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12-22-2017, 04:56 AM | #89 |
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The loan amount limits should vary by location and factor in cost of living. Maybe it should be income based instead and factor in cost of living by city.
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12-22-2017, 06:31 AM | #90 |
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They already do vary.
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12-22-2017, 06:49 AM | #91 | |
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Personally, I'd prefer there be even lower rates and zero mortgage interest deduction. That puts people with mortgages, paid off mortgages and renters on even footing for federal taxes. It also puts residents in different parts of the country on even footing from a federal tax perspective. If you want to live somewhere that has exceptionally high real estate prices and / or state and local taxes, that's your choice, but that choice shouldn't mean you should be able to pay a discounted share of your federal tax burden than someone who lives elsewhere. However, all that said, if the mortgage interest deduction is going to continue to be part of the tax code, I wouldn't disagree with periodic increases to account for inflation. I don't know if it does that now or if it will do so going forward. Edit: I also think anyone with high mortgages and high state and local taxes should also review the AMT changes. If you are typically caught up by AMT, changes to AMT provisions should be considered in combination with other changes vs. trying to look at one headline provision in isolation.
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12-23-2017, 07:52 AM | #92 | |
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12-23-2017, 08:16 AM | #93 | |
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Mortgage changes
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12-23-2017, 09:28 AM | #94 | ||
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12-23-2017, 09:32 AM | #95 | ||
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12-23-2017, 10:42 AM | #96 |
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To be more clear, it was supposed to make it easier (maybe not specific to AMT) for more filers to not need any external (software or human) assistance bc they would not need to itemize. Not likely to play out that way if they expect to see an increase (in $), and especially after about year 4.
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12-23-2017, 11:40 AM | #97 | |
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12-23-2017, 12:04 PM | #98 | |
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12-24-2017, 07:38 AM | #99 | |
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12-24-2017, 10:02 PM | #100 |
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I read that most Americans do not itemize anyway so they never got the tax breaks anyway. One example is only 40% of people in NY itemize the rest only took the standard deductions so they will end getting more back since the standard deductions will increase but those who itemize may end paying more since they can not deduct what they use too. I know my itemize deductions were way higher than $24k they note give you.
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12-26-2017, 06:18 PM | #102 | ||
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As far as GDP growth goes, only time will tell. Hard to rely on projections, whether positive or negative. There were definitely some loopholes closed on the corporate side, particularly for large multinationals and companies that have complex intercompany financing arrangements to move taxable income around. Not much press about that, but they did do that and the irony is that it wasn't done by a democratic congress and president. There are still plenty of others, including "carried interest" that survived. So on this point I would still prefer something to nothing, but agree they fell short of expectations. Still more opportunity to eliminate loopholes and unnecessary deductions, both corporate and personal.
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12-26-2017, 06:24 PM | #103 | |
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12-26-2017, 07:52 PM | #105 | ||
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12-26-2017, 08:44 PM | #106 | |
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Then it should not have been sold that way by the marketer in chief. FACTS do matter. and the only thing worse than someone making the unfounded STATEMENT is them not being held to their words when they dont pan out. Like most certainly took place when under the 'keep your doctor' historic reference. It's called accountability, and its largely lost in this short term attention span world. GB.
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12-26-2017, 08:57 PM | #107 | ||
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12-27-2017, 07:19 AM | #108 | |
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Welcome to #45.
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12-27-2017, 07:33 AM | #109 |
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Not true for ACA... That was similarly railroaded through congress with votes split along party lines. There were some brief periods for comments but Republicans were not involved in writing the bill and of course there was the famous Pelosi quote, "you have to pass the bill to read the bill". As the Dems controlled both houses, it passed. Republicans aren't the only ones guilty of using theses tactics.
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12-27-2017, 07:37 AM | #110 | ||
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