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Politics : The Trump Presidency -- Ignore unavailable to you. Want to Upgrade?

To: zzpat who wrote (68131)	4/24/2018 11:28:56 AM
From: TimF	1 Recommendation Recommended By i-node Read Replies (1) \| Respond to of 358784

There are two ways the tax changes will reduce the amount of people that take a deduction on their home. 1 - They take the standard deduction instead because it is now more generous. That's not putting anything on the backs of homeowners. Its giving them another option which they choose since its now better for them. 2 - Reducing the amount of mortgage debt you could deduct paying interest on from $1mil (or $1.1 mil in some cases) to a hard cap of $1mil (rather than sometimes $1.1mil) for existing mortgages before the tax law change took full effect and $750k for new mortgages. That's reducing a special tax break for relatively wealthy people, but doesn't effect most homeowners. For some examples of how this works out see marketwatch.com

To: zzpat who wrote (68131)	4/24/2018 11:54:04 AM
From: Steve Lokness	Read Replies (1) \| Respond to of 358784

I'm good with reducing the homeowner tax benefit to pay for Corporate tax cut - if it would. The mortgage deduction is one of the dumbest ideas ever invented by politicians. Incentivized bigger and bigger houses; McMansions! .........The only people the deduction helped were those people with huge mortgages and huge incomes! ...........And the corporate tax deduction was a good move. Now get corporate America away from welfare for corporations and that too would help pay for the cuts.