Tax plan

[Superfreak]

https://www.nytimes.com/2017/11/02/us/politics/tax-plan-republicans.html

1) Elimination of the estate tax is not necessary. This part needs to be eliminated from the final bill. Increase it to $7.5mm per person and adjust by inflation at the most.

2) I like the raising of the standard deduction, like the tax bracket proposals for the most part (though singles get screwed a little if they make over $100k), corporate tax rate reduction is good start... as is the taxation of cash & equipment overseas

3) Don't like the medical deduction being eliminated unless we do more on raising the standard deduction

4) The mortgage interest deduction being capped going forward is a good idea, but realtors are going to fight this all the way.

Good start... we will see what the Senate does.

 

[BRUTALITOPS]

https://www.nytimes.com/2017/11/02/us/politics/tax-plan-republicans.html

1) Elimination of the estate tax is not necessary. This part needs to be eliminated from the final bill. Increase it to $7.5mm per person and adjust by inflation at the most.

It absolutely is necessary. The state does not have the right to determine where ones assets go. I should have the right to build a dynasty.

 

[evince]

how fair is it to raise the housing number to 500,000
when in some places that is an entry level house

 

[Superfreak]

how fair is it to raise the housing number to 500,000
when in some places that is an entry level house

If $500,000 is an 'entry' level pricing, then the cost of living is way the fuck out of whack. Anyone who earns enough to afford a $500k house shouldn't need to worry about the lack of interest deduction.

 

[evince]

appreciation?

 

[cawacko]

The average home price in the Bay Area is close to $750K. Maybe a reduced mortgage interest deduction will get people off their asses and build more housing to bring prices down.

 

[BRUTALITOPS]

If $500,000 is an 'entry' level pricing, then the cost of living is way the fuck out of whack. Anyone who earns enough to afford a $500k house shouldn't need to worry about the lack of interest deduction.

not everone lives in shitty flyover states superfreak. ~300k in massachusetts for instance pretty much buys you a shack.

 

[Русский агент]

Owning a home is not a right that should be protected by government subsidy or tax breaks.

 

[PostmodernProphet]

I don't like the provision that hits overseas cash at 12% but overseas assets like real estate at 5%.......this will trigger an immediate investment in US dollars into overseas real estate instead of bringing it home.......

 

[Superfreak]

appreciation?

Has nothing to do with this.

 

[Superfreak]

The average home price in the Bay Area is close to $750K. Maybe a reduced mortgage interest deduction will get people off their asses and build more housing to bring prices down.

That would be one solution.

 

[Русский агент]

The government has no business meddling in personal finances by favoring one asset over another.

 

[Superfreak]

not everone lives in shitty flyover states superfreak. ~300k in massachusetts for instance pretty much buys you a shack.

I live in one of the fastest growing parts of the country. With the exceptions of San Fran and NYC, there aren't many places that have seen the real estate escalation that Denver has.

As for Colorado in general, it is phenomenal place to live and to visit. Which is why we get so many east coast assholes out here to see what real skiing looks like. not to mention... real mountains. Not those hills you use for slopes out east.

 

[Русский агент]

Irrelevant.

Can you explain why tax subsidies should be used to benefit owners of assets deemed worthy of special treatment by the government?