Bahahahaa! Trump's screws homeowners over - Wall Street Journal

[TheDude]

See folks, you really DID want to know what was in that tax bill before it passed.


Homeowners Rush to Prepay 2018 Property-Tax Bills
Filers line up at municipal offices before the GOP law kicks in; ‘It’s been insane here’
By
David Harrison and

Jennifer Levitz
Updated Dec. 26, 2017 7:57 p.m. ET

Homeowners across the nation are rushing this week to prepay their property taxes for 2018 before the Republican tax law kicks in Jan. 1 and effectively raises the levy on higher-end homes.

The new legislation, which President Donald Trump signed into law last week, caps at $10,000 the amount of state and local taxes that filers can deduct from their federal tax bill. That means those whose tax bills regularly exceed that amount could benefit by paying more tax in 2017, when the deduction has no limit."""""

Homeowners Rush to Prepay 2018 Property-Tax Bills

Shouldn't liberals rejoice? This law is essentially a tax on the wealthy.

What am I supposed to believe all things liberal narrative? Is this tax reform for the wealthy alone or not?

 

[busybee01]

See folks, you really DID want to know what was in that tax bill before it passed.


Homeowners Rush to Prepay 2018 Property-Tax Bills
Filers line up at municipal offices before the GOP law kicks in; ‘It’s been insane here’
By
David Harrison and

Jennifer Levitz
Updated Dec. 26, 2017 7:57 p.m. ET

Homeowners across the nation are rushing this week to prepay their property taxes for 2018 before the Republican tax law kicks in Jan. 1 and effectively raises the levy on higher-end homes.

The new legislation, which President Donald Trump signed into law last week, caps at $10,000 the amount of state and local taxes that filers can deduct from their federal tax bill. That means those whose tax bills regularly exceed that amount could benefit by paying more tax in 2017, when the deduction has no limit."""""

Homeowners Rush to Prepay 2018 Property-Tax Bills

Shouldn't liberals rejoice? This law is essentially a tax on the wealthy.

What am I supposed to believe all things liberal narrative? Is this tax reform for the wealthy alone or not?

It actually is not. There are several loopholes in the bill for people with extra money. The carried interest deduction is there and even Trump promised to get rid of it. The pass-through is ripe for abuse and it will be abused. Then this late addition to real estate trusts means Trump will be a huge beneficiary as well as Paul Ryan and Bob Corker who changed his vote from no to yes.

 

[EverCurious]

The double taxation thing was... is? a legit argument. Double taxation is wrong on it's face.

That said, the problem comes in when states decided to take their cut before paying for federal shit - then voted heavily to push more and more debt onto the fed (debts that /should/ probably be state debts.)

I feel that the states are in the wrong, at least in regards to the "end result," because it all boils down to the states essentially spending more than their people are willing to pay.

The alternative being that the MSM is just flipping you fruit loops out over nothing, which really wouldn't surprise me at all.

 

[Flopper]

What a total bunch of brain-dead nonsense. If you're paying more than $10K in state and local taxes, then you are in the top 10% of income earners and you live in a fairly expensive house. The "friend" who said that "Trump raised his property taxes by $4K" is both idiotic and very well off.

I live in Virginia. In order to pay more than $10K in state and local taxes, you have to make at least $120K per year *and* live in a house tax-appraised at over $330K. In order to pay substantially more--$3K or more--than $10K per year in state and local taxes, you have to make at least $180K per year and live in a house tax-appraised at over $500K.

And if you make $180K per year, your federal income tax burden will be cut by 3 percentage points for your first taxable $38K (single)/$77K (married), cut by another 3 percentage points for your taxable income between $38K-$82K (single)/$77K-$165K, and cut by 4 percentage points for your taxable income between $82-$157 (single)/$165-$315 (married).

So maybe your liberal friend should start lobbying his state and county governments to reduce their tax rates instead of expecting taxpayers in low-tax states to subsidize his state and local taxes that exceed $10K.

It depends on the location. In Los Angles, a median priced 3 bedroom house and a $70,000 taxable income would create a state tax in access of $10,000. This provision of the tax bill is designed to punish blue states since most blue states have higher property values, income, and taxes than red states. It's just party of the Trump plan to further divide the country.

Yep, and it was Obama’s agenda to divide America. Don’t you get tired of all the nonsense?

I live in a blue state, my home is worth $400,000, there is no state income tax, most people in this state would need a close to a million dollar home to burn up the $10,000. Maybe Trump secretly likes my blue state, hmmmm....

Texas a $500,000 home would burn the $10,000 tax exempt limit. Why does Trump hate Texas?

And Florida, over a million dollar home and it wouldn’t hit the $10,000 exemption and that is a toss up state!

You could make up some wild conspiracy theories, have at!

What is funny is I find you one of the more reasonable people on this board then you come up with this nonsense.

Politics today is all about division because the country is deeply divided and has been for many years. For Obama to win, he had to appeal to minorities, intellectuals, young voters and of course the big cities that would benefit from his agenda. Trump had to appeal to voters in smaller towns and suburban areas, to older voters, and poor white voters that shared his philosophical beliefs.

You can not win public office by uniting voters and you can not stay in office by uniting them. You have to pick a side and play to that side.

The division we see today is not bound by state lines but rather lines of race, economic status, and philosophical beliefs. Look at the last election, Trump got an average of 60% of the votes in cities with a population of less than 250,000 and Clinton got an average of 60% in cities with a population of over million. Look at the cities Trump loss in Texas, Houston, Dallas, San Antonio, Austin, and El Paso, large population centers and look at the areas he won, rural areas, small towns, and suburbia.

Keep in mind that the $10,000 limit includes both state income taxes, sales taxes, and property taxes. The new rule was aimed at hitting blue states because blue states tend to have higher state taxes. This is completely contrary to the reason for allowing the deduction of state taxes. The deduction of state taxes is in the tax code to lessen the burden on people that are already have heavy taxes imposed by state governments. The current changes by the GOP is designed to increase that burden which by no coincidence will fall on people in mostly blue states.

 

[AntonToo]

Trump had to appeal to voters in smaller towns and suburban areas, to older voters, and poor white voters that shared his philosophical beliefs.

haha Trump with philosophical beliefs? Must be some other Trump, because this one specializes in selling whatever gets him through the day.

 

[Papageorgio]

Trump had to appeal to voters in smaller towns and suburban areas, to older voters, and poor white voters that shared his philosophical beliefs.

haha Trump with philosophical beliefs? Must be some other Trump, because this one specializes in selling whatever gets him through the day.

Seems to me that all politicians do that, some are less obvious than others.