Is Trump really going to take away this deduction?

[kingfin66]

Wow, just when I was starting to get behind his fiscal policies I see this story. I recall hearing this before. Basically, if true, Trump intends to pay for his tax cuts for the wealthiest by screwing pretty much everybody else. I suspect that there are many homeowners across the political spectrum here at PaceAdvantage who would be adversely impacted by this change. Look on the bright side, when you are writing your larger than normal check to the IRS, you can write on the memo line, "At least it's not Hillary."

https://www.yahoo.com/finance/news/t...182402330.html

[Lemon Drop Husker]

They are also looking at doubling the Standard Tax deduction.

If you are single, that means from $6,300 to $12,600.

If you are married, it goes from $12,600 to $25,200.

Unless your mortgage payment stretches into the $3,000 a month range, you'll be alright. And if you are paying $3,000 a month for your home, then you are likely "alright" with how things are going in the economy right now.

[ReplayRandall]

Originally Posted by kingfin66

Wow, just when I was starting to get behind his fiscal policies I see this story. I recall hearing this before. Basically, if true, Trump intends to pay for his tax cuts for the wealthiest by screwing pretty much everybody else. I suspect that there are many homeowners across the political spectrum here at PaceAdvantage who would be adversely impacted by this change. Look on the bright side, when you are writing your larger than normal check to the IRS, you can write on the memo line, "At least it's not Hillary."

https://www.yahoo.com/finance/news/t...182402330.html

Trump is in for a rude awakening if he fully commits to grabbing this electrified, third rail.....I'm already onboard as stating his record of getting anything accomplished is looking worse with each passing month. To think that this is even a remotely viable idea is bordering on sheer lunacy.....My patience is running thin with the direction of ideas this POTUS has been displaying lately....Clock is ticking, Trump better get his act together real soon.

[fast4522]

Considering how home ownership is now at its all time low, please correct if this may not be correct. Something has to be put into the the numbers to the give column, it all can not be gravy because there has to be some balance. Now take into consideration that it is not the only thing being looked at or the one that makes it into the final bill. This is way too preliminary but worth discussion. Keep in mind getting to the 15 to 22 % level will mean big change of something, does anyone think if a flat tax became law you would still have a mortgage deduction? I favor a flat tax better than any idea but know in order to get there much will have to change along the way.

[fast4522]

Originally Posted by ReplayRandall

Trump is in for a rude awakening if he fully commits to grabbing this electrified, third rail.....I'm already onboard as stating his record of getting anything accomplished is looking worse with each passing month. To think that this is even a remotely viable idea is bordering on sheer lunacy.....My patience is running thin with the direction of ideas this POTUS has been displaying lately....Clock is ticking, Trump better get his act together real soon.

Hey there RR Greenspan was blowing your tune today saying we are on the edge of the bubble and is going to burst, this comment I am not intending either way but following up with you.

[_______]

This reaction is why tax reform is so difficult and why it is far more likely that you see a tax cut with a resulting rise in the deficit than anything remotely resembling actual tax reform.

Cutting taxes without broadening the base is a recipe for financial ruin. But since everyone is for gutting everyone else's carve out but not their own, there will be no consensus on the neccesary base broadening.

There are plenty of lobbyists waiting to pounce on these proposals and I'm sure you'll be seeing ads shortly asking you to call your congress critter to protect the mortgage interest deduction.

I personally would gladly trade it off for a lower overall tax rate even if it meant no overall reduction in my taxes. It's one reason real estate is priced artificially high and would contribute a a more normalized economy. But I wouldn't worry too much about this if you feel differently. There isn't going to be any meaningful "reform".

Just more saddling of future generations with unsustainable debt.

[ReplayRandall]

Originally Posted by fast4522

Hey there RR Greenspan was blowing your tune today saying we are on the edge of the bubble and is going to burst, this comment I am not intending either way but following up with you.

It's all good Fasty, I just don't like the thoughts of Trump being a BUST going through my head.....At least not this soon, but it's up to him to remove those doubts that are creeping in. The American people don't like being played for a chump, and neither do I.

[reckless]

Originally Posted by fast4522

Hey there RR Greenspan was blowing your tune today saying we are on the edge of the bubble and is going to burst, this comment I am not intending either way but following up with you.

Greenspan missed just about every inflection point in both the stock market and the economy throughourt his entire career. He's an old fool who should have been laughed out of his Fed Chair but survived because he's married to some ditzy, angry TV woman who reguarly said Hillary was the greatest, more or less.

Wise investors use this idiot's comments as a 'buy' signal.

[reckless]

Originally Posted by ReplayRandall

It's all good Fasty, I just don't like the thoughts of Trump being a BUST going through my head.....At least not this soon, but it's up to him to remove those doubts that are creeping in. The American people don't like being played for a chump, and neither do I.

Then Randall you should direct your anger to the those responsible -- the GOP leadership in both the House and Senate. They are ones putting the shiv in Trump's back. It's time for him to call out these clowns ... not sure yet if he understands all this, to be honest.

[Lemon Drop Husker]

Originally Posted by _______

This reaction is why tax reform is so difficult and why it is far more likely that you see a tax cut with a resulting rise in the deficit than anything remotely resembling actual tax reform.

Cutting taxes without broadening the base is a recipe for financial ruin. But since everyone is for gutting everyone else's carve out but not their own, there will be no consensus on the neccesary base broadening.

There are plenty of lobbyists waiting to pounce on these proposals and I'm sure you'll be seeing ads shortly asking you to call your congress critter to protect the mortgage interest deduction.

I personally would gladly trade it off for a lower overall tax rate even if it meant no overall reduction in my taxes. It's one reason real estate is priced artificially high and would contribute a a more normalized economy. But I wouldn't worry too much about this if you feel differently. There isn't going to be any meaningful "reform".

Just more saddling of future generations with unsustainable debt.

Excellent post.

The "kicking of the can down the road" has to eventually stop. Sadly, we are so mired in supporting handout programs left and right that "tax and spend" is the accepted norm for half of our country.

How do you personally cut debt? Oh, that's right, you quit spending and start paying down that debt without adding to it. Novel concept.

[ReplayRandall]

Originally Posted by reckless

Greenspan missed just about every inflection point in both the stock market and the economy throughourt his entire career. He's an old fool who should have been laughed out of his Fed Chair but survived because he's married to some ditzy, angry TV woman who reguarly said Hillary was the greatest, more or less.

Wise investors use this idiot's comments as a 'buy' signal.

Do you think of Yellen in the same way?....She makes Greenspan look like a piker, even though they're both momzers...

[fast4522]

Originally Posted by reckless

Greenspan missed just about every inflection point in both the stock market and the economy throughourt his entire career. He's an old fool who should have been laughed out of his Fed Chair but survived because he's married to some ditzy, angry TV woman who reguarly said Hillary was the greatest, more or less.

Wise investors use this idiot's comments as a 'buy' signal.

My comment was someone of note was agreeing with RR, I did not say that I agreed with the position. Had Hillary won there is little doubt to me the economy would be tanking by now. Currently I think that we are in uncharted waters specifically because of President Trump and the Greenspan logic is dated.

[reckless]

Originally Posted by fast4522

My comment was someone of note was agreeing with RR, I did not say that I agreed with the position. Had Hillary won there is little doubt to me the economy would be tanking by now. Currently I think that we are in uncharted waters specifically because of President Trump and the Greenspan logic is dated.

I didn't imply that you agreed with Greenspan, either. I also knew you were agreeing with Randall.

[Tom]

I wouldn't put too much faith in anything you read at Yahoo.

[ReplayRandall]

Originally Posted by reckless

It's time for him to call out these clowns ... not sure yet if he understands all this, to be honest.

Ahhhh....You finally get my POINT. I want Trump to quit talking smack and start getting the job done....I don't care what it takes, just get it done while you're in Jersey for the next 17 days, or have Bannon do it for you...