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One thing liberals are going to complain with Trumps tax code is no longer having the ability to write off state taxes. They will downplay ALL Americans being able to write off more in the standard deduction... Essentially the rich people will lose this tax deduction so the rest of us can increase our standard deduction.
The one thing republicans are going to do is hide/cover up all the facts involving Donald Trumps tax plan, and then spin the issue and attack liberals (for the thing republicans are doing.)
Republicans will hide the fact Trumps Estate Tax plan gives the families of billionaires billions of extra dollars (while giving regular American families nothing.) Trump
Then after hiding/covering up all the above information republicans will attack democrats for wanting to give tax cuts to the rich (when Hillary Clinton wanted to raise taxes on the rich.)
It doesn't benefit "all Americans." It doesn't benefit renters. And that disproportionately impacts minority Americans the most, as they have lower rates of home ownership. So, SALT deductions are inherently racist.
And Dems want to get on board with that? Interesting...
My first law of politics says that whenever the interests of the poor/working class conflict with the interests of any other meaningful constituency, the poor lose
We all know how Dems side with the interests of teachers' unions over the interests of poor parents...they also side with wealthy elites over the poor. No surprise here
Renters can't deduct real estate tax, unless they directly pay the real estate tax bill themselves. That's not the usual rental arrangement.
As far as I am aware, residential renters cannot deduct real estate tax even if they do directly pay it as part of their rental agreement. Business renters CAN and do pay real estate taxes directly as part of their rental agreement ("triple net" leases) and do expense those taxes in the income taxes they pay.
I have long advocated the formal breakout of property taxes in rental agreements.
We all know how Dems side with the interests of teachers' unions over the interests of poor parents...they also side with wealthy elites over the poor.
I too remember Reagan. Before that jobs were hard to find. After the tax cuts, we were hired on the spot.
I also remember when interest rates were sky high. Sure, we were approved for a mortgage at 12% interest. Finally interest rates dropped to 6% but in 1994, a class-action lawsuit was filed, against CitiBank, demanding that loans be made to poor people, and others who could not show proof that they could pay the money back. The suit was none other than Barak Hussein Obama. My cat could be considered an asset, people were buying properties they couldn't afford. Housing prices skyrocketed. Everyone was buying to flip properties, Housing prices skyrocketed more. People were using their house as a bank, oh yea, the good times were rolling.. The banks got greedy, even offering mortgages where the buyer paid interest only for the first 5 years. Housing prices shot up even more. When the 5 year period... the real estate market BOOM... CRASH. All because of insisting people who couldn't afford to buy be given a loan, banker greed, politicians who didn't want to take the candy away and people not using common sense.
Seriously, learn your history and what went down.
How does one show "proof" they can pay money back? Rent consumes half my income and most landlords say I "can't afford" to pay the rent they are asking But my 15-year on-time performance demonstrates than I can pay up to 73% of my income on rent. How would I "prove" my ability to pay rent to the satisfaction of these naysayer landlords?
I too remember Reagan. Before that jobs were hard to find. After the tax cuts, we were hired on the spot.
I also remember when interest rates were sky high. Sure, we were approved for a mortgage at 12% interest. Finally interest rates dropped to 6% but in 1994, a class-action lawsuit was filed, against CitiBank, demanding that loans be made to poor people, and others who could not show proof that they could pay the money back. The suit was none other than Barak Hussein Obama. My cat could be considered an asset, people were buying properties they couldn't afford. Housing prices skyrocketed. Everyone was buying to flip properties, Housing prices skyrocketed more. People were using their house as a bank, oh yea, the good times were rolling.. The banks got greedy, even offering mortgages where the buyer paid interest only for the first 5 years. Housing prices shot up even more. When the 5 year period... the real estate market BOOM... CRASH. All because of insisting people who couldn't afford to buy be given a loan, banker greed, politicians who didn't want to take the candy away and people not using common sense.
Seriously, learn your history and what went down.
Speaking of learning your history...
The suit Obama was involved in as a Jr member of a law firm involved redlining. Where people were denied loans based on race and geography, not income or assets.
This case had nothing to do with the stated income/ stated asset loans docs which really took off in the early 2000's, or the negative amortization option arm loans which became very popular starting in 2003 and 2004.
My next question... it seems there is some common ground here that deduction X or Y sucks because it benefits some but not others. Why have we not been successful in getting rid of all deductions? Lobbyists?
Because the remaining deductions - the deductions which have not been eliminated - have very powerful constituencies supporting them.
e.g. Homeowners are an overwhelming political force in this country and it's difficult to see the mortgage interest deduction going away in the foreseeable future.
Tax cuts --> I keep more of my money + all other taxpayers keep more of their money + most other taxpayers get a larger tax cut than I -->those other taxpayers with larger tax cuts put money into housing --> home prices and rents necessarily skyrocket --> I faced five rent increases in five years, was priced out and had to move three times, and I spent Reagan's last four months in office living in my employer's offsite rented storage.
LOL is that how you see it? I too remember Reagan. Before that jobs were hard to find. After the tax cuts, we were hired on the spot.
I also remember when interest rates were sky high. Sure, we were approved for a mortgage at 12% interest. Finally interest rates dropped to 6% but in 1994, a class-action lawsuit was filed, against CitiBank, demanding that loans be made to poor people, and others who could not show proof that they could pay the money back. The suit was none other than Barak Hussein Obama.
My cat was an asset, people were buying properties they couldn't afford. Demand shot up, housing prices skyrocketed. People were flip properties, housing prices skyrocketed more. People used their house as a bank, oh yea, the good times were rolling.. The banks got greedy, even offering mortgages where the buyer paid interest only for the first 5 years. Housing prices shot up more. Politicians insisted there was no housing crises on the horizon. When the 5 year period... the real estate market BOOM... CRASH. All because of insisting people who couldn't afford to buy be given a loan, banker greed, politicians who didn't want to take the candy away and people not using common sense.
My first law of politics says that whenever the interests of the poor/working class conflict with the interests of any other meaningful constituency, the poor lose We all know how Dems side with the interests of teachers' unions over the interests of poor parents...they also side with wealthy elites over the poor. No surprise here
That one (bold), in particular, really bothers me. It's unconscionable. Inexcusable.
Trapping poor and minority kids in crappy public schools does NOT help further the cause of socioeconomic mobility. It's pretty safe to say Dems want no such thing.
As far as I am aware, residential renters cannot deduct real estate tax even if they do directly pay it as part of their rental agreement.
Actually, they can. But it hardly ever happens because the landlord almost always wants to be able to take the deduction while collecting the money in rent to pay for it.
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