Trump tax law cost homeowners $1 trillion in lost equity

[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.

This. The tax code doesn't exist so that you could make a killing off real estate when you sell. Ridiculous.

[Anonymous]

Anonymous wrote:I’m no Trump fan. Politics aside, our taxes went down despite the SALT cap. Itemized deductions in 2018 were $72k but $32k in 2019. And our overall tax bill still declined. Same income. My point is that I’m not convinced the SALT cap is that big of a deal.

You're naive if you think the Democrats won't change the taxes back WITHOUT SALT (they're not going to give back revenue) when they come back into power.

[Anonymous]

Anonymous wrote:

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.

You're not exactly helping your arguments by making these unsubstantiated claims about handing over money to foreign entities.

Trump, for all his flaws actually made tax changes that was more progressive in many ways by eliminating benefits that accrued heavily to wealthy and high income earners and gave tax cuts in exchange to lower income earners. I'm no fan of Trump but it will be ironic and hypocritical of the Democrats to restore SALT if their aim is a more progressive tax system.

[Anonymous]

Anonymous wrote:I’m no Trump fan. Politics aside, our taxes went down despite the SALT cap. Itemized deductions in 2018 were $72k but $32k in 2019. And our overall tax bill still declined. Same income. My point is that I’m not convinced the SALT cap is that big of a deal.

And we paid $10K more.

[Anonymous]

I think it’s great that people are taking a harder look at state taxes and the value states deliver for the tax they collect.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

You're not exactly helping your arguments by making these unsubstantiated claims about handing over money to foreign entities.

Trump, for all his flaws actually made tax changes that was more progressive in many ways by eliminating benefits that accrued heavily to wealthy and high income earners and gave tax cuts in exchange to lower income earners. I'm no fan of Trump but it will be ironic and hypocritical of the Democrats to restore SALT if their aim is a more progressive tax system.

Dems live big govt. any SALT changes by Dems will be to advance the growth of govt. If they can blow up the Corp rate and grow state govt via restoration of SALT, they will, just so long as Fed govt is on it’s way to bigger and more wasteful.

[Anonymous]

Won't anyone think of the poor people of Westchester? Lol.

[Anonymous]

Just watched a movie on Netflix called The Laundromat with Meryl Streep. Pretty certain it is a head nod to trump’s horrible policies and the foreign implications for business, financial instruments, cleaning money, tax shelters and that gray area between tax avoidance and tax evasion. This article is just the tip of the iceberg of the impacts of this horrible stolen presidency. Interesting that this data is coming out to substantiate what we all heard Obama complaining about 10 years ago.

Tax laws and campaign finance/donation laws need revising.

[Anonymous]

You Democrats love taxes, right? So what's the problem? You're getting what you claim to want!

[Anonymous]

Anonymous wrote:
Dems live big govt. any SALT changes by Dems will be to advance the growth of govt. If they can blow up the Corp rate and grow state govt via restoration of SALT, they will, just so long as Fed govt is on it’s way to bigger and more wasteful.

with the rise of AOC and true progressives like her, SALT is dead and never coming back. unfortunately we'll get more tax hikes with nothing to offset them.

[Anonymous]

There should be $0 in deductions allowed for home ownership. We don't give everyone tax breaks just because they own cars. It is a ridiculous transfer of wealth to the individual rather than using taxes to improve the country for the collective benefit of all.

[Anonymous]

Everyone should pay the same rate. Everyone. No crazy deductions, no social engineering through the code, no lobbyist manipulation of tax breaks. One rate for people, one rate for companies applied across every dollar earned.

[Anonymous]

Anonymous wrote:Blue states' problem. He doesn't care.

As the cliche goes, "that's a feature, not a bug."

[Anonymous]

Rising 401Ks make up for it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Blue states' problem. He doesn't care.

As the cliche goes, "that's a feature, not a bug."

You: "Blue state homeowner's lost $1 trillion in home equity, waaaaah!"

Me:

¯\_(?)_/¯