homeowners have it good, too good

[dherd]

“The final tax reform bill released punishes homeowners and weakens homeownership,” the California Association of Realtors said in a statement issued on Friday, “and in fact, it looks at homeowners and the housing market as nothing more than a piggy bank.”
The bill will increase many homeowners’ monthly housing costs by scaling back deductions that allow them to reduce mortgage interest and property taxes. And by roughly doubling the standard deduction, it reduces the incentive to buy homes by making far fewer homeowners eligible for preferential tax treatment.

Today, a little under half of American homes are worth enough to justify itemizing mortgage interest and property taxes. Under the tax legislation, that figure would fall to close to 14 percent, according to an analysis of the plan by the online real estate marketplace Zillow.

The Republican plan, in short, is tinkering with subsidies so entrenched in the social fabric that they have become entitlements in all but name.
https://www.nytimes.com/2017/12/16/...n-region&region=top-news&WT.nav=top-news&_r=0

 

[GreenDuke]

I always pay cash for a house.

 

[extragreen]

I always pay cash for a house.

Doesn't everyone?

 

[herdfan429]

Let’s just me as an example. We itemize and with mortgage interest our deductions married filing jointly come out to 17000. Now the standard deduction will be 24,000. This homeowner is getting screwed. Oh wait no im really not. And I’m willing to bet the vast majority of the homeowners unable to take mortgage interest deduction will more than make up for it with the standard deduction

 

[GreenDuke]

Doesn't everyone?

You’re right, I write one check.
Poor phrasing on my part.

 

[dherd]

Let’s just me as an example. We itemize and with mortgage interest our deductions married filing jointly come out to 17000. Now the standard deduction will be 24,000. This homeowner is getting screwed. Oh wait no im really not.

OK SO FAR YOUR $7,000 TAXABLE INCOME TO THE GOOD.
NOW SUBTRACT THE NUMBER OF PEOPLE IN YOUR FAMILY X $4,150
SO IF IT IS JUST YOU AND YOUR WIFE ITS $4,150 X 2= $8,300 SO NOW
YOUR TAXABLE INCOME HAS INCREASED BY $1,300. (7000-8300)
MAYBE YOU HAVE TWO KIDS SO THATS 4 X $4,150 = $16,600 - $7000 SO NOW YOUR
TAXABLE INCOME HAS GONE UP BY $9,600.
BECAUSE THEY GAVE YOU A LITTLE ON THE STD DEDUCTION BUT TOOK AWAY
A TON BY ELIMINATING THE PERSONAL EXEMPTIONS.
SO IF YOU ARE TAXED AT 20% - YOUR TAXES JUST WENT UP $1,920 - AND YOU
THOUGHT YOU WERE GETTING A TAX CUT.,
NOW LOOK AND SEE HOW MUCH YOU PAID LAST YEAR IN STATE & LOCAL TAXES
YOU LOSE ANYTHING ABOVE $10,000.

SHALL WE CONTINUE?​

RULE #1 YOU CAnT TRUST A REPUBLICAN
RULE# 2 A REPUBLICAN IS OUT TO TAKE YOUR MONEY AND GIVE IT TO A RICH CAMPAIGN CONTRIBUTOR.

 

[herdfan429]

Let’s just me as an example. We itemize and with mortgage interest our deductions married filing jointly come out to 17000. Now the standard deduction will be 24,000. This homeowner is getting screwed. Oh wait no im really not.

OK SO FAR YOUR $7,000 TAXABLE INCOME TO THE GOOD.
NOW SUBTRACT THE NUMBER OF PEOPLE IN YOUR FAMILY X $4,150
SO IF IT IS JUST YOU AND YOUR WIFE ITS $4,150 X 2= $8,300 SO NOW
YOUR TAXABLE INCOME HAS INCREASED BY $1,300. (7000-8300)
MAYBE YOU HAVE TWO KIDS SO THATS 4 X $4,150 = $16,600 - $7000 SO NOW YOUR
TAXABLE INCOME HAS GONE UP BY $9,600.
BECAUSE THEY GAVE YOU A LITTLE ON THE STD DEDUCTION BUT TOOK AWAY
A TON BY ELIMINATING THE PERSONAL EXEMPTIONS.
SO IF YOU ARE TAXED AT 20% - YOUR TAXES JUST WENT UP $1,920 - AND YOU
THOUGHT YOU WERE GETTING A TAX CUT.,
NOW LOOK AND SEE HOW MUCH YOU PAID LAST YEAR IN STATE & LOCAL TAXES
YOU LOSE ANYTHING ABOVE $10,000.

SHALL WE CONTINUE?​

RULE #1 YOU CAnT TRUST A REPUBLICAN
RULE# 2 A REPUBLICAN IS OUT TO TAKE YOUR MONEY AND GIVE IT TO A RICH CAMPAIGN CONTRIBUTOR.

According to the New York Times tax calculator I’ll be fine.

 

[raleighherdfan]

Anyone believing Dtard’s tax explanations probably doesn’t even have a job or makes so little $$ that they pay zero in taxes anyway.....

Right Greed???

 

[extragreen]

According to the New York Times tax calculator I’ll be fine.

Keep that in mind while the poor lose out from the tax cut.

 

[herdfan429]

Keep that in mind while the poor lose out from the tax cut.

They already get more than what they pay in so how are they losing out from this tax cut

 

[extragreen]

They already get more than what they pay in so how are they losing out from this tax cut

Their health insurance premiums will go up more than otherwise (10% more per year), causing many to not be able to afford it, income disparity increases, and ultimately republicans will press for budget cuts that affect the poor the most in a negative way in order to pay for the cuts. They've already started the dialogue for doing so.

 

[countryroads89]

According to the New York Times tax calculator I’ll be fine.

You just got bitch-slapped!

 

[Walter Brennaneer]

Their health insurance premiums will go up more than otherwise (10% more per year), causing many to not be able to afford it, income disparity increases, and ultimately republicans will press for budget cuts that affect the poor the most in a negative way in order to pay for the cuts. They've already started the dialogue for doing so.

Poor-card no longer working, Try something else.

 

[19MU88]

Keep that in mind while the poor lose out from the tax cut.

F#ck the poor!! oops my bad, I thought I was on my republican message board.

 

[herdfan429]

You just got bitch-slapped!

Not really because the New York Times is claiming that atleast 75% of two pyers will get tax cut. So the bitch slapping occurred on dtard using his own source.

 

[dherd]

I USED THE NYTIMES - BITCH!

 

[herdfan429]

I USED THE NYTIMES - BITCH!

No shit that’s why I said I bitch slapped dtard using his own source

https://www.nytimes.com/interactive/2017/12/17/upshot/tax-calculator.html

 

[countryroads89]

No shit that’s why I said I bitch slapped dtard using his own source

https://www.nytimes.com/interactive/2017/12/17/upshot/tax-calculator.html

You didn't bitch slap anyone, moron. Dherd used facts and bitchslapped you down in post 6. He showed you exactly how someone's taxes can go up. You doubled down on your stupidity in post 7.

 

[herdfan429]

You didn't bitch slap anyone, moron. Dherd used facts and bitchslapped you down in post 6. He showed you exactly how someone's taxes can go up. You doubled down on your stupidity in post 7.

I never said everyone’s would go down moron