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A perfect example is the Los Angeles area housing market in 2006 (the peak of the early aughts bubble), when homes in South Central LA were going for over a half million dollars, when no one who can get a mortgage for that price would live there. It's called the Domino effect, and happens when you get an excess of rich people with a finite supply of housing
I agree LA is a flaky anomaly. Most of this nation however sees little housing inflation for the masses related to the McMansion class.
As a single, childless male with a mortgage, student loans, and a high enough income to itemize my deductions, Trump’s “tax cuts” cost me about $5,000 in SALT deductions. I had to start throwing money into my 401k to keep from owing taxes. I am far from rich, and Trump hurt my financially.
What the hell did you want this guy to stay around another 4 years while the rich got richer and poor got poorer? No one truly benefitted from that piece of snake feces outside of his own family, cronies, and fellow above 400k a year trust fund yuppies
My wife and I make well under $400k and our taxes went down. The first 3 years of the Trump presidency were awesome. Democrats were too busy having a hissy fit to notice that McConnell was hammering Federalist judges through the Senate and unemployment was so low that wages were increasing with overall low inflation. My wife and I bought the duplex we were living in just before the 2016 election and then were able to buy another house in 2019, things were so good. Energy prices were low, and the US achieved energy independence which is something I thought I would never see.
If Covid hadn't primed the pump for the far left to make their move, Trump would have cruised into a 2nd term and the economy would still be cooking. Really, it mostly is in my state because we stopped the lockdown nonsense in late spring and reopened with precautions.
As a single, childless male with a mortgage, student loans, and a high enough income to itemize my deductions, Trump’s “tax cuts” cost me about $5,000 in SALT deductions. I had to start throwing money into my 401k to keep from owing taxes. I am far from rich, and Trump hurt my financially.
What itemized deductions did you lose out on as a single person with no children?
If Covid hadn't primed the pump for the far left to make their move, Trump would have cruised into a 2nd term and the economy would still be cooking. Really, it mostly is in my state because we stopped the lockdown nonsense in late spring and reopened with precautions.
Single parent. The Trump policies and resulting economy were great for me. I was able to max out my 401K, pay off a vehicle, pay down my mortgage, add to my savings.
Built enough of a cushion that when the bogus lock downs hurt some family members, I was able to invite them into my home. Fortunately, our governor and state agencies aren't as goofy as others and they're doing okay again.
He limited my SALT deductions to $10,000. Between local taxes, state income taxes, property taxes, etc., I hit that limit very easily.
Mine too. My son is adult so I haven't been able to claim him for a few years. I paid more taxes under Trump than I ever have.
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