Trumpers are you tired? Trillion-Dollar Hit to Homeowners By reducing deductions for real estate

[Denizen]

Trump's tax cut is a fake, and an illusion for all but wealthy people and corporations.

The tax cut for corporations was offset by the higher taxes paid by homeowners because of the reduced cap on Federal tax deduction for real estate taxes paid to state governments.

Donald Trump has scammed his base again because he knows no better than scamming the people he loves, the uneducated howling mob that elected him.

Donald Trump has exacerbated the scam further by creating $Trillion budget deficits which are blowing out the debt faster than the rate at which GDP is rising. GDP is rising at ~2.3% while Federal debt is rising at ~5% of GDP.

The Donald Trump economic bubble is a fake that will end in a recession.

Trump’s Trillion-Dollar Hit to Homeowners — ProPublica

Trump’s Trillion-Dollar Hit to Homeowners
By reducing deductions for real estate taxes, Trump’s 2017 tax plan has harmed millions — and helped give corporations a $680 billion gift.
by Allan Sloan Oct. 10, 5 a.m. EDT

This story was co-published with Fortune.
In recent weeks, President Donald Trump has been talking about plans for, as he put it, a “very substantial tax cut for middle income folks who work so hard.” But before Congress embarks on a new tax measure, people should consider one of the largely unexamined effects of the last tax bill, which Trump promised would help the middle class: Would you believe it has inflicted a trillion dollars of damage on homeowners — many of them middle class — throughout the country?

That massive number is the reduction in home values caused by the 2017 tax law that capped federal deductions for state and local real estate and income taxes at $10,000 a year and also eliminated some mortgage interest deductions. The impact varies widely across different areas. Counties with high home prices and high real estate taxes and where homeowners have big mortgages are suffering the biggest hit, as you’d expect, given the larger value of the lost tax deductions. But as we’ll see, homeowners all over the country are feeling the effects.

...

This means that — for taxpayers of higher income and more modest income — the income tax savings are likely small beer compared with the hidden loss inflicted on many of them by lower house values.
Back to the main event. And some final — but important — numbers.
According to the Tax Policy Center, the Treasury will get $620 billion of additional revenue over a 10-year period because people can’t deduct their full state and local taxes.
That, in turn, covers most of the 10-year, $680 billion cost of the income tax break that corporations are getting. So you can make a case that my friends and neighbors and co-workers in New York and New Jersey — and many of you all over the country — are paying more federal income tax in order to help corporations pay less federal income tax.
That, my friends, is the bottom line. ...

 

[Third Party]

Trump's tax cut is a fake, and an illusion for all but wealthy people and corporations.

The tax cut for corporations was offset by the higher taxes paid by homeowners because of the reduced cap on Federal tax deduction for real estate taxes paid to state governments.

Donald Trump has scammed his base again because he knows no better than scamming the people he loves, the uneducated howling mob that elected him.

Donald Trump has exacerbated the scam further by creating $Trillion budget deficits which are blowing out the debt faster than the rate at which GDP is rising. GDP is rising at ~2.3% while Federal debt is rising at ~5% of GDP.

The Donald Trump economic bubble is a fake that will end in a recession.

Trump’s Trillion-Dollar Hit to Homeowners — ProPublica

Trump’s Trillion-Dollar Hit to Homeowners
By reducing deductions for real estate taxes, Trump’s 2017 tax plan has harmed millions — and helped give corporations a $680 billion gift.
by Allan Sloan Oct. 10, 5 a.m. EDT

This story was co-published with Fortune.
In recent weeks, President Donald Trump has been talking about plans for, as he put it, a “very substantial tax cut for middle income folks who work so hard.” But before Congress embarks on a new tax measure, people should consider one of the largely unexamined effects of the last tax bill, which Trump promised would help the middle class: Would you believe it has inflicted a trillion dollars of damage on homeowners — many of them middle class — throughout the country?

That massive number is the reduction in home values caused by the 2017 tax law that capped federal deductions for state and local real estate and income taxes at $10,000 a year and also eliminated some mortgage interest deductions. The impact varies widely across different areas. Counties with high home prices and high real estate taxes and where homeowners have big mortgages are suffering the biggest hit, as you’d expect, given the larger value of the lost tax deductions. But as we’ll see, homeowners all over the country are feeling the effects.

...

This means that — for taxpayers of higher income and more modest income — the income tax savings are likely small beer compared with the hidden loss inflicted on many of them by lower house values.
Back to the main event. And some final — but important — numbers.
According to the Tax Policy Center, the Treasury will get $620 billion of additional revenue over a 10-year period because people can’t deduct their full state and local taxes.
That, in turn, covers most of the 10-year, $680 billion cost of the income tax break that corporations are getting. So you can make a case that my friends and neighbors and co-workers in New York and New Jersey — and many of you all over the country — are paying more federal income tax in order to help corporations pay less federal income tax.
That, my friends, is the bottom line. ...

I thought there was a 10 thousand dollar deductible, which means only the RICH would pay more. Hasn't hurt me one bit either way and may cause states to cut welfare so they can cut state and local taxes-win/win.

 

[Toro]

Of course their tired. Their old! They have a right to be.

 

[Denizen]

Trump's tax cut is a fake, and an illusion for all but wealthy people and corporations.

The tax cut for corporations was offset by the higher taxes paid by homeowners because of the reduced cap on Federal tax deduction for real estate taxes paid to state governments.

Donald Trump has scammed his base again because he knows no better than scamming the people he loves, the uneducated howling mob that elected him.

Donald Trump has exacerbated the scam further by creating $Trillion budget deficits which are blowing out the debt faster than the rate at which GDP is rising. GDP is rising at ~2.3% while Federal debt is rising at ~5% of GDP.

The Donald Trump economic bubble is a fake that will end in a recession.

Trump’s Trillion-Dollar Hit to Homeowners — ProPublica

Trump’s Trillion-Dollar Hit to Homeowners
By reducing deductions for real estate taxes, Trump’s 2017 tax plan has harmed millions — and helped give corporations a $680 billion gift.
by Allan Sloan Oct. 10, 5 a.m. EDT

This story was co-published with Fortune.
In recent weeks, President Donald Trump has been talking about plans for, as he put it, a “very substantial tax cut for middle income folks who work so hard.” But before Congress embarks on a new tax measure, people should consider one of the largely unexamined effects of the last tax bill, which Trump promised would help the middle class: Would you believe it has inflicted a trillion dollars of damage on homeowners — many of them middle class — throughout the country?

That massive number is the reduction in home values caused by the 2017 tax law that capped federal deductions for state and local real estate and income taxes at $10,000 a year and also eliminated some mortgage interest deductions. The impact varies widely across different areas. Counties with high home prices and high real estate taxes and where homeowners have big mortgages are suffering the biggest hit, as you’d expect, given the larger value of the lost tax deductions. But as we’ll see, homeowners all over the country are feeling the effects.

...

This means that — for taxpayers of higher income and more modest income — the income tax savings are likely small beer compared with the hidden loss inflicted on many of them by lower house values.
Back to the main event. And some final — but important — numbers.
According to the Tax Policy Center, the Treasury will get $620 billion of additional revenue over a 10-year period because people can’t deduct their full state and local taxes.
That, in turn, covers most of the 10-year, $680 billion cost of the income tax break that corporations are getting. So you can make a case that my friends and neighbors and co-workers in New York and New Jersey — and many of you all over the country — are paying more federal income tax in order to help corporations pay less federal income tax.
That, my friends, is the bottom line. ...

I thought there was a 10 thousand dollar deductible, which means only the RICH would pay more. Hasn't hurt me one bit either way and may cause states to cut welfare so they can cut state and local taxes-win/win.

Your trailer is exempt from state taxes?

 

[Jitss617]

Trump's tax cut is a fake, and an illusion for all but wealthy people and corporations.

The tax cut for corporations was offset by the higher taxes paid by homeowners because of the reduced cap on Federal tax deduction for real estate taxes paid to state governments.

Donald Trump has scammed his base again because he knows no better than scamming the people he loves, the uneducated howling mob that elected him.

Donald Trump has exacerbated the scam further by creating $Trillion budget deficits which are blowing out the debt faster than the rate at which GDP is rising. GDP is rising at ~2.3% while Federal debt is rising at ~5% of GDP.

The Donald Trump economic bubble is a fake that will end in a recession.

Trump’s Trillion-Dollar Hit to Homeowners — ProPublica

Trump’s Trillion-Dollar Hit to Homeowners
By reducing deductions for real estate taxes, Trump’s 2017 tax plan has harmed millions — and helped give corporations a $680 billion gift.
by Allan Sloan Oct. 10, 5 a.m. EDT

This story was co-published with Fortune.
In recent weeks, President Donald Trump has been talking about plans for, as he put it, a “very substantial tax cut for middle income folks who work so hard.” But before Congress embarks on a new tax measure, people should consider one of the largely unexamined effects of the last tax bill, which Trump promised would help the middle class: Would you believe it has inflicted a trillion dollars of damage on homeowners — many of them middle class — throughout the country?

That massive number is the reduction in home values caused by the 2017 tax law that capped federal deductions for state and local real estate and income taxes at $10,000 a year and also eliminated some mortgage interest deductions. The impact varies widely across different areas. Counties with high home prices and high real estate taxes and where homeowners have big mortgages are suffering the biggest hit, as you’d expect, given the larger value of the lost tax deductions. But as we’ll see, homeowners all over the country are feeling the effects.

...

This means that — for taxpayers of higher income and more modest income — the income tax savings are likely small beer compared with the hidden loss inflicted on many of them by lower house values.
Back to the main event. And some final — but important — numbers.
According to the Tax Policy Center, the Treasury will get $620 billion of additional revenue over a 10-year period because people can’t deduct their full state and local taxes.
That, in turn, covers most of the 10-year, $680 billion cost of the income tax break that corporations are getting. So you can make a case that my friends and neighbors and co-workers in New York and New Jersey — and many of you all over the country — are paying more federal income tax in order to help corporations pay less federal income tax.
That, my friends, is the bottom line. ...

Only thinking hurt is your feelings Trump won lol

 

[Third Party]

Trump's tax cut is a fake, and an illusion for all but wealthy people and corporations.

The tax cut for corporations was offset by the higher taxes paid by homeowners because of the reduced cap on Federal tax deduction for real estate taxes paid to state governments.

Donald Trump has scammed his base again because he knows no better than scamming the people he loves, the uneducated howling mob that elected him.

Donald Trump has exacerbated the scam further by creating $Trillion budget deficits which are blowing out the debt faster than the rate at which GDP is rising. GDP is rising at ~2.3% while Federal debt is rising at ~5% of GDP.

The Donald Trump economic bubble is a fake that will end in a recession.

Trump’s Trillion-Dollar Hit to Homeowners — ProPublica

Trump’s Trillion-Dollar Hit to Homeowners
By reducing deductions for real estate taxes, Trump’s 2017 tax plan has harmed millions — and helped give corporations a $680 billion gift.
by Allan Sloan Oct. 10, 5 a.m. EDT

This story was co-published with Fortune.
In recent weeks, President Donald Trump has been talking about plans for, as he put it, a “very substantial tax cut for middle income folks who work so hard.” But before Congress embarks on a new tax measure, people should consider one of the largely unexamined effects of the last tax bill, which Trump promised would help the middle class: Would you believe it has inflicted a trillion dollars of damage on homeowners — many of them middle class — throughout the country?

That massive number is the reduction in home values caused by the 2017 tax law that capped federal deductions for state and local real estate and income taxes at $10,000 a year and also eliminated some mortgage interest deductions. The impact varies widely across different areas. Counties with high home prices and high real estate taxes and where homeowners have big mortgages are suffering the biggest hit, as you’d expect, given the larger value of the lost tax deductions. But as we’ll see, homeowners all over the country are feeling the effects.

...

This means that — for taxpayers of higher income and more modest income — the income tax savings are likely small beer compared with the hidden loss inflicted on many of them by lower house values.
Back to the main event. And some final — but important — numbers.
According to the Tax Policy Center, the Treasury will get $620 billion of additional revenue over a 10-year period because people can’t deduct their full state and local taxes.
That, in turn, covers most of the 10-year, $680 billion cost of the income tax break that corporations are getting. So you can make a case that my friends and neighbors and co-workers in New York and New Jersey — and many of you all over the country — are paying more federal income tax in order to help corporations pay less federal income tax.
That, my friends, is the bottom line. ...

I thought there was a 10 thousand dollar deductible, which means only the RICH would pay more. Hasn't hurt me one bit either way and may cause states to cut welfare so they can cut state and local taxes-win/win.

Your trailer is exempt from state taxes?

Don't have a trailer, but if I did, nothing Trump did would have any effect on it. Sounds like you live in a mansion in California and are mad that you have to pay more than the homeless there.

 

[Ricky LIbtardo]

If you increase taxes the libtardos bitch.

If you don't increase taxes the libtardos bitch.

One thing for sure is they never, ever pass up a chance to increase regressive taxes when they can.

You can bet your ass they are increasing the property tax on top of the tax limitation deduction.

Stupid libtardos shouldn't be allowed to touch anyone's money.