Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Trump's tax plan only allows two itemized deductions: charitable donations and mortgage.
This plan thoroughly squeezes middle america. Not only does Trump want to repeal and reduce health coverage, he won't allow folks to deduct the exorbitant cost of healthcare.
Trump's tax plan only allows two itemized deductions: charitable donations and mortgage.
This plan thoroughly squeezes middle america. Not only does Trump want to repeal and reduce health coverage, he won't allow folks to deduct the exorbitant cost of healthcare.
But the mortgage deduction, which is used mainly by upper income people, will stay in place. Figures
But the mortgage deduction, which is used mainly by upper income people, will stay in place. Figures
It is a mortgage interest deduction, not a mortgage deduction. And this statement is completely incorrect.
...Unless you believe that only "upper income people" own homes. Not only that, but it is capped. I can only deduct the interest on the first $1M plus $100K of a home equity loan if I have one. So it is more of a middle class and upper middle class deduction. A lower middle class person with a $50K mortgage gets the deduction just like anybody else with a mortgage as well. And the truly upper class dont get any more of a benefit from it than the middle class.
I don't understand the tax thing. I purchase my health insurance through the marketplace and use my tax credit towards my health insurance. Is that gone?
It is a mortgage interest deduction, not a mortgage deduction. And this statement is completely incorrect.
...Unless you believe that only "upper income people" own homes. Not only that, but it is capped. I can only deduct the interest on the first $1M plus $100K of a home equity loan if I have one. So it is more of a middle class and upper middle class deduction. A lower middle class person with a $50K mortgage gets the deduction just like anybody else with a mortgage as well.
Sorry that I left out the "Interest" in my post. As far as that middle class person with the $50k mortgage, how likely is it that they are going to have enough deductions to itemize instead of using the standard deduction? Basically, people who do not have a mortgage do not benefit at all and those with a large mortgage mostly benefit. The bulk of the benefit goes to households with income of over $100k.
It is a mortgage interest deduction, not a mortgage deduction. And this statement is completely incorrect.
...Unless you believe that only "upper income people" own homes. Not only that, but it is capped. I can only deduct the interest on the first $1M plus $100K of a home equity loan if I have one. So it is more of a middle class and upper middle class deduction. A lower middle class person with a $50K mortgage gets the deduction just like anybody else with a mortgage as well. And the truly upper class dont get any more of a benefit from it than the middle class.
The middle class won't be using that with a doubled standard deduction in most cases. That 50K mortgage? I seriously doubt the middle class would be able to use the deduction. With the suggested changes the mortgage deduction will almost overwhelmingly be used by the wealthy.
Sorry that I left out the "Interest" in my post. As far as that middle class person with the $50k mortgage, how likely is it that they are going to have enough deductions to itemize instead of using the standard deduction? Basically, people who do not have a mortgage do not benefit at all and those with a large mortgage mostly benefit. The bulk of the benefit goes to households with income of over $100k.
Trump's tax plan only allows two itemized deductions: charitable donations and mortgage.
This plan thoroughly squeezes middle america. Not only does Trump want to repeal and reduce health coverage, he won't allow folks to deduct the exorbitant cost of healthcare.
You're already getting health care subsidized. Now you want to write the rest off?
Sounds like you are trying to get something for nothing.
The middle class won't be using that with a doubled standard deduction in most cases. That 50K mortgage? I seriously doubt the middle class would be able to use the deduction. With the suggested changes the mortgage deduction will almost overwhelmingly be used by the wealthy.
Again, not the wealthy. The upper middle class. The loss of the state and local is a bigger hit to the wealthy than the loss of the mortgage deduction would be.
The middle class won't be using that with a doubled standard deduction in most cases. That 50K mortgage? I seriously doubt the middle class would be able to use the deduction. With the suggested changes the mortgage deduction will almost overwhelmingly be used by the wealthy.
I would guess that the National Association of Realtors and the Nation Association of Home Builders have geared up to throw as much $ as is needed to kill the proposed higher standard deduction proposal.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
