Posted on 12/19/2017 11:53:10 AM PST by jazusamo
House Republicans passed their $1.5 trillion tax-cut package Tuesday afternoon, kicking the action over to the Senate as the GOP speeds toward swift passage of President Trump’s top legislative priority and the most significant rewrite of the tax code in three decades.
“Today, we’re delivering on our tax reform promise to the American people,” said Rep. Kevin Brady, the House’s top tax-writer. “For the first time in over three decades, we’re delivering a new tax code that provides more, fairer taxes, and bigger paychecks to Americans across the country.”
The House passed the plan on a 227-203 vote, and the Senate is expected to pass it later Tuesday.
The action will complete a once-unthinkable timeline to get a tax bill through Congress before Christmas, and comes less than two months after House Republicans released their initial legislative text of the tax bill.
(Excerpt) Read more at washingtontimes.com ...
Why did you post that?
I do own a home on 32 acres.
When I lived in Seattle I owned between 1978 and 1997. A divorce finished that.
Between then and 2011 I rented, and saved a bundle. I paid $1600 a month for a five bedroom three bathroom home on a landscaped 1/4 acre lot in the Renton Highlands. Zillow valued the home at just under $500,000. Before that one I was in a Three bedroom tri-level on the Mercer Island scar, two blocks from Paul Allen’s house. Again, professionally landscaped yard. I paid $1400 a month for that one.
But when I decided to buy, I bought because it was the only way to live in - and exploit - the type of place I wanted to spend the rest of my life.
And it is paradise. And a couple of streams, deer hunting with no license needed, ultimate privacy, quiet, no traffic, no building permits required, etc.
We got a 15 year low interest loan. We don’t meet any itemized deduction threshold which brings an interesting freedom. We give at our church via cash since it is not deductible and we need no record of it. We don’t even think about the federal tax ramifications of stuff we do. Life is so simple.
And with the new tax rates and rules, a lot of folks will find themselves in this position, whether they pay more in taxes or not. You can get to really like the freedom.
Where are Susan Collins, Comrade Juan McNuts, Linda Grahmnesty etc.?
How many are taking “run away!” orders from the Establishment?
I absolutely do not trust until the thing is signed. Lucy has pulled the ball away on absolutely everything so far.
“The mortgage loan deduction limitation, frankly angers me”
___________
Are you aware that Canada does not have a mortgage deduction and their housing market didn’t collapse in 2007 and their Vancouver and Toronto real estate markets are so hot that they implemented a 15% “foreign buyers tax” and the markets are still on fire?
Out her (Eastern Iowa), renting a decent house is a bit more than buying one.
So, if I rented a modest house (2,200 square feet ranch with basement), it would be about $1,300. My mortgage is $1,100. And I will pay it off in less than ten years.
If you rent, that isn’t the case. You will be paying north of $1,600 to maybe $2,000 for that same house. Not a lot of rental properties, and zoning laws are restricting that even more.
There is a risk. If I move, I have to sell my house, but it is in a good area and is priced low enough that shouldn’t be an issue. The guys up the street paying $400K for a house worth half that are just walking away.
Homes won’t be kept up. The area will go down hill. There will be a lot of vacancies as people opt to stop paying for their homes since they are so far upside down, and then the housing market is flooded and drops even further.
It’s interesting. I used to post in Seattlebubble.com, at the height of the last housing boom, that prices could drop as much as 20%. It sounded like crazy talk - even to me. But it is what I saw. And the funny thing is that looking back, we can only wish it had only been 20%.
But a funny thing happened. It just became the new normal. Nobody said “all the doom and gloomers were right!” Nope. They said, “what a great buying opportunity!” And of course, people who never knew anyone who lost their home suddenly had multiple friends walking away from their home, and maybe even they were themself.
And yet look at the seattle market now, just a few short years later. Hopefully this interest deduction change will at least put a pinhole in the balloon and people can start buying homes as a place to live rather than an investment.
Thank you for relating your experience. I appreciate it.
I support what you are doing. I’m not sure it’s for everyone, but I’d enjoy it.
This new tax structure may help you quite a bit, with the new 25,200 deduction for couples who don’t itemize. (I believe that’s pretty close to dead on.)
Best wishes to you.
No I wasn’t. Thanks for the mention.
What is a Canadian’s tax exposure compared to ours in the U. S.?
Time will tell. I’ve been known to be wrong before.
Thank you.
The estate tax change won’t be retroactive. Was she worth more than $5m? If not, her estate will not pay any estate tax under current law.
Canadian taxes are higher due to government health care, etc. But despite no interest deduction, their housing market keeps going and going:
House must vote again, first vote a no go!
The Dems did it under JFK but they are not JFK Democrats any more. They are Socialists now and worse.
Thank you for the mention and link.
I’ll check it out.
I hear you on the RINOs.
Susan and Linda have said they’ll vote for it, Juan is home in AZ and supposedly will fly back for the vote if needed but I don’t believe it for a second.
VP Pence canceled an overseas trip to be available if a tie breaking vote is needed
W 2 worker here. Mine will drop $2,790. I'm single and take the standard. Nothing fancy.
Still not addressing the real issue which is reform. Tax law is still a bloated out of control monster.
I’m not sure what you are referencing.
The House approval of the $1.5 Trillion tax bill was not valid?
Looks like this year is the last time I will itemize. Good by Tax Act who needs help with such a simple calculations? I had no idea so few itemized. Why do people need turbo tax when for most you just subtract $24,000k form your AGI (married) and go to the tax table? What’s so hard? Lame.
Exactly, 11 Republicans from high-state-income-tax states who were given permission by the GOP House leadership and by President Trump to vote NAY ... and RINO asshat Walter Jones of NC.
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