there in plain ENGLISH, the money has to come from some where.
Oh and wealthy real estate investors will get a huge break (lol, anyone want to guess who that benefits.) once again I did not get this from MSNBC, I got this from the copy of the house bill Paul Ryan put out.
One thing I will say that a lot of stuff in this bill will be "phased" in. so I would suggest everyone get out of NJ by 2023
Don't get sick anymore. Medical deductions are going away as of 2018.
I'm sorry jda, what were you saying about "not knowing"?? lol, I know my late husbands cancer treatment ran us out of pocket over 40K. which kinda explains why I don't have cable.
Last edited by eliza61nyc; 12-01-2017 at 11:51 AM..
Marc is pretty much as far away from “liberal” as it gets.
I can’t see how this won’t effect housing prices at least to some extent in the next few years. It’s a big change. Seems extremely unfair to me that we will now be taxed two times on the same money.
Is your home your only asset? How much did your 401(k) increase since the election?
Primary residence's are nothing but a money pit.
Do you really think a $1m home is going to drop in price $100k because a reduction of $3-5k/year in a tax bill? There will be buyers that come into that market that aren't effected by SALT deductions. My wife an I earn a sold income but, don't have deductions more than $24k with the new standard deduction. We will also pick up a $2k child tax credit that was previously $1k, that a credit not deduction. We will be looking for a new 1 family home with taxes in excess of $15k. There will be buyers that stabilize the market.
Exactly what is good about this tax bill. If I am clueless please educate me. I mean that in all sincerity. basically all you have said here is what people should have done years ago. oh and before you blame Murphy please remember the names Christie and Whitman.
So please tell me what part of this bill will help NJ or anyone in NJ????
I don't have cable so I don't watch MSNBC. Can I say typical republican BSing now.
Standard deduction is doubling for married couples
Child tax credit is doubling to $2k
Tax brackets are being reduced to 3-4, we will all likely pay less
Corporate tax rate being slashed to 20% + deregulation that is occurring will push GDP up to 3-4% which will push job creations throughout the country. We are already seeing this in middle America. More jobs = more tax dollars over time. Our economy was not doing well from 2013-2016, we were potentially close to a recession and Trump came in and threw gasoline on the American economy.
The ridiculous hate on this bill is just the anti-Trump crowd not wanting to see him succeed.
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