[bimmer456]

Be prepared to pay more tax with fewer deductions. If your mortgage is more than $500K you get no interest tax deduction beyond $500K. No property tax deduction beyond $10K. No tax deduction for HELOC interest. No tax deduction for second homes, investment properties, which can make or break whether you make any money. Tax breaks for the wealthy and corporations. Tax cuts for corporations are paid for by tax increases on the middle class.

[kprocivic]

Being unmarried and no kids I have been getting raped for years.

[Lups]

Originally Posted by kprocivic

Being unmarried and no kids I have been getting raped for years.

I have an extra kid i can donate to you. He wants to talk about quantum physics while eating his breakfast, his biggest wish is to start deep sea diving as a hobby, he loves fishing and rocks and he according to his teacher is a future gangster or a professional blackmailer.

Just pm me where to send him. His teacher will probably pay for the tickets since my little devil refuses to participate to math classes if after doing the work, he is not allowed to go to the library for the rest of the lesson.

[Dang3r]

Originally Posted by kprocivic

Being unmarried and no kids I have been getting raped for years.

No, hes right, also in Germany childless couples or singles are deprived...and for what? To keep their live in their way aside of the told norms?
Fuq dat!

[TedA]

They will expire in 8 years...

On the brighter side, AMT limits have been raised significantly.

[ASAP]

500k houses... the definition of middle class has been quite varied recently i see lol

[RickFLM4]

Originally Posted by ASAP

500k houses... the definition of middle class has been quite varied recently i see lol

C'mon don't ruin the narrative. Mortgages over $750K and second homes have always defined the middle class, haven't they?

[bimmerfrk]

Originally Posted by bimmer456

Be prepared to pay more tax with fewer deductions. If your mortgage is more than $500K you get no interest tax deduction beyond $500K. No property tax deduction beyond $10K. No tax deduction for HELOC interest. No tax deduction for second homes, investment properties, which can make or break whether you make any money. Tax breaks for the wealthy and corporations. Tax cuts for corporations are paid for by tax increases on the middle class.

NOT Correct!

Get your numbers correct. Its 750k and only on new mortgages.

[RickFLM4]

Originally Posted by bimmerfrk

NOT Correct!

Get your numbers correct. Its 750k and only on new mortgages.

Stop throwing around factual information like it means something!

[MrRoboto]

Tax deductible mortgage interest...must be nice.

[RickFLM4]

Originally Posted by MrRoboto

Tax deductible mortgage interest...must be nice.

It is but the bigger standard deduction is even better. There may be no need for many people to itemize deductions like interest, state taxes and property taxes any longer.

[Joekerr]

Originally Posted by MrRoboto

Tax deductible mortgage interest...must be nice.

Yeah, seriously - boo hoo. We don't get to deduct interest on our houses unless they're rental houses or somehow tied to income earning investments. Nor do we get to deduct property taxes unless again rental house.

But our own houses that we live in - forget it.

Though if you happen to make less than about 70K total as a couple (and I think roughly $40K if single), the government may give you a few hundred bucks back as a credit for property taxes. More of a kind of:
"Holy crap, how'd you manage to pay our insane property taxes on that little of an income! Here's a few bones to offer a fricking glimmer of hope for next year...best wishes."

[dreamingat30fps]

Originally Posted by bimmer456

Be prepared to pay more tax with fewer deductions. If your mortgage is more than $500K you get no interest tax deduction beyond $500K. No property tax deduction beyond $10K. No tax deduction for HELOC interest. No tax deduction for second homes, investment properties, which can make or break whether you make any money. Tax breaks for the wealthy and corporations. Tax cuts for corporations are paid for by tax increases on the middle class.

LOL

I guess I'm part of the "corporations" getting tax breaks yet I can't afford a $500k home and/or second home the "middle" class apparently can.

[wdb]

My mortgage is paid off. I'm pretty sure I'm still going to make out better under the new law. Yay me I guess. But it's still voodoo economics, shifting the tax burden elsewhere. I expect my state and local tax burden to grow.

[KenB925]

Originally Posted by bimmer456

Tax cuts for corporations are paid for by tax increases on the middle class.

ALL taxes are paid for by consumers. Taxes are another cost for corporations, costs are passed on.

The trouble is when high taxes keep money out of the country and move operations elsewhere.

Obviously this an oversimplification.

[Stronie]

No tax deductions on investment properties......hmmmmm.
Is that accurate?

[KenB925]

Originally Posted by Stronie

No tax deductions on investment properties......hmmmmm.
Is that accurate?

Time to become a Corp.

[BayE30]

Originally Posted by kprocivic

Being unmarried and no kids I have been getting raped for years.

I got you beat, Im married with no kids, don't own a house, and pay San Francisco Rent. I basically am working to pay rent and car note, and paying 27% tax on my income...

[jgoens]

Originally Posted by Mr Carrots

Wow how terrible, I save 4k and don't have to pay my tax prep guy $500 to squeeze out deductions. I guess this means I'm somehow not middle class since I was reliably informed this bill is "robbery"

Impeach him NOW

Why would you pay a tax guy $500 to do tax prep when you can do it yourself for $50 using TAXact? Takes about an hour and is easy as hell. I learned about this program years ago from a tax guy as this is all he uses.

[bimmer456]

Originally Posted by wdb

My mortgage is paid off. I'm pretty sure I'm still going to make out better under the new law. Yay me I guess. But it's still voodoo economics, shifting the tax burden elsewhere. I expect my state and local tax burden to grow.

Even if your mortgage is paid off you won't be able to take the property tax deduction beyond $10k if you pay more than that.

[bimmer456]

This will boost profits for corporations which is why you should buy stock instead of assuming trickle down economics. Most companies take care of shareholders before employees so become a shareholder.

[RickFLM4]

Originally Posted by bimmer456

This will boost profits for corporations which is why you should buy stock instead of assuming trickle down economics. Most companies take care of shareholders before employees so become a shareholder.

Doesn't sound like you fully understand supply-side economics or current tax reform based on your original post or if you think economic impact is predicated on corporations altruistically "taking care" of employees.

Employees should benefit from stimulated economic activity (industrial and consumer), which leads to increased demand, more employment opportunities and ultimately wage growth by increased competition for labor, while minimizing incentives for companies / employers to relocate to lower tax jurisdictions. I understand people not subscribing to the theory but it is something else to dismiss by distorting.