Bay Area and the current tax proposals

[WithDisp]

Originally Posted by Independentthinking

Laughable. Yeah, let's penalize working families that are the equivalent to the same families in lower COL areas that make $50k-$75k. And somehow this is for the greater good, lol. Housing prices in the Bay Area have no impact on other areas of the country. I wish I knew where people get this nonsense from. Right up there with the nonsense that lower COL areas are subsidizing people in higher COL areas. Stupid, twisted logic at its finest. If it weren't for the taxes paid by people in higher COL area, those lower COL areas wouldn't be able to afford their welfare programs. Try again.

The entirety of the rest of the country isn't on Welfare, thank you very much.

What if your local state and local taxes were $75,000? You'd be able to deduct the entirety of your federal income tax bill and simply funnel your tax burden into the state and local coffers.

The COL is so high in the Bay it's out of whack with the rest of the country- and those housing prices DO have an issue. It prevents mobility into the area, and in cases like New York and California has inflated many salaries in the public sector which has created huge pension debt problems.

Some of the highest paid people in The Carolinas, Florida, and Nevada are retirees from California and New York- who now tap the tax burden of their old state and displace those where they are living now.


You may think you are equivalent to people elsewhere, because mortgages and taxes are incredibly high- but you are building an equity nest egg uncomparable to the rest of the country. The fiscal responsibility of your State and Cities is out of hand- and that's not every single other American's problem.

[Independentthinking]

Originally Posted by WithDisp

The entirety of the rest of the country isn't on Welfare, thank you very much.

What if your local state and local taxes were $75,000? You'd be able to deduct the entirety of your federal income tax bill and simply funnel your tax burden into the state and local coffers.

The COL is so high in the Bay it's out of whack with the rest of the country- and those housing prices DO have an issue. It prevents mobility into the area, and in cases like New York and California has inflated many salaries in the public sector which has created huge pension debt problems.

Some of the highest paid people in The Carolinas, Florida, and Nevada are retirees from California and New York- who now tap the tax burden of their old state and displace those where they are living now.


You may think you are equivalent to people elsewhere, because mortgages and taxes are incredibly high- but you are building an equity nest egg uncomparable to the rest of the country. The fiscal responsibility of your State and Cities is out of hand- and that's not every single other American's problem.

Yawn. Maybe before going into your senseless rant, you might want to look at the original post. We ARE talking about people in the Bay Area. And yes, I can compare the families here to those in lower cost of living areas because they are indeed just like the $50k-$75k families that live in those places. No working class family is paying $75k in SALT. Do you even understand what SALT are and how much you need to make to pay that much? But way to go into your sensationalizing. I'm talking about Working Class families, not groups with income that exceed $500k a year (seriously, grab a clue!) This has nothing to do with low COL areas. Someone staying in their home and not leaving is not going to make pricing in other parts go up in value. The only claim that could be made along those lines is if someone sold and bought in some other highly desirable area (but that too is hyperbole). Not only does that not include the majority of the country, but pricing would go up anyway because something made those areas desirable (ie influx of new business).

The people in these states have a huge Federal Income tax burden that does indeed fund the welfare, social programs, federal roads, etc. for those people claiming they are subsidizing the higher COL area. Complete gibberish and a very stupid talking point. Last I checked, the state contributed over $400 billion to the Federal revenue, and yes, I've seen studies that like to twist things, but if you seriously think CA isn't a donor state, then I'd love to see the government do without those funds (this states takes far less back as a percentage than most states). If you want to B itch and moan, you might starts with states like South Carolina, North Dakota, Florida, Louisiana, Alabama, Hawaii, and Mississippi (just to name a few).

What you are proposing is to displace Working Class families, pure and simple. What an absolutely idiotic rebuttal.

[WildcatTofu]

Originally Posted by silverkris

Here's one view - the tax proposal would actually hurt housing affordability:

Editorial: GOP budget sabotages affordable housing plans

false, without lottery housing program, there will be more supplies to the housing market, housing will be more affordable to middle income family.

[silverkris]

Originally Posted by WildcatTofu

false, without lottery housing program, there will be more supplies to the housing market, housing will be more affordable to middle income family.

Really? Do tell.

[justinbro2002]

I actually think that home prices in the bay area will go up if/when this tax reform goes into effect. People who already have mortgages up to $1 million will be grandfathered in to deduct their interest. So If you have one of these grandfathered jumbo loans why would you sell and lose that extra deduction. So are homeowners going to stay in their homes longer and not move up or downsize? Creating an even bigger housing shortage and rising prices? Maybe...