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If the mortgage interest deduction goes away it will crash the value of existing homes and stop the construction boom stone cold dead

The point is that we didn't elect a GOP majority to RAISE TAXES ON THE MIDDLE CLASS-PERIOD.

This nonsense of subsidizing high tax States is exactly that- NONSENSE.

The people writing this tax bill are lying Goldman Sachs oligarchs Banksters, the same scumbags that were “too big to fail” and got the taxpayers to bail them out back in 2008 that now want a huge tax cut for corporations and want the upper middle class to pay for it.

CUT SPENDING

DO NOT RAISE TAXES ON THE MIDDLE CLASS

This bill raises taxes on a family of four in ANY State, whether they have a State Income tax or not.

Banksters Mnuchin and Gary Cohn from Goldman Sachs are writing the tax bill.

This is an attempt at the biggest heist in history.

“Mnuchin is a member of the “Big Six”, a group of politicians convened to write a tax reform proposal that incorporated input from members of the House of Representatives, Senate, and White House. In addition to Mnuchin, the group consists of Senators Orrin Hatch (R-UT) and Mitch McConnell (R-KY); Representatives Kevin Brady (R-TX) and Paul Ryan (R-WI); and National Economic Council Director Gary Cohn”.

Do you trust these 2 creepy scumbags or believe a goddamned word they say?

I sure as hell don't

They need a trip to the Guillotine, not running around trying to steal cash from HARD WORKING MIDDLE CLASS TAXPAYERS!!!!!

Even an idiot can see from this bar chart that FEDGOV is out of control.

Yearly spending has doubled too, from 2 trillion to 4 trillion since 2001.

Rather than cut spending, the GOP wants to stick it to MIDDLE CLASS taxpayers THAT ACTUALLY PAY TAXES, give corporations a break (windfall that won't be passed down to employees), and pass it off as a TAX CUT

OUTRAGEOUS!!!!!

“If the mortgage interest deduction goes away it will crash the value of existing homes and stop the construction boom stone cold dead.”

Thanks for at least agreeing with me that tax policy affects behavior. It just sickens me to think that some people don’t think it affects behavior.

As to the bill overall...it’ll never pass, so I haven’t spent much time trying to figure it out. I just hate to hear people saying that we don’t need kids in this country.

Is the sky falling?

Both chambers preserve the mortgage interest deduction, but the House bill caps it at up to $500,000 of principal (current law is a $1 million maximum.)

They also both keep the deduction for charitable contributions, as well as the adoption tax credit, which originally was not included in the House bill, but was part of the amended version that passed.

Second homes are no longer included since this is seen as a deduction taken by the wealthier Americans at the expense of the middle class.

If a person is buying a house over $500,000 then the loss of the ability to deduct the interest on the remaining 100K-500K is not going stop them from buying a home. There is no way this will crush the housing market. Rather the decreased tax burden and improving economy will strengthen the market.

People don’t buy a home to get a tax deduction; they want a place of their own. If you are in the bracket where you are searching for tax deductions and buy a home for this purpose, you are most likely not in the middle class.

One of the biggest symbols of the American Dream is owning your own home and the % able to do so has been dropping like a stone for decades. The mortgage tax deduction didn’t seem to make home ownership possible for most Americans, but a tax rate cut especially for business & middle class will make many more families able to own a home.