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Call me a nerd but I like learning as much about the tax code in an effort to legally keep more of my money. This weekend I watch Schumer being interviewed by Chris Wallace.
Sen. Schumer said “Well, but he also takes away things like the mortgage interest deduction, the local — state and local property …”
Chris Wallace called him on the lie and Schumer tried to spin his way out of it.
Chris Wallace: “No, no, no, that’s not true. He doesn’t take away the mortgage. No, he does not take away the mortgage interest deduction.”
Schumer: “You cannot do it without the standard deduction. He takes away state and local, as well, and middle-class people get far less of a benefit, many of them were hurt. One estimate said that millions would pay more, and the rich do extremely well.”
Many lower class and middle class people can't afford a house so they can't deduct mortgage interest or taxes. If you can itemize, the benefit is usually minimal. Trumps tax plan increases the standard deduction and takes away the local tax deduction.
Who benefits most from a higher standard deduction?
People who can afford bigger homes may pay more intestest and because the value of their property is higher, they pay more local taxes, they are able to deduct mortgage interest and local taxes, along with other deductions they can easily benefit from itemizing deductions.
By taking away the local tax deduction it is taking away a deduction that more wealthy people enjoy but lower and middle income classes can't and by giving a bigger deduction to as a standard, the lower and middle income classes who can't afford homes benefit.
Don't let the media educate you about taxes, they have an agenda.
Oh, now you care about politicians telling the truth. Good.
Stop the silliness. Instead learn something. Don't let any politician or media, right or left educate you, they have an agenda. Instead educate yourself and know when they are lying to you.
Yes he misspoke (lied -- told an untruth) -- he goofed.
He meant to say that many can't take advantage of the mortgage interest deduction.
I can't stand when a politician misspeaks (lies -- tells the alternative truth) -- now you get my frustration with Trump.
No, Schumer intended to try to fool people who don't understand taxes into believing that the rich would benefit and the middle class would not when the opposite is true. If he had misspoken he would have corrected it when given the opportunity but he didn't, instead he tried to spin it.
Sen. Schumer said “Well, but he also takes away things like the mortgage interest deduction, the local — state and local property …”
Chris Wallace called him on the lie and Schumer tried to spin his way out of it.
Chris Wallace: “No, no, no, that’s not true. He doesn’t take away the mortgage. No, he does not take away the mortgage interest deduction.”
Schumer: “You cannot do it without the standard deduction. He takes away state and local, as well, and middle-class people get far less of a benefit, many of them were hurt. One estimate said that millions would pay more, and the rich do extremely well.”
If you skip reading it
--Wallace was correct about mortgage interest
--Wallace was incorrect regarding state and local taxes.
Motley Fool investment site suggests that single or married with no kids will do better. If you have 3 kids and over well--- you should have kept it in your pants.
This link is from a university in that liberal bastion of central Indiana and indicates that only charitable and mortgage interest would remain.
If you skip reading it
--Wallace was correct about mortgage interest
--Wallace was incorrect regarding state and local taxes.
Motley Fool investment site suggests that single or married with no kids will do better. If you have 3 kids and over well--- you should have kept it in your pants.
This link is from a university in that liberal bastion of central Indiana and indicates that only charitable and mortgage interest would remain.
In other words, a one page outline, doesn't really answer all the questions. Still to early to tell.
I'll be reading it. What I'm waiting to hear is if the personal exemptions stay.
The personal exemption amount for 2017 is $4,050, the same as 2016. That's a 4,050 deduction per person in the family. The exemption phases out above a certain amount of AGI.
Many lower class and middle class people can't afford a house so they can't deduct mortgage interest or taxes. If you can itemize, the benefit is usually minimal. Trumps tax plan increases the standard deduction and takes away the local tax deduction.
Who benefits most from itemized deductions? People who can afford bigger homes may pay more intestest and because the value of their property is higher, they pay more local taxes, they are able to deduct mortgage interest and local taxes, along with other deductions they can easily benefit from itemizing deductions.
By taking away the local tax deduction it is taking away a deduction that more wealthy people enjoy but lower and middle income classes can't and giving a bigger deduction to the lower and middle income classes.
Don't let the media educate you about taxes, they have an agenda.
Dang I didn't know that when we were making 75-80 K a year we were the wealthy. Ouc combined itemized deductions usually ran 22-25k per year.
And don't let your media educate you about taxes.
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