Posted on 01/03/2018 6:02:20 AM PST by Kaslin
I find the terminology strange. Are more homes in these states not owned? Undoubtedly, the difference is the homeowner is someone who doesn't live in the building, and merely rents it to another, and thus a landlord. But, in a sense, all homes are "owned" (some exceptions, like large squatter population, Detroit, etc).
Trump’s new tax law makes high earners pay more. Yet the media/dems shout “tax cuts for the rich.”
“California’s Jerry Brown calls the tax law “evil in the extreme.” That’s demagoguery. Most taxpayers will end up with more money in their wallets.”
Well, in this case, as regards home purchases here in the SF Bay Area, there is some truth to what Jerry the Fairy is saying. Thanks to Proposition 13, people who have lived in their home for any length of time will be fine. But when homes change hands here under Prop 13, they are reassessed to 1% per annum of their current market value. The homes on our road were all built in the early 1980’s when Jimmah Cahtah had mortgage interest rate hovering around 20%. We built ours with 18.5% construction money, but we got a big home at a very low cost because there was little building going on and both labor and material costs were, as a consequence way down. Now, 30 years later, these homes are selling at a premium because there’s no more space to build and construction costs are very high. A relatively young couple bought the home across the road from us last year. Based on what they paid for the place, their property taxes are 4X ours, and the new tax law will not give them the ability to deduct all of it.
Except for the increase in standard deduction that everyone gets, how did “renters” win in this tax bill? The title is misleading.
Agree - it only levels the playing field by taking away a deduction for homeowners. Sort of like penalizing a lottery winner by taking away their prize but not giving it to those with a losing ticket. Dragging those who have been able to afford a home down to those who can't isn't really an advantage to renters and sounds like a Communist arguement for "equality."
being a renter myself i searched for it as well. If its lower taxes then thats not just for renters.
Wait a minute. The homeowners are getting to deduct the mortgage interest they paid from their gross before tax income. They are paying a property tax on the property, right? I always thought the offset was to encourage home ownership and broaden the tax base. The system trades property tax for income tax, thus transferring the taxes paid to local government instead of federal. When did renters have to pay property taxes.
Maybe my understanding is off.
Dems Lie About It
Dems lie about EVERYTHING.
Renters pay property taxes via their rent. While they aren’t assessed property taxes, their landlord is. Regardless, the renter pays it.
More "progressive"? Have we not been fighting so-called "progressive" thinking for many years now?
Right. Every home is owned by someone! Occupant, landlord, or as in our case, both.
That's why rents are much higher in a high-tax environment; if return on investment is insufficient why bother being a landlord?
>> Maybe my understanding is off. <<
Nope, you’re fine.
Rather, it seems merely that Betsy McC has a highly imperfect sense of economic logic — and/or there’s a serious deficit in her ability to indulge in clear thinking.
(I could call her an economic moron. But that wouldn’t be prudent.)
“”Except for the increase in standard deduction that everyone gets, how did renters win in this tax bill? The title is misleading.””
I’ve been reading and trying to find that tidbit in the article but so far, no luck. I have no idea what they’re talking about. But I will say I’m mighty tired (and retired) with only 3 days into the New Year that the articles themselves have nothing to do with the titles.... This is the 3rd time I’ve commented on that this year..
“”Renters pay property taxes via their rent. While they arent assessed property taxes, their landlord is. Regardless, the renter pays it.””
That would imply that renters will get a reduction in their rent, right? The landlords get a break on their taxes and it all equals out?? HA!
I am curious, before this were you ever be able to take the standard deduction? We are home owners and always took the standard deduction because we couldn’t itemize, and our property tax wasn’t enough to qualify us.
DUH
i’ve itemized forever. Past 35 years or so. And i have an accountant. We live in NYC so the deduction for state and local is quite large.
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