ㅤ”Wealthy New Yorkers can currently lower their federal taxable income by more than $100,000 through a provision of the tax code known as the State and Local Tax Deduction, or SALT. The average SALT deduction in the Manhattan area is at least $60,000.
ㅤThe Republican bill will cap the deduction amount at $10,000, meaning wealthy New Yorkers who currently write off expensive real estate could face an extra six figures in taxable income.”
ㅤô¿ô …HAHAHAHAHA !!
ㅤFull story at The Daily Caller, image from crainsnewyork(.com) • democratic party, democratic socialists, democrats, progressives, salt, socialists, standard deduction, tax deductions, de blasio, nyc ㅤ Home
ㅤPictured: Sen. Susan Collins (R-Maine)
ㅤ”Under Collins’s amendment, people who itemize their deductions will be able to deduct up to $10,000 in state and local property taxes. A similar provision was included in the House-passed bill to win over GOP House members from blue states such as New York and California.”
ㅤô¿ô …This is just a loophole for the privileged in blue states, be they Dem or GOP. And as usual, both parties claim they want to help middle-income Americans.
ㅤAfter thousands of years, its apparently still necessary to please the nobility.
ㅤFull story at The Hill, image from thehill(.com) • collins, property taxes, salt, standard deduction, susan collins, tax cuts, tax deductions, tax rates, tax reform, taxes ㅤ Home
ㅤ”The average selling point for new homes in October reached a record high $400,200, which suggests that most newly-constructed homes that are selling are for high-end buyers.
ㅤWhile new homes account for ten percent of the market, seven percent of all sales last month consisted of homes priced at $750,000 or more.
ㅤThe majority of these new home sales are taking place in the northeastern U.S.—new home sales increased by 30.2 percent to their highest level since October 2007 in the Northeast, according to the Commerce Department report.”
ㅤô¿ô …The Congressmen and Senators who insist on keeping the mortgage interest deduction and the property tax deduction represent the privileged. Get it?
ㅤFull story at Breitbart, image from breitbart(.com) • economy, gdp, gross domestic product, salt, standard deduction, tax deductions, housing demand, housing, real estate, mortgage
ㅤFull story at The Washington Examiner, image from washingtonexaminer(.com) • congress, house, house republicans, salt, senate, senate republicans, standard deduction, tax cuts, tax deductions, tax rates, tax reform, taxes, thehill, u.s. congress, conservative, politics