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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."

Renters came out winners under the new tax law. For over a century, the federal tax code catered to homeowners and treated renters like second-class citizens. Homeowners have been able to deduct interest on their mortgages and home equity loans, as well as property taxes. Meanwhile, everyone, including renters, footed the bill for these deductions by paying higher rates. The new tax law at last begins leveling the playing field between renters and homeowners.

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.

>>>it only levels the playing field by taking away a deduction for homeowners<<<

How so? I will continue to deduct my Home Interest and Property Taxes. This Bill only limits Deductions, it does not take them away.

The Loan amount for the Homeowner Mortgage Interest Deduction is capped at $750,000 down from One Million.

Where I live there are Million Dollar Homes, but Banks usually require 20% down, so those Buyers can deduct nearly all the Interest on their $800,000 Mortgages, exempting the Interest on the $50,000 over the limit.

If I were buying a Home today, I could not afford the Home I currently live in which would sell for about $800,000. Is that the Government’s fault or mine?

If I had made better Financial decisions when I was younger, maybe I could afford that much for a Home today. Boo hoo, poor me...

The Property Taxes in CA where I live are capped at 1% of Assessed Value. On a a Million Dollar Home, that cost would be $10,000 a year.

Now the question arises, what is “Middle Class”? Do most Middle Class Families live in Million Dollar Homes?

I have had two Relatives ask me of they will lose their Mortgage Interest Deduction because of the Tax Bill.

They live in Homes worth about $300,000 so it will nt affect them in the slightest. Obviously they depend on the Media to feed them Liberal Propaganda and it apparently works like a charm.

All that being said, I would have liked the Deduction Cap for SALT to be $20,000 instead of $10,000, but over 80% of Taxpayers will still see a decrease in their Federal Taxes.

Unfortunately it’s all part of the Legislative meat grinder.