AsianTrumpSupporter
Platinum Member
Republicans unveil tax cut bill, but the hard work awaits
...A number of provisions would hit taxpayers in Democratic-leaning states hardest, like rolling back deductions for state and local taxes and cutting in half the popular mortgage interest deduction.
The legislation, called the Tax Cuts and Jobs Act, produces new advantages for rich Americans through lowered corporate taxes, phasing out the estate tax and dumping the alternative minimum tax.
“This is a very important and special moment for our country, for all Americans. Are we going to let the defenders of the status quo win and see our country continue down this downward spiral?” Republican House Speaker Paul Ryan asked, despite data showing about eight straight years of economic growth.
Meeting with Ryan and other key House Republicans, Trump told the lawmakers he was counting on them to maintain the momentum for tax cuts, and repeated his request that Congress send him the legislation to sign into law by the U.S. Thanksgiving holiday on Nov. 23.
That is an ambitious timetable for such a long, multi-faceted piece of legislation that will face a ferocious lobbying battle among business sectors affected by the bill and fierce opposition from many Democrats.
Trump called the bill an “important step” toward tax relief for Americans, adding in a statement, “We are just getting started, and there is much work left to do.”
The bill presented by the tax-writing House Ways and Means Committee would consolidate the current number of tax brackets to four from seven: 12 percent, 25 percent, 35 percent and 39.6 percent. An earlier Republican tax outline had called for cutting the top rate for the highest earners to 35 percent.
The National Association of Home Builders blasted the legislation, saying it would damage home prices and punish homeowners in urban areas.
“We’re concerned if enacted, this bill will throw us back into another housing recession,” Jerry Howard, the group’s president, said in an interview.
The group said the provision in the bill capping the interest deduction for future home purchases at $500,000 - half the current amount - was unacceptable. Howard said 7 million homes are currently above $500,000 and in high-cost regions like Washington, D.C., New York City, California and Hawaii, the impact would be felt the most.
The bill would repeal the existing deduction for state and local income and sales taxes, and would cap the deduction for state and local property taxes at $10,000. Those provisions would most affect Americans in higher-tax states such as California, New York, New Jersey, Pennsylvania and Illinois....
Mortgage interest deduction claims, facts
I know most people on this board tend to be older and may already own a home. Here in California, it is nearly impossible for the middle class and lower class to own a home due to insanely high home prices thanks to investors snapping up homes and turning them into rentals (rental prices have gone up a lot too).
Also, as Trump deports more and more illegal immigrants from places like California, that will also reduce demand for rental units and homes. All of this will bring home prices back down to affordable prices for the middle class and lower class.
On top of that, Trump's reduction of taxes for small businesses will definitely help people like myself. I'm a self-employed, sole proprietor attorney.
Liberals are trying to paint Trump's tax plan as only benefiting the rich, which is bullshit. #MAGA
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