Reply With Quote
One million in interest is alot
A tax break popular with homeowners and the real estate industry could take a hit as Republicans look for ways to pay for their tax reform plan.
Despite promises from the Trump administration in April that it would “protect the homeownership … deductions,” multiple sources tracking tax reform said that the cap on the mortgage interest deduction — currently set at the interest on up to $1 million of mortgage debt — could be lowered in tax reform.
http://www.politico.com/story/2017/0...benefit-241328
Glad my house is paid for.
One million in interest is alot
Is like he wants to bleed out his own base of support.
He'll be at Bush's approval levels in a a few months.
Did you even read the article?
wait, Bush's was ever this bad?
Bush is actually a pretty good Democrat by today's standards. His policies are pretty similar to HRC's, honestly. And it's not just foreign policy. "No Child Left Behind" is a total Hillary policy, tbh.
Yeah let's pretend Clinton wasn't in step with teacher's unions and against national standards or that the bird Alexander who wrote/sponsored the bill isn't still in the House.
GOPO S are a special brand of delusional.
The difference between what Reagan and the Bushes did as opposed to the modern GOP of McConnell, Ryan, and Bozo the President is that when the former would do supply side tax cuts they would cut everyone in whereas today's version doesn't cut you in unless you make a quarter million a year.
I'll just bet he's weighing.
I thought most of you liberals were for sticking it to the rich - this cap down to $500 would do that. Doubling the standard deduction would help the little man too - especially if they don't own a home.
500k
Whatever caps are used should be increased by say average % increase of home prices from previous year so inflation doesn't eat away at it.
* cue double take*
How does a duck know, which direction South is?
Or how to tell his wife, from all the other ducks?
Hmmm?
You can cut a chicken's head off
And it will keep on movin
And twitchin...
Oh here we go again.
Complicating the tax code.
Flat tax, no credits, no deductions.
Simples...
Who ever knew the economy could be so complex...
Not a hill I'm willing to die on - I won't care in a few years - not that I'd ever be borrowing that amount of money. And a flat tax would suit me just fine - but that wouldn't be fair to low-income people, right?
500k is still a LOT of interest to deduct, you're talking about owning at least 3-4 large apartment complexes or over 20 sfhomes.
no, flat tax so beloved by the 1%, or 5%, is inhumanely regressive, which is why they love it.
We got ours, we want much more, and we and our greedy geens are gonna the poor to sickness and death.
Its not 500k of interest. Its interest on a 500k mortgage.you can buy a pretty decent home in san antonio for 500k, but that wont buy in LA or san francisco or new york.
But you care now?
Why do you care now?
Im assuming it wouldnt apply to rental homes as mortgage interest is just another business expense.
It would definitely slow illegal immigration because it would kill new home construction and most are built by illegals.
well you'll still be able to deduct some, up to the certain cap amount
That's what I'm hoping. As long as the mortgage interest is always still considered a business expense.
Really if you're going to buy a home to live in for that much, just buy it with cash.
Personally i have no problem borrowing money to buy houses, at least in tbe sa market. When you can pay 3.25% on an asset that increases in value 5% a year the math works just fine for me.
I deduct mortgage interest now. My house will be paid off then. It doesn't matter much to me as I'm at the end of my loan (not much interest now). But increasing the standard deduction in favor of the mortgage deduction evens it out for those who don't own a home (rent).
Ahhh based on YOUR situation.
Buying a house does not work like a government bond.
No one guarantees you 5% every year.
There are currently 1 users browsing this thread. (0 members and 1 guests)
Posting Permissions
