General Discussion

dsc

(53,403 posts)

21. Many people bought with the assumption that the deduction would exist

Sun Aug 6, 2017, 01:18 AM

Aug 2017

and it would cause many to lose value from their houses which is, for many, their largest asset. I rent so I would be better off but I still see that poster's point (other than the property taxes which should go down if the value of the house does).

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Trump weighs slashing one of the most popular tax deductions [View all] Zorro Aug 2017 OP

kick Angry Dragon Aug 2017 #1

That'll go far! elleng Aug 2017 #2

As it primarily benefits the well off, there's little chance of it being eliminated. n/t PoliticAverse Aug 2017 #3

I disagree, somewhat, PoliticAverse. raven mad Aug 2017 #12

I don't see how it could be that big. hfojvt Aug 2017 #22

I get the deduction every year wryter2000 Aug 2017 #53

This Just Might Turn Trump's Supporters Against Him.... global1 Aug 2017 #4

But, I think he's also proposing to significantly increase the standard deduction which would Hoyt Aug 2017 #8

Trump's supporters are ride or die. Yavin4 Aug 2017 #17

Well, their fear is well-placed. yardwork Aug 2017 #35

That's the conundrum. The middle class is, and has always been, a liberal economic construct Yavin4 Aug 2017 #39

Right! So this is a winning issue for Democrats. yardwork Aug 2017 #40

Yes and no. Yavin4 Aug 2017 #45

Branded by whom? The vast majority of eligible voters don't care a flip. yardwork Aug 2017 #46

Refi'd 5 years ago. I can barely itemize now interest is so low! Roland99 Aug 2017 #5

It's also one of the few Ronnie left to working people Warpy Aug 2017 #6

And it won't affect his base that much because most of them don't have a mortgage. They rent. haveahart Aug 2017 #7

Sure... HDSam Aug 2017 #9

BS bhikkhu Aug 2017 #11

How is that post a RW talking point? yardwork Aug 2017 #36

Since HDSam Aug 2017 #50

Its only popular among people who itemize bhikkhu Aug 2017 #10

Or middle class people who live in high cost areas hack89 Aug 2017 #13

In Seattle our first home with 1200 square feet and a partial basement pnwmom Aug 2017 #16

That's a sweet investment for you! MoonRiver Aug 2017 #31

We sold it a long time ago for about $120k. Too bad we didn't keep it as a rental! n/t pnwmom Aug 2017 #32

Yes, but at least you made money. MoonRiver Aug 2017 #38

Right -- if you buy with a fixed rate mortgage at least you know your payment will be constant. pnwmom Aug 2017 #41

We always bought with fixed rate. MoonRiver Aug 2017 #43

My house is valued at 24,000. Kaleva Aug 2017 #18

I'm rich and live in a McMansion? News to me. Barack_America Aug 2017 #14

Probably this sounds cruel... bhikkhu Aug 2017 #20

Many people bought with the assumption that the deduction would exist dsc Aug 2017 #21

it's kinda funny though hfojvt Aug 2017 #25

Do you have young children in childcare? Barack_America Aug 2017 #44

if your property value tanked hfojvt Aug 2017 #23

That's not necessarily true in all states Massacure Aug 2017 #47

The median home price in Seattle right now is above $700,000. pnwmom Aug 2017 #15

if you can afford a $700,000 home hfojvt Aug 2017 #24

People have jobs and families they don't want to leave. You would leave in a heartbeat, pnwmom Aug 2017 #26

if they have a substantial mortgage on a $700,000 home hfojvt Aug 2017 #49

I'm hardly rich HDSam Aug 2017 #52

it's popular among the rich hfojvt Aug 2017 #19

Terrific idea dalton99a Aug 2017 #27

What would a dick do? smirkymonkey Aug 2017 #28

The deduction is huge when you first buy a home and your interest payment stopbush Aug 2017 #29

The landlord Sgent Aug 2017 #33

It has skewed the market and land use, reducing the availability of low and moderate price bousing 4139 Aug 2017 #30

That's really bad re-reporting by Yahoo; they changed "lower the cap" to "get rid of" muriel_volestrangler Aug 2017 #34

"It actually makes economic sense too" - more reason it won't happen. n/t PoliticAverse Aug 2017 #51

I'd expect Drumpf to make it only for homes $500k or higher. Dark n Stormy Knight Aug 2017 #55

Waiting for Trump to couple the elimination of that deduction with elimination of no_hypocrisy Aug 2017 #37

Meanwhile, he'll preserve the deduction of interest.... Adrahil Aug 2017 #42

Do it. Xolodno Aug 2017 #48

Is this equalized to any degree by some other change in taxation? Not Ruth Aug 2017 #54