House Democrats announce plans to end Trump's tax giveaway by raising taxes on corporations

[MichMan]

39. You have no idea where I live or how big my home is

Last edited Mon Sep 13, 2021, 02:50 AM - Edit history (2)

But hey - as long as as you get to pay $1200 per year on your famcy schmancy 2500 square foot suburban oasis in Michigan . .

fancy schmanzy (nope)
2500 sq feet (nope)
Suburban (nope)
Oasis (lmao)
It is in Michigan, so at least you got one right

I'm a recent retiree, living in the first house my wife & I bought 28 yrs ago as a starter home, in a rural part of the state. My taxes went down only because the standard deduction was increased. That helped millions of lower income people who don't itemize, like 2/3 of all filers.

Property taxes are still property taxes. Even if you get to deduct them from income tax, the deduction is worth about 15%. The first 10K of SALT is even still allowed as a full deduction. That means someone who has a property tax bill of $20K is now paying effectively $18,500.

That means someone with property tax of 20k per year is still paying over $1500 per month in PROPERTY TAXES alone. That is more per month than my mortgage plus taxes ever was. For people that live in low COL areas, that seems incomprehensible. If you think it is well worth it, good for you.

Either way, I don't understand how a senior on SS can afford to stay in their home with that amount of property tax, whether there are SALT deductions or not.

I'm no more selfish wanting to keep the standard deduction where it is for my own interests, than you are for wanting the full SALT restored because it saves you $.