New Jersey, Illinois, New York, Connecticut, Massachusetts... and Texas

So I think landlords' deductions and business expenses are safe.

This would effect NY too. It keeps happening. He's disloyal.

I said before election day that if he won, Pence would run the day to day operations, while Trump would focus on making deals and getting back at anybody that he perceives as ever having done him wrong...

...the property tax write offs via some loopholes. This new tax law will just hurt us little guys.

My property tax rate for 2016 was 2.56%

While the Texas average is about 2.0%


My yearly property tax always exceeds my yearly mortgage interest ...

And the mortgage interest only exists for the life of the loan ...
whereas property taxes remain eternal*

*(Sorry tupac.... couldn't help myself)

several years back when I was flown down to the Houston area 3 times for job interviews. They had me driving around to some of the nice suburban areas with good schools with local realtors and I was surprised at how high the property taxes were in The Woodlands, Sugar Land and Katy... of course, TX makes up for it by having no state income tax and low utility costs. And, if you live in an area that doesn't care about schools, you can certainly cut back on property taxes.

Collin County (includes city, school, county, & CCC College

Weston (Anna ISD) 2.30% Trophy Club (w/ MUD#1 & PID#1)
Weston (Celina ISD) 2.40% Westlake
Weston (McKinney ISD) 2.43%
Wylie 2.93%

so it wouldn't affect Trump, even though he owns a lot of expensive property. Do I have that right, as Rachel would say.

audit him forever.

And, I bet the property tax deduction (as an business expense) would continue for those with rental income.

Which tend to have higher property values and tax rates.

No state income tax

...like

* costs for uniforms if you are in military, law enforcement, pilot, etc.
* home office deductions
* medical expenses
* miscellaneous

Only home mortgage interest and charitable deductions would remain.

BTW, the dumpty tax plan will also would double the standard deduction, so fewer taxpayers would itemize deductions. As a result, fewer people would benefit from the mortgage interest deduction.

GAAAAAAH

Republicans have to 'donate' to their "political charities".

Many states fund education with property taxes and some districts have a hard time passing levies as it is. If people cannot deduct their property taxes on their federal taxes they are even less likely to vote for school funding.

the standard deduction is greater. I know it's proposed and we can't trust Trump from day to day, but if those are the numbers and everything else remains equal, this is going to benefit a lot of people financially.

I knew it. I knew they were going to aim something at the middle class. It's historically been the mortgage interest they were after, but they switched to the property tax.

This may hurt the residential real estate market.

non-taxation = subsidy become common enough, a lot of people have targeted the mortgage deduction.

It's what "subsidizes" the hordes of people in the suburbs, and many don't see how it helps urban dwellers. So environmentalists have been gunning for its revocation as a way of fighting suburban sprawl.


Oddly, when it's calculated how much "goes back" to the states that pay taxes, this deduction isn't mentioned.

Tax free.

by big numbers. He made a favorable tax debt deal with Christie, and then bankrupted the casinos. Max Bialystock made a fortune with a losing play. It's a system that rewards failure, but only failure on a Gargantuan level. Small time failures wind up in for profit prisons. We're on very shaky ground.