@“Cardinal Fang” Also, Dana Rohrabacher, but he probably will already be out for Russian linkages. At least, I’ll be sending money to his opponent, whoever that is.
@greenwitch, yes. Many upper middle class suburban districts in blue states are represented in Congress by Republicans.
I know that only 2 R congresspersons in NYS we’re supporting the SALT take away as of last week out of 9 R’s.
I’m one of those people. We are known as the Giant Meteor 2016 people 
I had to google that one. Now that’s funny, but so true…just end it, already! 
CA property tax is a little odd because of Prop 13. We only pay ~$5K on a ~$850K house because we bought years ago for a lot less than that. Unless you sell, it only goes up ~1% a year.
So, people who bought more recently got a much bigger federal tax deduction.
Corporations have the same deal on CA property tax increases, and they have found ways to transfer ownership with one of the prior owners retaining a bit of ownership, so corporations may be paying a lot less in property taxes than you’d expect. If the federal corp tax rate gets cut that much, there will be more calls for a split-roll property tax in CA to fix that loophole.
Since I currently rent my home and my kids are over 16, the only thing that works well for me is the doubling of the standard deduction.
I highly doubt this will pass in its current form so I’ll just wait and see.
The plan, if enacted, would allow people to buy 529 plans for unborn children.
^ Based on a concept that life begins at conception? And if so, how about personal exemptions for unborn kids as well. Help those families out whose kids are born on January 1. 
The last version supposedly allows mortgage interest deduction for homes costing less than $500,000. Reporter said it is not yet clear whether you could deduct for interest on the first $500,000 or whether it’s the mortgage or the amount paid–do you count the down payment as part of the $500,000?
This will kill NYC, San Francisco, DC, Boston, Honolulu and other cities. A house–more likely a condo or co-op–in those cities usually costs more than something comparable would cost elsewhere and almost always more than $500,00 for more than a 1 bedroom. If you can’t deduct most of the mortgage interest AND you can’t deduct city and state taxes, this is a fiasco for most residents of those cities. IMO, it’s a recipe for ruining them.
I guess it’s called sock it to the sanctuary cities!
How will they even monitor your mortgage balance? How does that even work? It would’ve been easier just to have a cap on the mortgage interest.
Banks report the amount of interest paid so they could also report the balance of the loan. They could make it such that you got a pro rata deduction for the amount of the loan that is $500k or less. If $500k or less loan, 100% interest deductibility. For say $750k loan, you could deduct 2/3rds of the interest. If that is what they do, people would be encouraged to refinance when the loan principal was down to $500k or less. Though depending on interest rates at the time, that may not make economic sense for the taxpayer.
It’s not the cost of the home; it’s the cost of the mortgage. Interest on the part of the mortgage that is over $500,000 would not be deductible. So if you had a $600,000 mortgage, you’d be able to deduct 5/6 of the mortgage interest.
The removal of the mortgage interest deduction would not apply to existing mortgages.
Proposal effective after 12-31-17 includes no lifetime learning credit or student loan interest deduction, but the AOTC adds a 5th calendar year of eligibility for up to half of the $2500 credit.
The mortgage interest deduction would probably work exactly as it does now, except the limit on the mortgage loan deductibility to be 500K instead of 1 million.
Proposed mortgage limit of $500k has an effective date of today so that people don’t rush out to take larger loans. Also, no deduction for HELOC interest.
For new mortgages it would work like that. For old mortgages, there would be no change in existing law. So much for simplicity.
I am legitimately angry about the changes to help offset student costs.
We’re already the most in debt generation ever and there are very few doors open to those without degrees.
Just… why
I can understand being angry about losing medical and student loan deductions, however, unless one itemizes heavily with other deductions, the doubling of the standard deduction could make it so many people don’t itemize anyways.
^ because someone has to pay for the huge tax cuts the extremely wealthy and corporations are going to get.