We don't agree on much, but here we do agree. It's just kind of ridiculous for mortgages of extreme size to keep getting an increasing benefit. The benefit becomes huge for people carrying $1M or even $2M mortgages. If someone chooses to buy a $2.5M house in SF and carry a $2M mortgage. Should they really get to write off $60k/yr in those interest payments that they voluntarily incurred? And I say that as a northern Californian deeply impacted by the absurd price of housing out here. No one should shed a tear for mortgages over $750k, IMHO. Only a rarified group of people, by income, can even qualify for such mortgages in the post-2008 world anyway. That said, the tax wrinkle is clearly targeting deeply blue areas like NYC and SF. I just wish the money would at least benefit the poor and the starving poor in this country. Oh well. Gilded days are here again.
Must be fake news. President Trump personally assured the nation multiple times that the new tax bill will actually cost him money!!!
In the abstract I'm no fan of the mortgage deduction (as a homeowner I think it's great) - but you're right, we shouldn't subsidize giant mortgages for well off people as they tend to make the tax system more regressive - except in this case it's being unsubsidized so that you can give other tax breaks to even more well off people and foreign shareholders to make the tax system ultra regressive. It's a literal zero-sum game here since they're using reconciliation.
That's impressive given that the bottom 50% pay less than 3% of the taxes as is. I mean, finding a way to give any tax cuts at all to people who don't pay them in the first place is awesome.
Curious, what tax cut do the higher income categories get? And How do the higher income categories compare to the those in middle and lower income? After all, trump says this is a middle class tax cut, where the middle class get the most benefit...
If you cut taxes for everyone, then those who pay more will always get more back. Those who pay nothing will get less back. Doesn't mean you are screwing over those who pay nothing. I'm not sure why this is a difficult concept for so many.
Told by who? The bottom gets a minscule tax cut but have social services cut in order to pay for a tax cut. Does the GOP have an alternative to ACA? No, seems those at the bottom, regardless of age, are going to hav Medicaid and Medicare cut.
LOL......2018. It is a sliding scale. It gets worse for the middle class every year. The 2023 is when the cuts are set to expire. If they do, the only ones to benefit is the 1%....as they take advantage of cuts that don't expire.
What you were told was everyone sees a tax cut up front, then the bottom phases out over time, while the top's cut don't. Grats on looking at a 2018 tax analysis to confirm this.
I hate to ask, "does anyone in America actually believe this, when all the data clearly shows the biggest breaks are at the top?" but I know the answer to my question. Yes, 32% of US Americans believe that Trump will personally be hurt by the tax bill, because he says so.
It seems like the single largest % cut may be for married people making about $250-300k together. They go from 33% to 24%. Not sure I understand the rationale, since those people aren't really middle class. Are they suburban GOP donors? I don't think so. Lots of young techy couples maybe? Maybe some older engineering family types? A lawyer with an underemployed spouse? Or some urbanites who will then pay more on the lost deductions? Would just like to understand their strategy there.
Nope. what I quoted has tax cuts to 2025. According to what i quoted, bottom 2 quintile the tax cut gets larger over time and top 3 quintile goes down.
Sorry was looking at the other item you quoted. I see you need a lesson on averages now, in your newest round of intentional dense-ness. "The lowest quintile gets an average tax cut of $70" Lowest Quintile A - Tax savings of $150 Lowest Quintile B - Tax savings of $100 Lowest Quintile C - Tax increase of $40 C suffers from taxation, Furthermore, A, B and C suffer now due to the repeal of the individual mandate and expected increase in healthcare premiums. This tax legislation is an abortion.
