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 Posted: Fri Dec 29th, 2017 10:50 pm
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Blazer



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Struggling with this the more I look at it, but I'm sure someone can help me out.

We're double-income in the burbs with two items that are going to get hit big: our property taxes are generally over $10k. Right now, they're at roughly $13k. Other issue, we still pay a shit load on mortgage interest every year. Big city, big taxes, house values are high. It is what it is. So, we are losing those deducts.

However, the increase in the standard deduction is the same across the board for the entire country, right?

So, someone living out in po-dunk Iowa in a $100,000 house with virtually no taxes is getting the same standard deduction increase as someone living outside of Chicago in a much more expensive house, larger mortgage, and much larger property taxes.

On the surface, that doesn't seem fair at all, if not blatantly communistic. Help me out. I lean right, but this is hard to defend. We consider ourselves middle class.

Last edited on Sat Dec 30th, 2017 08:07 am by Blazer



____________________
"Well, maybe I like the nightlife just a little bit more than I like the damn gym, jack! And when you're makin' $500,000 a year, there ain't no reason to change what you're doing." - Dusty Rhodes, 1/4/1986
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 Posted: Fri Dec 29th, 2017 11:02 pm
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MadFrogVachon

 

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That's by design

For the most part, IL is a blue state and IA is a red state. They put provisions in that would benefit red states at the expense of blue ones

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 Posted: Sat Dec 30th, 2017 02:20 am
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Blazer



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MadFrogVachon wrote: That's by design

For the most part, IL is a blue state and IA is a red state. They put provisions in that would benefit red states at the expense of blue ones


And really my question doesn't pertain to Illinois and Iowa specifically.  It pertains to big city America versus the rest of the country.  Am I wrong in saying that people in larger metropolitan areas with higher costs of living and higher taxes who are paying off mortgages are getting screwed on this?



____________________
"Well, maybe I like the nightlife just a little bit more than I like the damn gym, jack! And when you're makin' $500,000 a year, there ain't no reason to change what you're doing." - Dusty Rhodes, 1/4/1986
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 Posted: Sat Dec 30th, 2017 02:48 am
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Principal_Raditch



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Pretty much. Our Property taxes are @ 3200. So unless my home value skyrockets we should fall under the threshold indefinitely. This will hit places like Dallas harder though, since the rates in that city are high to make up for the lack of state income tax. For a home with a similar value as mine here in KC the same house in Dallas runs close to 5k. So pretty much any house down there with a value over 500k is going to start getting hit.

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 Posted: Sat Dec 30th, 2017 04:05 am
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Blazer



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$3200 in property taxes. Christ.

That's less than a quarter of what we pay.



____________________
"Well, maybe I like the nightlife just a little bit more than I like the damn gym, jack! And when you're makin' $500,000 a year, there ain't no reason to change what you're doing." - Dusty Rhodes, 1/4/1986
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 Posted: Sat Dec 30th, 2017 05:16 am
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Principal_Raditch



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Kansas City isn't an expensive city for housing compared to markets. If I took my house here, which might fetch 225k, and put it in a similar neighborhood in Toronto, where I grew up, it would cost at least 800k if not more.

This house is up the road from me. Looks like the taxes on it are @ 4000 for a house over 3000 sq ft

http://www.reecenichols.com/homes-for-sale/9001-NW-86th-Court-Kansas-City-MO-64153-206888345

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 Posted: Mon Jan 1st, 2018 01:06 am
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Blazer



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Ok, so mortgage interest IS still deductible afterall. I thought I had read that was going away.



____________________
"Well, maybe I like the nightlife just a little bit more than I like the damn gym, jack! And when you're makin' $500,000 a year, there ain't no reason to change what you're doing." - Dusty Rhodes, 1/4/1986
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 Posted: Tue Jan 2nd, 2018 04:13 am
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Ultimark



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Papa Voo wrote: Market rose and wages increased in 1983 due to more national spending and not tax cuts. The debt-spending is what got us out of the so-called recession.   

There are no marked statistics showing increase in middle class jobs and higher wages for middle class. In fact, those stats have almost been stagnant since 1980.  That is crazy!  

I am looking at the impact of the trickle-down specifically on middle class and middle class wage earners.
I don’t know what to say except that the stats for job creation under Reagan are what they are.  Huge growth numbers but Reagan was much more concerned about lowering tax rates for individuals and not corporations and he stated that.  What is now forgotten is that Carter and a Dem Congress also decreased taxes.  

Last edited on Tue Jan 2nd, 2018 04:13 am by Ultimark

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