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I am trying to understand property tax deduction vs standard deduction. Are they pushing us towards standard deduction. Our property tax + mortgage interest is more than standard deduction. With this plan, it is going to be other way if they increase standard deduction. Isn't it going to affect home prices / demand.
Also, people who hoard multiple rental properties may not like the $500,000 mortgage interest deduction limit, lowering it from $1 million. Rich pay the same rate, get their state tax deductions capped at 10k and mortgage interest deductions capped at 500k. Where they may benefit is lowering the corporate and pass thru rates but rich are hardly a big winner here.
The focus is clearing on the middle class through doubling deductions, increasing child tax credit and lower rates. Also obviously businesses will benefit.
This bill is going to stick it good to anyone who makes over 90K a year where the 25% bracket kicks in.
Quote:
Originally Posted by EastwardBound
The current rate is 25% for married couples at $75,900. Raising it to $90,000 is an improvement.
Typical P&C forum exchange with some of the regulars around here.
Ding ding ding 26 + 1 = 27
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