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except that I happen to believe Glass Stegall should be back in place.....do you? does the GOP? Do you know anything about leverage rations and tier 1 capital ratios, level iii assets? And how this all plays into the problem? How you can fault repeal of glass steagall but somehow say regulation isn't needed is quite literally insane!
I also believe regulation is needed. Dodd-Frank was not proactive regulation, it was reactive to a situation that would never have happened if Glass Stegall had stayed intact IMO. It also would not have happened had gov't not pushed banks to give mortgages to any Tom, Dick, & Harry in a stupid belief that raising homeownership rates regardless of credit-worthiness was a wise thing. It isn't. Not now, then, or ever. Even today, IMO based on credit worthiness, homeownership rates are too high, not too low. I would favor making collecting a short sale amount easier for the banks, and faster. Homes need to return to be viewed as a place for the family, instead of a casino investment where only the bank can lose.
My local house tax is now almost $11,000 per year. All of that goes to the city for city services and local public schools.
My tax deduction is one of the main ways I can justify still having a home in the city.
Does this all help prop up cities.
You bet it does.
I envision the total collapse of big city housing prices if the tax exemption for primary residence is pulled.
Though in some of these states, property tax is cheaper in the city than the surburbs (like NYC). I guess it balances out bc the house cost is higher in the city, but I don't see this in particular driving people out of the cities (and into the burbs). I do think it will drive more people out of blue states though.
Though in some of these states, property tax is cheaper in the city than the surburbs (like NYC). I guess it balances out bc the house cost is higher in the city, but I don't see this in particular driving people out of the cities (and into the burbs). I do think it will drive more people out of blue states though.
If this were to pass, it would mainly affect high earning taxpayers that tend to itemize. If the effective tax rates are lowered like many are expecting, then that would have an offsetting effect for high earners in high tax states. That leaves high earners in low tax states as the big winners.
It actually does. One more case of blue states getting a free ride on red state taxpayers. Right up there with blue states sucking on the federal teat with their expansion of Medicaid. Great when the federal taxpayers pick up the tab...now they are whining when there is talk of them paying for it themselves.
We don't have a state income tax and plenty of red states do, so I don't care on this one. Wait until those red states see their tax increase, that should be funny.
What will be really funny is watching Texans lose their deduction for property taxes. Their property taxes are very very high.
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As Seacove mentioned, we don't have a state income tax in Washington so we're good on this one....bring it on.
