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hose on the left with only academic experience but little market experience seem to think someone 1000x richer means he eats 3000 hamburgs a day instead of your own 3 hamburgs a day (and all those hamburgs fall from the sky, so if he eats more, you eat less).
anon_fb813 saysReminder: home ownership is one of the largest drivers of the US economy. Furniture, construction, repairs, maintenance, hardware, tools, landscaping, service workers, technology, entertainment, automobiles, toys for the young and old alike, and so on.
I agree. Now how do we get more people with lower incomes into houses? Wouldn't that be better then giving it back to those who already own homes?
Quigley saysMortgage interest write-offs up to $750,000 mortgages
I feel this one needs to be scaled down a lot. That's like paying wealthy people to buy expensive houses, not right.
FortWayne saysQuigley saysMortgage interest write-offs up to $750,000 mortgages
I feel this one needs to be scaled down a lot. That's like paying wealthy people to buy expensive houses, not right.
Absolutely! Very disappointing that such a high limit is getting included in that bill.
Joking aside, what the smart academics realize is that someone 1000x richer eats 3 hamburgers a day and hoards the rest of the cash, whereas if that 1000X wealth were spread over the entire population, there would actually be 3000 hamburgers or more eaten leading to more demand for beef and more jobs in the restaurant, more jobs on the farm, more jobs at the beef processers, etc. That's why high inequality is bad and leads to job losses and a crappy economy.
There is some small chance for the political pendulum to swing meaningfully to the left.
four years of escalating economic gains
In a late stage business cycle? Dram on. At best a blow off top stock market.
Bob, renters never pay property taxes. Those are the taxes that pay for county services, like schools and roads.
This has been beaten to death in another thread. Landlord pays the prop taxes. Never the renter. Renter pays to use the space to live. Landlord's balance sheet is irrelevant.
Landlord pays the prop taxes. Never the renter. Renter pays to use the space to live.
I would strongly suggest you stay out of rental real estate if you believe otherwise.
FP says
In a late stage business cycle? Dram on. At best a blow off top stock market.
I guess I’m not educated enough about economics to understand your point.
Let me ask you real estate experts another question - say a landlord has many properties which are rented out, plus some other investment income. What happens if the landlord chooses to pay the property tax rolls using the income from the investments? Did the renters pay for property taxes in this case?
What if a landlord tries to set his rental price based upon the fact that his mortgage and interest payments are very high. What will happen to this landlord if comparable properties are only fetching much less in rent?
Wrong - the renters IN ALL CASES only pay for use of the dwelling.
anon_0c821 saysWrong - the renters IN ALL CASES only pay for use of the dwelling.
So what does the landlord do with the dollars he collects as the rent payment?
Yes the renters still pay for property taxes. How exactly it's paid is just a technicality.
Let me ask you real estate experts another question - say a landlord has many properties which are rented out, plus some other investment income. What happens if the landlord chooses to pay the property tax rolls using the income from the investments? Did the renters pay for property taxes in this case?
What if a landlord tries to set his rental price based upon the fact that his mortgage and interest payments are very high. What will happen to this landlord if comparable properties are only fetching much less in rent?
Right! It's technically correct to say that landlords pay the property tax, but they pay it with money they get from the tenants, so the tenants are in effect paying the property tax if not personally paying it to the government.
Tax overhaul deal sweetens for working class
Here's how to sweeten the deal. Every person saves $1 before anyone saves $2. Every person saves $100 before anyone saves $101. Simply lower everybody's taxes the exact same amount until their taxes reach zero. Now that would be tax reform.
I’m guessing you flunked math.
Higher earners would pay hardly anything under your system, even if everyone else’s taxes under $200k are reduced to zero.
Patrick saysRight! It's technically correct to say that landlords pay the property tax, but they pay it with money they get from the tenants, so the tenants are in effect paying the property tax if not personally paying it to the government.
It is semantics, but it is an important distinction and a fundamental law of economics--price is set by supply and demand and is independent of the cost of the good or service except in the very long run (which we never reach).
Supply and demand? WTF does that have to do with tenets paying rent which is used for paying taxes.
Nope--everyone starts at today's level of taxes and any reductions are made equally in dollar terms. It would be much better than the current tax plan.
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$10,000 in state income tax eligible for write-off so no double taxation for most people.
Mortgage interest write-offs up to $750,000 mortgages.
Property tax deduction.
Possibly child tax credit even higher than the previously proposed $2000
The corporate tax rate may be greater than 20% to compensate.
Oh and Murkowski got them to open ANWR to oil development as a requirement for her vote.
Let’s just hope McCain doesn’t resurrect himself to fuck this one up!
https://www.npr.org/2017/12/13/570509509/gop-lawmakers-agree-on-final-tax-package-hatch-says
#politics