Trump tax law cost homeowners $1 trillion in lost equity

[Anonymous]

Why should bloated state governments dodge “their fair share.” Total free riders.

[Anonymous]

If there is ever an attempt to fix it, I hope there is also a simultaneous effort to end the realtor cartel that saps 6 percent from homeowners. Talk about a baseless tax. It highway robbery.

[Anonymous]

Where I live very high priced homes have tax bills of over $50,000 a year. According to realtors it’s been a killer.

[Anonymous]

I thought the liberals wanted the rich to pay more taxes and this change in tax laws did do that...

It probably has had an effect on more expensive properties especially in the Northeast where suburbs have high property taxes. On the other hand, it's helping to keep housing costs under control. Which is good.

All in all, I support this move. The tax deductions for mortgage interests and property taxes were mostly benefits for the affluent. The middle and working classes didn't see the same benefits.

[Anonymous]

We are DC middle class - ‘$120k - and don’t own a home. Our taxes went down for the first time ever. We have been paying to much for too long. Every time a friend complains about paying higher taxes and reducing some spending on some nonsense crap I smile to myself. Sadly it almost makes me want to vote for Trump in 2020.

[Anonymous]

Good. It is not my responsibility as a taxpayer to fund the comfy lifestyle of everyone else via tax breaks. Why exactly do you deserve a tax break with an unlimited cap simply because you own a home?

[Anonymous]

Anonymous wrote:Good. It is not my responsibility as a taxpayer to fund the comfy lifestyle of everyone else via tax breaks. Why exactly do you deserve a tax break with an unlimited cap simply because you own a home?

You prefer that money goes to wealthy foreigners?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Good. It is not my responsibility as a taxpayer to fund the comfy lifestyle of everyone else via tax breaks. Why exactly do you deserve a tax break with an unlimited cap simply because you own a home?

You prefer that money goes to wealthy foreigners?

I know we need basic state services but I also need more share buybacks and dividend payments from my corporate investments.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Good. It is not my responsibility as a taxpayer to fund the comfy lifestyle of everyone else via tax breaks. Why exactly do you deserve a tax break with an unlimited cap simply because you own a home?

You prefer that money goes to wealthy foreigners?

It isn't my responsibility to subsidize your lifestyle. If the only reason you can afford a home is because you require govt tax breaks, too bad. The gravy train has ended. Taxes should be used to build infrastructure and build schools, not to fund the lifestyle of people who think they need 4000+ sq ft homes.

[Anonymous]

Why is a modest home price decline bad?

Shouldn't this reduce inequality, since most poorer people don't own homes? Also, we save a bit on property taxes.

I'm happy to lose a little home equity if it helps to solve the inequality problem out there and I assume other (true) progressives feel the same way.

[Anonymous]

Anonymous wrote:Why is a modest home price decline bad?

Shouldn't this reduce inequality, since most poorer people don't own homes? Also, we save a bit on property taxes.

I'm happy to lose a little home equity if it helps to solve the inequality problem out there and I assume other (true) progressives feel the same way.

No. It was/will be largely passed on to renters.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Why is a modest home price decline bad?

Shouldn't this reduce inequality, since most poorer people don't own homes? Also, we save a bit on property taxes.

I'm happy to lose a little home equity if it helps to solve the inequality problem out there and I assume other (true) progressives feel the same way.

No. It was/will be largely passed on to renters.

If home prices and property taxes decline, what exactly is there to pass on to renters...savings in the form of lower rent?

[Anonymous]

Anonymous wrote:If there is ever an attempt to fix it, I hope there is also a simultaneous effort to end the realtor cartel that saps 6 percent from homeowners. Talk about a baseless tax. It highway robbery.

+ 1 on this.

[Anonymous]

Anonymous wrote:I thought the liberals wanted the rich to pay more taxes and this change in tax laws did do that...

It probably has had an effect on more expensive properties especially in the Northeast where suburbs have high property taxes. On the other hand, it's helping to keep housing costs under control. Which is good.

All in all, I support this move. The tax deductions for mortgage interests and property taxes were mostly benefits for the affluent. The middle and working classes didn't see the same benefits.

If I'm going to pay more in taxes, I want the money to go to help our citizens who are in need. I do not want my money to be handed over to corporations and foreign owners.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Good. It is not my responsibility as a taxpayer to fund the comfy lifestyle of everyone else via tax breaks. Why exactly do you deserve a tax break with an unlimited cap simply because you own a home?

You prefer that money goes to wealthy foreigners?

It isn't my responsibility to subsidize your lifestyle. If the only reason you can afford a home is because you require govt tax breaks, too bad. The gravy train has ended. Taxes should be used to build infrastructure and build schools, not to fund the lifestyle of people who think they need 4000+ sq ft homes.

I agree with the bolded, but that isn't what happened here.