Tax Overhaul = New Housing Bubble Burst?

[Speaker to Animals]

Where can Californians go, really? I know all the states out west hate them with a passion. Even in the 90s, if you had California tags in Idaho, there was a good chance people would fuck with your car. And Idahoans are the kindest people on Earth.

[SuburbanFarmer]

This new tax overhaul, if passed, could deflate home prices. IMO home prices over the last year have once again entered into stupid territory with regards to price. Also I said a long time ago on the DCF, and here, that the true middle class makes over $100k per year and a number of people thought that I was insane. Well read this article and you'll see that others feel the same way. Whether you agree with it or not it's the perception of the masses that matters and guess what....they don't think they're upper middle class with incomes of $100k per year.


https://www.washingtonpost.com/business ... 0ff4898d9e

I’ll be in the market for a new house, after the next crash. Bring it on.

Middle class is most definitely not 100k, here in the Midwest. As a national average though, that sounds about right.

[Fife]

Jason lays it down. F the GOP. Enjoy your DJIA while you can.

667: Comprehensive Tax Reform? Republicans Claim Extraordinary Accomplishment

I always love listening to politicians talk about bills they’re championing. You’d think everything they did was a monumental achievement that was changing the course of human existence and improving the lives of every American.

It’s all B.S. Half the time the things they’re taking credit for are just ideas and the other half of the time they’re lying about what they’re really doing.

Take the current tax bill the Senate is voting on. Senate Majority Leader Mitch McConnell (R-Ky.) is calling it an “extraordinary accomplishment.”

Is it? Hardly. What the Republicans have created is a budget that ads 1.5 trillion dollars to the deficit, reduces the tax burden to corporations and high earners while doing nothing for the middle class.

You may think I sound like a Democrat, and maybe today I do, but this bill is garbage. Taxation is theft. If you’re going to reduce the theft, I’m all for it, but do it equally so everyone benefits and don’t cut taxes only to borrow the difference and lay it on our children and grandchildren.

Republicans produced a turd, and they’re trying to convince you it’s a diamond. Don’t be fooled.

Jason

[PartyOf5]

Middle class is most definitely not 100k, here in the Midwest. As a national average though, that sounds about right.

$100k household (not individual) is middle class in the midwest. Maybe upper middle, but still middle class.

[SuburbanFarmer]

Middle class is most definitely not 100k, here in the Midwest. As a national average though, that sounds about right.

$100k household (not individual) is middle class in the midwest. Maybe upper middle, but still middle class.

I was referring to the lower boundary of “middle class”. Yeah, 100k would be upper-middle here

[Ex-California]

This is getting old.



Tax rates for everyone making less than 238 thousand dollars are going down.

How many times do you people need to see this?

Rates going down, but effective payment will go up if that person has write-offs like State Income Tax, mortgage, or anything more than the standard deduction.

[TheReal_ND]

The where would the middle class go? They aren't going back to the Democratic party after continually being told they are turds.

Die in a gutter with a hot shot of heroin.

If this did pass it would accelerate my Texas move from 3 or so years from now to as soon as I could secure employment.

Fuck off. We're full

I dunno, there’s some space in the the Llano Estacado.

That's not even Spanish you dip.

[Zero]

Well that's what we call it...

https://en.m.wikipedia.org/wiki/Llano_Estacado

[Okeefenokee]

This is getting old.



Tax rates for everyone making less than 238 thousand dollars are going down.

How many times do you people need to see this?

Rates going down, but effective payment will go up if that person has write-offs like State Income Tax, mortgage, or anything more than the standard deduction.

I got that part, and I get that it means a lot, but I'm not convinced it should be that way, or that the way to react to it is to do what we've been doing.

I pay the same amount in state taxes back in Georgia as I do in federal taxes. I haven't lived in Georgia in ten years.

I don't think that should be the case. I don't get an exemption for it either. I already have to pay both. Exemptions for California and New York on state taxes don't extend to Georgia. The remedy for one doesn't fix the problem elsewhere, is what I'm getting at.

Taxes in some places being too high are handled by exemptions, rather than getting the taxes to where they ought to be. People in other places who don't have that benefit still pay both of the taxes that are too high.

The problem, in my mind, is that state and local taxes in some places are too high. The way around it seems to be that some people have been able to simply not pay some of their taxes, while others still must.

Try something different. Take away the exemptions, or credits, and see if tax rates don't come down as a result.

[SuburbanFarmer]

ProTip: Tax rates will never, ever go down. They only appear to.