Are Republicans really going to take away your interest deduction?

[task0778]

True, but is this ^^^ sarcasm, or has CF had a moment of truth?

Does granny live in a $750,000 house? Isn't that the ceiling for the mortgage deduction under the new tax bill? I thought you guys love to sock it to the rich people such as granny evidently is, so WTF? Most people already don't itemize anyway, and even more people will go with the standard deduction next year unless they're the top income earners. And nobody is going to push granny down the stairs, that is absolute and total BULLSHIT. So both of you are fill of crap. As usual.

Full of crap? The mortgage deduction is limited to $10.000, and I believe I'm correct that the $10,000 limit includes the total amount paid in all interest, real estate taxes and St. Income tax.

A $24,000 standard deduction is chump change compared to what I pay in taxes to the State and to the IRA.

Well congrats, I'm happy for you. Seriously, you done good. Maybe that $24k standard deduction is is chump change to you but it ain't to a whole lot of other people like me. For all those people it's a big deal to get that extra money in their paycheck and pay less federal taxes next year on their return. Which BTW should be a lot easier for some.

Oh, and one more thing - that mortgage deduction is not limited to $10k, you're thinking of the SALT deduction which does include property taxes along with the state and local taxes. As for the mortgage deduction, here's what the WSJ says:

The tax bill approved by the conference committee allows taxpayers with existing mortgages to continue to deduct interest on a total of $1 million of mortgage debt for a first and second home.

For new buyers, the $1 million limit drops to $750,000. There’s no chance of qualifying for the $1 million limit by getting a loan in the next two weeks, because the bill’s explanation clearly states that existing debt “had to be incurred before Dec. 15, 2017.”


Sooo, IOW everything that CF said that you thought was true, isn't. Granny's mortgage deduction still exists, up to the amount of interest on the first 1 million of the mortgage.

Thanks, I hope this is correct, We've yet to meet with our accountant and my wife has been worried ever sense the tax bill was signed. I was all set to sell my 2016 Honda Odyssey and buy the 2018 AWD Platinum RAV4, with all the bells and whistles until she put her foot down.

[a happy wife leads to a good live}

Our oldest son bought a Chevy Bolt the other day, really a cool car. All electric, and the Bolt, according the GM and my son gets over 250 miles on a full charge. We have solar panels on our roof and he brings the car over and plugs her in over week ends. He also takes us out to dinner on Saturday Nights.

make sure you have a great insurance policy been there done that

And an unhappy wife is hell on earth. Been there brother, not cool.

 

[task0778]

and cut taxes for those who profit from your monthly mortgage payment?

They're considering it.

Still singing this dishonest, ridiculous, class-warfare song, hey?

What are you guys gonna do when middle-income earners realize that their take-home pay has gone up substantially and that they are not affected by the cap on SALT deductions?

You need to define SALT, I'm stuck on Strategic Arms Limitation Talks.

SALT = State And Local Taxes. Includes Property taxes too I think, for some reason they couldn't or didn't work that P in there.

 

[Remodeling Maidiac]

and cut taxes for those who profit from your monthly mortgage payment?

They're considering it.

That would be as bad as democrats taking away our doctors

 

[Wry Catcher]

Reagan's tax cut, cut the deduction for Health Insurance, dues paid to unions and tools, he signed off and thus supported a large increase in military spending & the three martini lunch.

That was not reform, it was a gift to the business class paid for by the working men & women who brown bagged lunch.

He added to the deficit, for sure. And that's why I never voted for him.

BUT, rates were cut across the board, and taxes became taxes on actual earnings rather seeing how many write offs there are

And the business deduction and tax credits when to business and global corporations. At the time I lost a number of deductions.

Wait, you mean you weren't one of those libs that wanted to pay more in taxes?

As a troll, you are a failure. As a hack, you are also a failure. Now, try to post something substantive, thoughtful or thought provoking.

Guess not all of us can be quite as successful in those endeavors as you.

You need not guess, read some of your work.