GOOD for Texans? Tax Reform Capping Mortgage Interest & Property Tax Deductions (Dallas: real estate, credit)

[EcoDeb]

What say you?

[EDS_]

Originally Posted by EcoDeb

What say you?

It depends.

[calgirlinnc]

Overall the new proposals will help us, and hopefully help millions of other families.

[bubbyK]

https://www.cnbc.com/2017/11/02/hous...form-plan.html

I'd say with an average home price of 214k and an average list price of 319k in Dallas the new cap won't affect the majority of folks but rather help the middle class based on the standard deduction increases.

The only people that I see pissed off about it would be folks that have property tax bills greater than 10k, mortgages over 500k, realtors and homebuilders.

[Morgan427]

Most of this tax bill is awful. Hopefully it won’t pass, call your members of Congress. The majority of it will help the wealthy and leave everyone else with small tax breaks. Many of us will even have to pay more. It also does things like ends the electric vehicle tax credit and increases taxes for wind and solar. Not sure why anyone thinks it’s a good idea to go backward instead of forward. It allows churches to engage in politics with sounds just awful to me. It eliminates the ability for Americans to deduct medical expenses. There’s a lot of things that are not good. They need to go back to the drawing board. This is as bad as the healthcare bill they were trying to pass.

[Angie682]

What a lot of people are missing is that if you have children they are going to completely eliminate the exemptions for each of your dependents (currently $4050 per dependent.). You would likely only the 1k child tax credit. Right now most people get both.

This is going to screw people who are divorced with kids, or married couples with multiple children that own their homes.

To also lose your property tax exemption is going to hurt lots of middle class Texas families. The only people this does not hurt are the rich.

If this passes, my taxes are going up and I am not happy about that at all. I make 70k a year, own a 250k home that I have worked hard to own and have a kid.

If this goes through when my kid is out of school I will leave Texas. I would rather live in a scenic state with an income tax and low property taxes. There would be no financial incentive to live here. DFW is overcrowded, real estate prices are ridiculous, it's not scenic and the weather is horrible for half of the year

[happycrow]

Depends on how you define Middle Class. In 14 years of home-ownership, no mortgage deduction ever got us over the Standard Deduction hurdle anyway, and we make almost double the median income for TX. Granted, that's practically poverty for the Dallas forum...I'm not a fan of Team Red or Team Blue, myself, but in general, this looks like it would help us. Buddies in Collin Co and Coppell? Not so much.

[calgirlinnc]

Originally Posted by Angie682

What a lot of people are missing is that if you have children they are going to completely eliminate the exemptions for each of your dependents (currently $4050 per dependent.). You would likely only the 1k child tax credit. Right now most people get both.

This is going to screw people who are divorced with kids, or married couples with multiple children that own their homes.

To also lose your property tax exemption is going to hurt lots of middle class Texas families. The only people this does not hurt are the rich.

If this passes, my taxes are going up and I am not happy about that at all. I make 70k a year, own a 250k home that I have worked hard to own and have a kid.

If this goes through when my kid is out of school I will leave Texas. I would rather live in a scenic state with an income tax and low property taxes. There would be no financial incentive to live here. DFW is overcrowded, real estate prices are ridiculous, it's not scenic and the weather is horrible for half of the year

I don't know where you are getting your information from, but from what I'm reading, you are incorrect.

--property taxes up to $10,000 can still be deducted

--mortgage interest on mortgages up to $500,000 can still be deducted. This is only for NEW mortgages. Existing mortgages are not affected. Please note that this is for the loan, not for the home itself.

--Deductions for children go UP to $1,600 per child under 17. Yes personal exemptions are eliminated.

--Moving to a state with income tax might not help you, since state taxes will no
longer be deductible

--The weather does not suck for 1/2 of the year. Summer, yes.

[kyam11]

Originally Posted by Morgan427

Most of this tax bill is awful. Hopefully it won’t pass, call your members of Congress. The majority of it will help the wealthy and leave everyone else with small tax breaks. Many of us will even have to pay more. It also does things like ends the electric vehicle tax credit and increases taxes for wind and solar. Not sure why anyone thinks it’s a good idea to go backward instead of forward. It allows churches to engage in politics with sounds just awful to me. It eliminates the ability for Americans to deduct medical expenses. There’s a lot of things that are not good. They need to go back to the drawing board. This is as bad as the healthcare bill they were trying to pass.

I kind of have to chuckle when I read this.

First almost 50% of people pay no income tax so how would you expect tax cuts to benefit these people when they pay $0 in income taxes currently. That leaves 50% of the people left. The top 20% of earners pay 84% of income taxes in this country. So yes these tax cuts will help the top 20% of earners as they should. You are pissed because the top 20% want to pay, call it, 80% of income taxes and you think they should be paying 90%? Ridiculous. I suggest you use some sound logic before attacking the people that pay 84% of income taxes currently.

[calgirlinnc]

Originally Posted by kyam11

I kind of have to chuckle when I read this.

First almost 50% of people pay no income tax so how would you expect tax cuts to benefit these people when they pay $0 in income taxes currently. That leaves 50% of the people left. The top 20% of earners pay 84% of income taxes in this country. So yes these tax cuts will help the top 20% of earners as they should. You are pissed because the top 20% want to pay, call it, 80% of income taxes and you think they should be paying 90%? Ridiculous. I suggest you use some sound logic before attacking the people that pay 84% of income taxes currently.

Well stated.

Not to mention, ticked because of electric cars and green energy? How many people own 100% electric cars? The whole statement was nothing but liberal talking points.