Author Topic: SALT Deduction  (Read 4517 times)

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Offline Irvinecommuter

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Re: SALT Deduction
« Reply #75 on: April 16, 2019, 09:48:25 AM »
almost as if you're being brainwashed to believe the tax cuts really didn't help you...hmmmmm who could have a vested interest in that alternate reality?

Tax cuts always benefits some over the mass.  The question both economically and political is what has the tax cut done for the US economy? 

Where is the projected 3 to 4% growth for the next ten years that was going to pay for the tax cut and spurn the US into the next level of growth?

This is why I despise GOP economical model...just say what it is, more money for rich people at the expense of the 90%.  Don't give me trickle-down economics or unrealistic growth model...just go with "HEY IT'S GOOD FOR ME"

Offline Kings

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Re: SALT Deduction
« Reply #76 on: April 16, 2019, 10:19:11 AM »
almost as if you're being brainwashed to believe the tax cuts really didn't help you...hmmmmm who could have a vested interest in that alternate reality?

Tax cuts always benefits some over the mass.  The question both economically and political is what has the tax cut done for the US economy? 

Where is the projected 3 to 4% growth for the next ten years that was going to pay for the tax cut and spurn the US into the next level of growth?

This is why I despise GOP economical model...just say what it is, more money for rich people at the expense of the 90%.  Don't give me trickle-down economics or unrealistic growth model...just go with "HEY IT'S GOOD FOR ME"

keep trump in office for the next 10 years and you'll see sustained 3-4% growth  :)

and 50% of the country doesn't even pay federal taxes, so not sure how it could be at their expense

Offline Irvinecommuter

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Re: SALT Deduction
« Reply #77 on: April 16, 2019, 10:23:32 AM »
almost as if you're being brainwashed to believe the tax cuts really didn't help you...hmmmmm who could have a vested interest in that alternate reality?

Tax cuts always benefits some over the mass.  The question both economically and political is what has the tax cut done for the US economy? 

Where is the projected 3 to 4% growth for the next ten years that was going to pay for the tax cut and spurn the US into the next level of growth?

This is why I despise GOP economical model...just say what it is, more money for rich people at the expense of the 90%.  Don't give me trickle-down economics or unrealistic growth model...just go with "HEY IT'S GOOD FOR ME"

keep trump in office for the next 10 years and you'll see sustained 3-4% growth  :)

and 50% of the country doesn't even pay federal taxes, so not sure how it could be at their expense

Really?  Cause the tax cut was to have maximum effect in year 1 and 2018 had 2.9%...projection is about 2% this year...1.5% next year. 

Seriously...just go with "HEY I GOT MORE MONEY" slogan.  It's at least honest.

Offline eyephone

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Re: SALT Deduction
« Reply #78 on: April 16, 2019, 10:38:05 AM »
almost as if you're being brainwashed to believe the tax cuts really didn't help you...hmmmmm who could have a vested interest in that alternate reality?

Tax cuts always benefits some over the mass.  The question both economically and political is what has the tax cut done for the US economy? 

Where is the projected 3 to 4% growth for the next ten years that was going to pay for the tax cut and spurn the US into the next level of growth?

This is why I despise GOP economical model...just say what it is, more money for rich people at the expense of the 90%.  Don't give me trickle-down economics or unrealistic growth model...just go with "HEY IT'S GOOD FOR ME"

keep trump in office for the next 10 years and you'll see sustained 3-4% growth  :)

and 50% of the country doesn't even pay federal taxes, so not sure how it could be at their expense

Really?  Cause the tax cut was to have maximum effect in year 1 and 2018 had 2.9%...projection is about 2% this year...1.5% next year. 

Seriously...just go with "HEY I GOT MORE MONEY" slogan.  It's at least honest.

He’s like Morekas. Ignores the republicans in the Midwest and South. (the majority of the GOP base)

Offline morekaos

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Re: SALT Deduction
« Reply #79 on: April 16, 2019, 10:41:35 AM »
almost as if you're being brainwashed to believe the tax cuts really didn't help you...hmmmmm who could have a vested interest in that alternate reality?

Tax cuts always benefits some over the mass.  The question both economically and political is what has the tax cut done for the US economy? 

Where is the projected 3 to 4% growth for the next ten years that was going to pay for the tax cut and spurn the US into the next level of growth?

This is why I despise GOP economical model...just say what it is, more money for rich people at the expense of the 90%.  Don't give me trickle-down economics or unrealistic growth model...just go with "HEY IT'S GOOD FOR ME"

Puleeeze!! The small guy and the guy in the middle benefited greatly...

More than 44% of Americans pay no federal income tax

Approximately 76.4 million or 44.4% of Americans won’t pay any federal income tax in 2018, up from 72.6 million people or 43.2% in 2016 before President Trump’s Tax Cuts and Jobs Act, according to estimates from the Tax Policy Center, a nonprofit joint venture by the Urban Institute and Brookings Institution, which are both Washington, D.C.-based think tanks. That’s below the 50% peak during the Great Recession. They still obviously pay sales tax, property taxes and other taxes.

“The large percentage of people who don’t owe federal income tax is a feature, not a bug, of the revenue code,” according to the Tax Policy Center. “By design, the federal income tax always has excluded a significant fraction of households through a combination of personal exemptions, the standard deduction, zero bracket amounts, and more recently, tax credits.”

https://www.marketwatch.com/story/81-million-americans-wont-pay-any-federal-income-taxes-this-year-heres-why-2018-04-16

New Poll: Vast Majority of Accountants Say Tax Cuts Have Helped Small Businesses
Tax Day should call attention to the savings experienced by small businesses as a result of the Tax Cuts and Jobs Act

According to the national survey of 102 Certified Public Accountants—representing over 5,500 small business pass through clients across the U.S.—conducted by Research Strategy Group International, nearly 80 percent of respondents believe that the implementation of the tax cuts legislation has helped America’s small businesses. Moreover, almost as many also felt that the TCJA helped stimulate the economy (76%).

https://www.jobcreatorsnetwork.com/press_releases/new-poll-vast-majority-of-accountants-say-tax-cuts-have-helped-small-businesses/

Offline OCtoSV

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Re: SALT Deduction
« Reply #80 on: April 16, 2019, 10:52:18 AM »
Wow - in 2017 I was in 33% bracket with 27.7% effective rate. In 2018 my AGI went up 50% due to good things happening, pushing me to the 37% bracket, but effective tax rate is 27.9%

Offline Mety

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Re: SALT Deduction
« Reply #81 on: April 16, 2019, 11:04:01 AM »
Man, seems like most people are benefiting from this new tax plan. I thought I was going to get hit, but surprisingly benefiting more also. Maybe I should have bought a bigger house.  ;D

There’s no tax incentive to buy a bigger house like before.

Mety buy a bigger house and then let us know if there is additional tax savings. Also, send your kids to online elementary school. Then let us know your feedback. (re: your comment replacing regular teachers with online teachers)
Jk

I wish I could buy a bigger house lol.
I was joking on teachers working from home, but you never know, things going crazy as is will show us more so in a future.

Offline Mety

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Re: SALT Deduction
« Reply #82 on: April 16, 2019, 11:05:51 AM »
So the bottom line, not much changed?
Does this tell us in any way that the housing market will be back to bull run again? Or are the buyers still fed up with ridiculous prices?

Offline morekaos

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Re: SALT Deduction
« Reply #83 on: April 16, 2019, 11:08:33 AM »
Really still think its minimal or just anecdotal?

9 Apocalyptic Lies Fed To Americans About The Republican Tax Bill

https://thefederalist.com/2019/04/15/9-apocalyptic-lies-fed-to-americans-about-the-republican-tax-bill/

Offline eyephone

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Re: SALT Deduction
« Reply #84 on: April 16, 2019, 11:10:50 AM »
So the bottom line, not much changed?
Does this tell us in any way that the housing market will be back to bull run again? Or are the buyers still fed up with ridiculous prices?

It did change it effected real estate. Go to the housing analysis thread.

Offline Mety

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Re: SALT Deduction
« Reply #85 on: April 16, 2019, 11:22:01 AM »
So the bottom line, not much changed?
Does this tell us in any way that the housing market will be back to bull run again? Or are the buyers still fed up with ridiculous prices?

It did change it effected real estate. Go to the housing analysis thread.

It did affect the market for sure. I agree with you like you suggested not to buy last year as I also think last year was the worst time to buy IMO. But people kinda stopped buying because of the seasonality, ridiculous listing prices and also the fear of this new tax plan would not benefit like it used to. It seems though because of other factors, people are not much affected by it in the overall tax calculations or even got more benefits for some reason as some TI members are saying. The housing tax alone might have been a little less attractive, but because of new bracket systems, maybe it turned out not as bad? I could be wrong. I’m just guessing from how people including myself thought it was going to be so bad, but surprised to see some benefits at the end. Well, I was only interested how it would affect the housing market so I guess we will see how it plays.

Offline eyephone

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Re: SALT Deduction
« Reply #86 on: April 16, 2019, 11:33:35 AM »
So the bottom line, not much changed?
Does this tell us in any way that the housing market will be back to bull run again? Or are the buyers still fed up with ridiculous prices?

It did change it effected real estate. Go to the housing analysis thread.

It did affect the market for sure. I agree with you like you suggested not to buy last year as I also think last year was the worst time to buy IMO. But people kinda stopped buying because of the seasonality, ridiculous listing prices and also the fear of this new tax plan would not benefit like it used to. It seems though because of other factors, people are not much affected by it in the overall tax calculations or even got more benefits for some reason as some TI members are saying. The housing tax alone might have been a little less attractive, but because of new bracket systems, maybe it turned out not as bad? I could be wrong. I’m just guessing from how people including myself thought it was going to be so bad, but surprised to see some benefits at the end. Well, I was only interested how it would affect the housing market so I guess we will see how it plays.

Read the article from the NY Fed. Don’t be foolish and rely on TI responses. (You should know better.)

Offline eyephone

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Re: SALT Deduction
« Reply #87 on: April 16, 2019, 11:34:42 AM »
My other new point don’t let an agent tell you the big tax benefit of buying a house.

I remember an agent told me it only cost $100 to fix the ac. When the ac unit won’t even turn on. We all know that’s not true unless you buy the part and do it yourself. That’s even stretching to say the part cost would be $100. We actually replaced an AC unit at below market price of course. The cost was more than $100 that I can tell you. (Btw: the ac guy we knew retired or else I would share the contact info)
« Last Edit: April 16, 2019, 12:08:31 PM by eyephone »

Offline Irvinecommuter

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Re: SALT Deduction
« Reply #88 on: April 16, 2019, 11:50:24 AM »
Really still think its minimal or just anecdotal?

9 Apocalyptic Lies Fed To Americans About The Republican Tax Bill

https://thefederalist.com/2019/04/15/9-apocalyptic-lies-fed-to-americans-about-the-republican-tax-bill/

What effects for the economy?  I mean we are blowing up the federal deficit but no one cares about that during a GOP presidency.

Basically...what I have gotten from the GOP was that "we cut taxes for rich people and the economy didn't tank"...I guess that's the standard now.

Offline morekaos

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Re: SALT Deduction
« Reply #89 on: April 16, 2019, 12:08:20 PM »
Well which gauge do you want to judge growth? GDP? up, Wages? up, Capital formation? up job creation? up corporate earnings? up, unemployment? down, housing? up, manufacturing? up,  Capex? up.  personal wealth? up. We can argue the minutiae of magnitudes but there is little that shows weakness.



https://youtu.be/MMzd40i8TfA
« Last Edit: April 16, 2019, 12:18:10 PM by morekaos »

 

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