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If people in high COL states are so financially stretched thin because they bought way too much house and then can't take some hit on their tax deductions, that's on them. This is why so many people are screaming because they're hanging on by a thread so they can have that house on the hill and the Beamer. This is the reckoning for reckless financial spending, and I love it.
Timeout - not all of these comments are uncivil. Just need to avoid the personal attack types. It's a pain, but I'm really on board with cleaning this place up.
Goran_K saysTrickle down does absolutely work. There is more personal wealth in the Western World than there has been individually in recorded human history across any nation on the Earth. Just because there are poor people doesn't mean that a highly profitable and hot private sector ISN'T a good thing.
Apple has a market cap approaching a Trillion dollars. How many people does the company employ? How many have cushy benefits plans? How many have bought nice homes in the Bay Area due to their huge salaries? How is this not an example of trickle down economics?
anon_8cbcb saysTimeout - not all of these comments are uncivil. Just need to avoid the personal attack types. It's a pain, but I'm really on board with cleaning this place up.
Fucking White Male saysSome of the lefties have gone off the deep end just like when Trump got elected.
That's errc hitting all the posts as uncivil. It's Saturday, he's developed a pattern of going off the deep end on Saturdays. Just go back and look at his postings on Nov. 11th and go look at Comment Jail from that date. You'll see.
errc saysThat's errc hitting all the posts as uncivil. It's Saturday, he's developed a pattern of going off the deep end on Saturdays. Just go back and look at his postings on Nov. 11th and go look at Comment Jail from that date. You'll see.
Look at you lying again. Why do you need to lie so frequently?
A lie??
Really?
How many comments do you have in Comment Jail today?
How many went in last Saturday?
Do you have a problem with facts?
https://patrick.net/comment_jail
Why do you accuse OTHERS for what you do here on a regular basis? Projecting?
It's nice that you told Patrick you were going to clean up your act? Too bad that didn't last more than a day.
The next time you need intense medical or legal assistance, or want your vehicle to stay safe when you crash - I hope you remember what you typed here.I'm 100% comfortable with what I typed here because I don't live beyond my means and I save like a motherfucker. Medical or legal assistance is nothing when you've planned your life and expenditures properly. It's called peace of mind.
People can certainly foot the bill - but how is fair to them, when people on either side of the income levels are catching a break?
anon_f1625 says
He/She got screwed at least twice - first time was at birth.
@WookieMan, this is what @Patrick is talking about.
@Patrick, anons probably should be blocked at this time. The above is someone who was put on ignore but still wants to troll. Why give them the chance?
#1 - The folks paying over $500K in mortgage interest
just any guy saysAssuming a 20% down, roughly $650K mortgage. Plus, the plan is to grandfather existing homeowners to the $1M limit.
#1 - The folks paying over $500K in mortgage interest
How big a mortgage do you need to pay over 500k in mortgage interest?
Why should renters have to subsidize taxes for homeowners?
How big a mortgage do you need to pay over 500k in mortgage interest?
bob2356 says
How big a mortgage do you need to pay over 500k in mortgage interest?
Assuming 4% rate, a single year's worth of the mortgage would be: $12,500,000.
bob2356 saysjust any guy saysAssuming a 20% down, roughly $650K mortgage
#1 - The folks paying over $500K in mortgage interest
How big a mortgage do you need to pay over 500k in mortgage interest?
That's a hell of an interest rate to pay 500k interest a year on a 650k mortgage. Loan sharks do mortgages now?Indeed.
I haven't the slightest clue what you're referring to on this point. Please elaborate how renters cover any costs for owner-occupied SFH?Why don't renters get a tax deduction on their monthly housing costs like homeowners do?
Large Job Growth Unlikely to Follow Tax Cuts for the Rich and Corporations.
NewOldUser saysI haven't the slightest clue what you're referring to on this point. Please elaborate how renters cover any costs for owner-occupied SFH?Why don't renters get a tax deduction on their monthly housing costs like homeowners do?
Why don't renters get a tax deduction on their monthly housing costs like homeowners do?
You do realize how much more SALT (the money that funds the county for infrastructure and the local school districts) homeowners pay, right? Renters pretty much use all that stuff for free because renting is a cash business, meaning that renters don't pay any SALT outside of income and sales tax.
meaning that renters don't pay any SALT outside of income and sales tax.
You don't think a landlord passes all his costs through to the renters in the total rent payment?
taking the position that the $200k to $500k taxpayers are not "middle class"
Actually no. In a free market--price is set by supply and demand.
Actually no. In a free market--price is set by supply and demand. What the owner pays in mortgage/SALT is irrelevant to what the market charges for rent. (except in the very long run)
For example--if there are 1000 houses for rent in a local market like Detroit, it doesn't matter that the owner of one may have large mortgage, that house will probably rent for less than his costs.
All American oligarchs have to do is to join with Russian oligarchs and the rest of the world's oligarchs will become irrelevant without any war needed.
The plan is to rape everyone who works for a living and fist them to death and shoot them in the face and to make life for the investing class a tax free experience, as the Founding Fathers intended.
As did the Koch Brothers.
We know who their preferred candidate was.
Yes, the primary injustice in our current tax system is that actual productive work is taxed much more highly than capital gains is:
https://www.fool.com/retirement/2016/12/11/long-term-capital-gains-tax-rates-in-2017.aspx
It's really amazing that this is never in the press. It should be the headline every day.
Sure I'll bite. Who do you believe the koch bro's preferred candidate was?
I suspect they hoped for Hillary as many insider Republicans like Kristol and French and Wilson and the rest of the Bowtie Country Club Crew clearly did.
Being such huge boosters of the Republicans for decades but not endorsing the winner in 2016, they showed themselves to be the Corporatists they really are.
I have seen report that people's tax liability goes down across the board. Is this true, and does this account for the supposed loss of MI deduction?
Wrong, why do you libbies keep pushing this lie. The majority will get a BENEFIT.
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I have no idea why anyone in the government thinks it's a good idea to eliminate MI and LAST tax deductions. If approved and implemented, many middle class people with children will be pinched very hard in the wallet.
This plan sucks. Period. I fully support Trump, but this shit is a total slap in the face.