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But shouldn't the rich be paying more of their fair share and doesn't curtailing home price increases make home buying more affordable for the next generation?
Average home price may be $650k, but such a average is skewed by so many multi-million dollar homes. A better reference would be median price, which according to below, half the homes in LA currently would sell for $570k or less:
"In order to afford to purchase the median-priced home in Los Angeles, you'd need to earn $96,513 a year, according to HSH.com, a mortgage information website.
The median home price in Los Angeles is $570,500, according to the real estate website, Trulia.com."
https://www.scpr.org/blogs/economy/2015/01/15/17806/la-residents-need-to-make-34-an-hour-to-afford-ave/
But you see a "scam" because very affluent people (above $200k is affluent anywhere) may lose a deduction that is not grandfathered
again, one more time, starting at $40K a year, people are already affected by this tax bill. that includes dual income family of two janitors making minimum wage. meaning it will drive home prices down. either agree or disagree with this and provide calculations to back up your claims or quit arguing with yourself.
Disagree. With a $40K income, you won't qualify for a home in the LA area anyway.
Refer to post #9 on this thread.
I do believe it is 10k total,
House and car prices are based on the availability of credit. Easy loans create rising prices while tight credit causes falling prices.
say a family in which wife and husband each make $100K (average in Los Angeles). even when 401K is maxed, their state income tax is $16K. but they can only deduct $10K total for BOTH property taxes and state income taxes. they used to o be able to deduct $37K but this year they can only deduct $25K. as you can see this means $4K less in their refund.
average home in Los Angeles is $650K. that's $8K in property taxes a year and roughly $13K in mortgage interest.
say a family in which wife and husband each make $100K (average in Los Angeles). even when 401K is maxed, their state income tax is $16K. but they can only deduct $10K total for BOTH property taxes and state income taxes. they used to o be able to deduct $37K but this year they can only deduct $25K. as you can see this means $4K less in their refund.
BorderPatrol sayssay a family in which wife and husband each make $100K (average in Los Angeles). even when 401K is maxed, their state income tax is $16K. but they can only deduct $10K total for BOTH property taxes and state income taxes. they used to o be able to deduct $37K but this year they can only deduct $25K. as you can see this means $4K less in their refund.
You are overlooking the income tax rate decrease. It will most likely offset the lost deduction.
How can that be Trump's fault?
You are overlooking the income tax rate decrease. It will most likely offset the lost deduction.
So, the more I think about this tax bill, I feel like it will most definitely hit the wealthy harder than the lower income brackets. I am concerned by how drastically it will hit some who are not prepared for it.
Combined income: 120k
House paid off in Orange County, CA
property tax: 7,700
2 kids
win or lose with the new tax bill?
anon_3d78c saysHow can that be Trump's fault?
it's a revenge tax policy aiming to hurt the states that didn't vote for him. he's a vile, corrupt pile of excrement.
the bigger scam is the personal tax cuts will expire while tax cuts for his companies are permanent. not to mention he saves hundreds of millions and his sorry supporters save $2K LOL.
this is a scam but as long as his supporters get a bone they turn a blind eye and play dumb.
Why did you ignore the fact that these taxes you're complaining about are assessed at the state and local levels, not federal level?
Are the local politicians to blame in CA for the screwing coming to the state?
Any other thoughts?
do you even realize the reason for high state income taxes is the higher population which requires more money to maintain roads, school, infrastructures?
do you even realize the reason states have no or little income taxes is because nobody wants to go there to begin with because they are basically shitholes?
you realize that the moment they get enough people, they'll start raising taxes too? you think there's something special about the rednecks living in TX, FL and NV?
why do you ignore other parts of the tax scam i mentioned?
do you even realize the reason for high state income taxes is the higher illegal population which requires more money to maintain roads, school, infrastructures?
some of the most corrupt and backward shit come from there. tornadoes, hurricanes and desert. that's why income taxes are 0.
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Due to tax changes, price drops expected, at least what I see.
Any other thoughts?
#housing