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The loss of the state and local taxes deduction will hit a whole boatload of middle class NY homeowners. And by middle class, I mean middle class. Not working class like politicians pretend are the middle class.
Especially those with 10 kids lol since that 40k+ in personal exemptions that goes on top of deductions is gone. Man this tax plan seems to be payback.
So if your household income is say 80k and you have 10 kids, and a mortgage previously you paid Jack S**T now you're on the hook for possibly tens of thousands. He minus well place a tax on avocados.
The loss of the state and local taxes deduction will hit a whole boatload of middle class NY homeowners. And by middle class, I mean middle class. Not working class like politicians pretend are the middle class.
It's worse than that, I'm not sure if you read the article, this was at the end of it:
"Currently, you get to take the personal exemption even if you also itemize deductions, but you only get to take the standard deduction if you forego itemized deductions. Combining these provisions into a single, standard deduction would mean itemizers lose their personal exemption and get nothing back — meaning they'll typically pay tax on an extra $4,050 of income if they're single, or $8,100 if they're married."
I have to give them credit though, 'doubling' the personal exemption sounds really good, I bet the Wall Street crooks Mnuchin and Cohn stayed up all night figuring out some cutesy way to fool people into thinking they were going to actually get a tax break.
Seems the logical thing to happen with an end of the deductions for property taxes is that it will drive down the price of real estate. That might be good for people coming into the market, but hell on people who are already owners. And seeing lower house and condo price wouldn't affect just New York, but the whole nation. Depending on the state of each local real estate market, that could be good or bad.
Especially those with 10 kids lol since that 40k+ in personal exemptions that goes on top of deductions is gone. Man this tax plan seems to be payback.
So if your household income is say 80k and you have 10 kids, and a mortgage previously you paid Jack S**T now you're on the hook for possibly tens of thousands. He minus well place a tax on avocados.
It reminds me of Reagan's grand tax plan, in which he disallowed deductions for credit card and auto loan interest and raised the amount of AGI for medical expense deductions from 3% to 5% and then to 7.5% and on top of it raised FICA taxes. At the time I was a single mom raising two kids alone and while those increases might have been insignificant to some people they forced me to make some hard choices, i.e. shoes for the kids or pay the utility bill on time.
Seems the logical thing to happen with an end of the deductions for property taxes is that it will drive down the price of real estate. That might be good for people coming into the market, but hell on people who are already owners. And seeing lower house and condo price wouldn't affect just New York, but the whole nation. Depending on the state of each local real estate market, that could be good or bad.
I know what you're saying but I don't think most people predicate their decision to buy a house on the deductability of property tax.
Getting rid of deductions that overwhelmingly support richer white people does more for equality than taking a knee on the steps of city hall during the pledge allegiance.
Getting rid of deductions that overwhelmingly support richer white people does more for equality than taking a knee on the steps of city hall during the pledge allegiance.
It hits middle class (whites, Asians and all colors). The UMC whites, especially those with non-ordinary income, will do just fine. He's taking more from the middle that's all. It'll help people at the bottom jack. And the only way it does anything for "equality" is making those in the middle poorer. I guess, technically, that's making things more equal....
I know what you're saying but I don't think most people predicate their decision to buy a house on the deductability of property tax.
Sure they do everywhere property taxes are "high". Property taxes in NYC aren't so high as the money is made by the city from NYC local income tax. But everywhere else people look at what their monthly nut will be which consists of mortgage + property tax + property insurance
It hits middle class (whites, Asians and all colors). The UMC whites, especially those with non-ordinary income, will do just fine. He's taking more from the middle that's all. It'll help people at the bottom jack. And the only way it does anything for "equality" is making those in the middle poorer. I guess, technically, that's making things more equal....
Who we kidding. Most deductions were created for, and by, the northeast and west coast fake liberal white progressive. I benefit from them as well, but let's be honest with ourselves, and stop with all the greed.
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