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It doesn't matter - the Leftist Media is dead set against it and so are the Democrats. Nancy Pelosi has explained exactly why NONE of them will vote for it.
House Democrats have spent weeks publicly lambasting Republicans for trying to muscle through a partisan tax overhaul. But privately, Democratic leaders have no intention of engaging with Republicans even if they offered, sources close to them say.
House Minority Leader Nancy Pelosi (D-Calif.) is convinced another GOP crash-and-burn would likely hand Democrats the House next year, so there’s no political upside to playing ball.
“You will be in the majority” if Republicans continue to stumble, Pelosi said during a closed-door caucus meeting on Tuesday, according to sources in the room.
The Democrats don't care about Legislation - they care about retaking the House and giving Nancy back the Gavel. They will LIE about the Tax Plan, they will do everything they can think of to stop any Legislation that would be GOOD for people ..... AND the Media will help them. There will be a flurry of "polls based on false information" that will claim people don't want this Tax Plan.
The Republicans have finally figured this out after the attempts to work on Health Care Legislation -- SO, they will pass it without the Democrats and it will become Law. The proof will be in the pudding and the Leftists can't stop that. Money is the pockets of the Middle Class is what will count.
So - at the end of the Day - the Democrats have drawn their line in the sand and they either cross over and work on the bill OR they live with the result.
It will be interesting to see whether Nancy & Chuck can hold all the Democrats together - so far they have been successful, but this Law will pass.
You can still buy a house in the Pittsburgh area for a reasonable price the problem is the property taxes there are absolutely ridiculous. It's PA of course, so ridiculous fees and taxes are nothing new there. I'm not funding the bloated pension funds for city and state workers and all of the other nonsense that goes in PA. PA has just about the highest gas prices in the country because of their taxes. Also they tax beer, wine, and liquor ridiculously. The whole state is a tax trap.
Eddie Munster is thinking of sticking 'right to life' fetus crap into the bill to appease the GOP's religious right zealots (FYI, the religious right is neither) and also repeal some ACA provisions. Messing with the ACA has proven a disaster for the GOP but clown car heroes like Ryan will keep trying to kill anything that the cursed black president did, even though the GOP's "christian" voters will tell you all about their blessed Jeebus and his teaching that we "care for the sick" and other such brotherly love things. Barf!
But the really terrible thing about this bill is that it blows up the national debt another 1.5 trillion dollars, which is 1.5 trillion dollars we don't have to give away to the rich by borrowing from everyone's future.
Back in the 1990s both the GOP and DEM parties worked together to get the budget into balance; deficit spending was a huge no-no and I recall this vividly as we worked on Army budgets in DC.
During the Obama years the GOP made deficit spending a sin of the worst order, that damned no good commie kenyan un-American Obama was 'destroying' the nation with his red ink, now, in a case of massive hypocrisy the GOP wants to drown us in red ink so their billionaire owners can stuff more of your money into off shore tax shelters.
Giving the rich more money will not mean more jobs, our factories are only running at 62% of capacity, not to mention the productive capacity of off shore producers. There are NO shortages of goods and services that we need to spend tax monies to create. It didn't happen when Reagan did his turn with trickle down, it didn't happen when G.W.Bush did his turn with trickle down, and it isn't going to happen now with trickle down. The only thing that will trickle down, with a vengeance, is red ink and a degraded U.S. dollar.
Save the red ink for when we really need to light a fire under the economy, like in a bona fide recession where unemployment is high. Right now unemployment is near record lows, companies cannot even get all the people they need, especially skilled workers.
Other than that it's a great bill....
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As a property manager I could not agree more... if everyone owned who would rent?
The husband of a good friend was career Navy... they bought a home at each duty station and did well on all... Washington DC, Virginia, San Diego, San Francisco...
Why? I lived in a home approx 4 years and sold it for $80k profit. If I rented, would have lost out on that $80k. With a rental, you always risk having to move if the landlord decides not to renew your lease. When you own, the landlord doesn't get to decide when/if you move.
That's not to say that some people are better of renting. It's an individual decision for each family and it's not a 'one size fits all'.
It won't crash the real estate market if they cap the interest deduction at the first $500k of a home's price.
What might have a minor effect of lowering home prices is to totally do away with the mortgage interest deduction as that would degrade the mild tax advantage of this particular itemized deduction. For example, if you paid $10,000 in mortgage interest last year, and are in a 25% bracket, you'd get back $2500 of that on your taxes (25% of $10,000). If you're paying that much interest you are fairly well to do and losing that $2500 refund won't mean all that much to you, but it will be one less reason to have a mortgage in the first place and that may keep some people out of the house buying market. Keep in mind that 75% of your mortgage interest is still money down the drain, i.e., $7500 is lost without any write off.
What would really crash the real estate market is to do away with all the deductions for those who own SFHs and THs to rent them out. IIRC there are depreciation write offs for such "assets" and in this case the Treasury is just giving away money. If these goodies were not in the tax code there'd be a ton less interest in buying up SFHs and THs for the rental market. If millions of such homes are dumped on the resale market due to tax law changes then this mass of homes hitting the market would notably depress prices due to supply and demand. IMO house prices are too high and if we did make this change it would make home buying affordable for millions of young people and lower middle class workers who now are priced out of the market for SFHs and even THs. I'd leave the tax considerations in the code for apartment buildings and other large multi-family structures.
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..
But the really terrible thing about this bill is that it blows up the national debt another 1.5 trillion dollars, which is 1.5 trillion dollars we don't have to give away to the rich by borrowing from everyone's future.
Where the hell is the Tea Party on all of this? Weren't they against debt? Didn't we almost have a government shutdown every year that Obama was president over, at a minimum, the debt?
They are oddly quiet right now. They seemed to just go away.
It won't crash the real estate market if they cap the interest deduction at the first $500k of a home's price.
What might have a minor effect of lowering home prices is to totally do away with the mortgage interest deduction as that would degrade the mild tax advantage of this particular itemized deduction. For example, if you paid $10,000 in mortgage interest last year, and are in a 25% bracket, you'd get back $2500 of that on your taxes (25% of $10,000). If you're paying that much interest you are fairly well to do and losing that $2500 refund won't mean all that much to you, but it will be one less reason to have a mortgage in the first place and that may keep some people out of the house buying market. Keep in mind that 75% of your mortgage interest is still money down the drain, i.e., $7500 is lost without any write off.
What would really crash the real estate market is to do away with all the deductions for those who own SFHs and THs to rent them out. IIRC there are depreciation write offs for such "assets" and in this case the Treasury is just giving away money. If these goodies were not in the tax code there'd be a ton less interest in buying up SFHs and THs for the rental market. If millions of such homes are dumped on the resale market due to tax law changes then this mass of homes hitting the market would notably depress prices due to supply and demand. IMO house prices are too high and if we did make this change it would make home buying affordable for millions of young people and lower middle class workers who now are priced out of the market for SFHs and even THs. I'd leave the tax considerations in the code for apartment buildings and other large multi-family structures.
Housing is essential and operating rental property is a business and highly regulated... where I am.
As a business income is offset by expenses... homes don't always appreciate and a look back shows this.
I use to work with a lot of military families and others with overseas assignments... they did not want to start over when they returned and I managed their single family as a rental during their absence.
The typical home here in San Francisco is well over a million dollars... 500k might buy several modest home elsewhere but only half a home in SF...
The way to lower home prices is to lower the price of permits and fees... someone paying 100k plus in fees is not going to build a 200k home... a 100k in fees on a million dollar home is costly but at that figure it pencils out...
I don't have the answers but the consensus is Californians will pay more...
Why? I lived in a home approx 4 years and sold it for $80k profit.
Which is good for you, but not good for the economy overall. No additional economic output was created.
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again!!! HNO
