Quote:Property taxes are sickeningly oppressive
Uh huh. You either voted for this or implicitly supported it, so suck it up Shademeister.
Not that it will make it though the Senate in it's present form, but the intent is clear for most who post here. Buy shares in whichever ETF or International Stock fund that holds Unilever, owner of Vaseline.
Quote:There aren’t many people with mortgages over $500,000 — only about 1 million mortgages, or about 5 percent of mortgages that originated between 2012 and 2014, according to an analysis by the United for Homes campaign, which advocates for changes to the mortgage interest deduction.
https://www.washingtonpost.com/news/wonk/wp/2...0b12163f06
Those mortgages are most common in solidly blue states. The District of Columbia tops the list, with 27 percent of mortgages over $500,000, followed by Hawaii, California, New York, Connecticut, Virginia, New Jersey, Maryland, Massachusetts, Washington and Illinois.
“Anything that’s going to impact the sacred mortgage deduction is going to have a significant impact on home values here in Connecticut, and on excitement about owning a home,” said Scott Cooney, regional vice president for the Connecticut Association of Realtors.
Quote:But the bill would hurt the poor and increase the deficit
https://www.vox.com/2017/11/2/16596896/house-...-explained
The GOP’s tax reform proposal would leave other groups worse off:
• Blue state residents would pay higher taxes, as the state and local income/sales tax deduction is eliminated and the one for property taxes is somewhat curtailed. That said, wealthy people benefiting from these deductions will likely see this tax hike offset by the other tax cuts in the package.
That's us, Shadester.
• The housing sector faces a new limit on the mortgage interest deduction. For individual taxpayers, the rate cuts largely make up for this, but it reduces the incentive to buy and build homes, which could affect lenders, construction companies, real estate firms, etc.
• Poor families were rumored to be getting a tax cut due to a change in the refundability formula for the child tax credit — but that didn’t make it into the bill. The credit only goes to families with $3,000 in earnings or more, and phases in slowly; some in Congress were pushing to lower the threshold to $0, but they didn’t succeed.
Instead, a provision denying the child tax credit to American citizen children whose parents are undocumented immigrants is included.
• And it would increase the deficit; the Joint Committee on Taxation has reportedly scored the bill as costing $1.51 trillion over 10 years, about what the House/Senate budget allocated for the bill but still a sizable increase in the public debt.
And that's how it works, debt and deficits are hell on wheels to GOPERS when Dems are president, not so much when GOPERS are 'in charge'.
I'd ask how you conservatards handle the cognitive dissonance, but that presumes the presence of cognition not evident.
1
