General Discussion

ProfessorGAC

(76,635 posts)

16. This Seems Highly Unproductive

Thu Nov 2, 2017, 11:36 AM

Nov 2017

For people who lived beneath their means (in terms of housing) and paid off a mortgage in 15 years or less, they are now being punished for being frugal. Since the state income taxes are mostly regressive, it would seem more productive to leave that deduction in place and cap mortgage deductions at some low number. $10k may or may not be fair, i haven't done the math, but the people who take the biggest hit are homeowners that no longer owe the bank.

Be a good saver, budget well, pay off the house in a relatively short period and get left holding the bag? Not sure how anybody justifies that.

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CNN Breaking News - GOP tax plan details [View all] highplainsdem Nov 2017 OP

Crickets superpatriotman Nov 2017 #1

CNN saying House leaders still not certain they'll have enough votes if they scrap those state/local highplainsdem Nov 2017 #2

That's a real economy killer C_U_L8R Nov 2017 #3

If the Dems can win in 2018 running against this plan Johonny Nov 2017 #4

should be can't dsc Nov 2017 #13

It's a tax cut for corporations. madaboutharry Nov 2017 #5

That was obviously their main goal. highplainsdem Nov 2017 #6

Who will pick up the slack? republicans dumping it on Americans Achilleaze Nov 2017 #14

I admit I know nothing about economics/taxes. OliverQ Nov 2017 #7

no way it passes in this form, I think, at least not the Senate. Adrahil Nov 2017 #9

WOW.... what an awful bill. Adrahil Nov 2017 #8

Deliberately targets blue states with higher costs of living, taxes, home prices. nt procon Nov 2017 #10

They basically giving Democrats Congress Thrill Nov 2017 #11

"preserves deduction on existing mortgages" Azathoth Nov 2017 #12

This Seems Highly Unproductive ProfessorGAC Nov 2017 #16

Yes, or renters that never bought and are trying to save to buy Johonny Nov 2017 #17

Coward Ryan on teevee now superpatriotman Nov 2017 #15

Technically, it works if not a single person is fired as a result. HughBeaumont Nov 2017 #18