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Fight Erupts to Shield Tax Breaks Threatened by G.O.P. Overhaul
Posted on 9/28/17 at 4:25 pm
Posted on 9/28/17 at 4:25 pm
quote:These lobbyists suck!
Fight Erupts to Shield Tax Breaks Threatened by G.O.P. Overhaul
By Alan Rappenport and Thomas Kaplan
Sept. 28, 2017
WASHINGTON — Republicans’ release of a sweeping plan to rewrite the tax code has set off a scramble among Washington lobbyists and trade groups to protect valuable tax breaks and other long-ingrained provisions.
The plan’s scant details make it hard to know what, exactly, is on the chopping block. But within hours of the plan’s unveiling on Wednesday, flash points emerged over measures that supporters said could hurt the housing market, raise borrowing costs and increase the tax burden on families in high-tax states.
The response put Trump administration officials on the defensive as they embark on a campaign to sell the plan.
“The lobbyists shouldn’t have input, but the people in Congress should have input, and we’ll be working with them closely as we turn this into a bill and get it to the president to sign this year,” Steven Mnuchin, the Treasury secretary, said on Fox Business Network on Thursday.
Opposition from the real estate industry was swift and vocal, with trade groups strongly criticizing elements of the plan that they say will make home-buying less attractive and weaken the housing market. While the plan specifically calls for preserving the mortgage interest deduction, real estate agents are warning that a proposal to double the standard deduction will make taxpayers less likely to itemize their tax returns and claim the mortgage deduction.
LINK
E.g., regarding "the real estate industry":
To be clear, the real estate industry is NOT concerned about affordability of home loans/prices or that deductions would essentially cover those costs as they always have. They are instead concerned deductions would be equally applicable to renters. They want exclusivity of deductions used for their pet home sales industry ONLY.
IMO they can stick that where the sun doesn't shine!
This post was edited on 9/28/17 at 4:27 pm
12
Posted on 9/28/17 at 4:27 pm to NC_Tigah
quote:Good luck with that
“The lobbyists shouldn’t have input, but the people in Congress should have input,
Posted on 9/28/17 at 4:27 pm to NC_Tigah
quote:
real estate agents are warning that a proposal to double the standard deduction will make taxpayers less likely to itemize their tax returns and claim the mortgage deduction.
that is stupid
you sill get same deduction or better in this scenario
Posted on 9/28/17 at 4:29 pm to thelawnwranglers
quote:Correct!
you sill get same deduction or better in this scenario
The deduction is just not exclusive to home ownership.
Posted on 9/28/17 at 4:29 pm to NC_Tigah
That is utter pure BS from the real estate industry. Stating that homebuyers will hurt because they won't need to write off interest anymore because of a doubled deduction is the epitome of everything that's wrong with lobbying.
Posted on 9/28/17 at 4:30 pm to NC_Tigah
quote:
They are instead concerned deductions would be equally applicable to renters. They want exclusivity of deductions used for their pet home sales industry ONLY.
Who is paying interest on a rental? The mortgage deduction is for the interest you're paying on your mortgage loan.
Posted on 9/28/17 at 4:33 pm to PsychTiger
quote:Correct.
Who is paying interest on a rental? The mortgage deduction is for the interest you're paying on your mortgage loan.
Simply put, the current proposal is a deduction given independent of mortgage interest
Posted on 9/28/17 at 4:34 pm to NC_Tigah
Posted on 9/28/17 at 4:36 pm to NC_Tigah
K street should be razed to the ground.
Posted on 9/28/17 at 4:36 pm to thelawnwranglers
quote:
that is stupid
you sill get same deduction or better in this scenario
Yes, but taxpayers are less incentivized to have a mortgage. That's why the real estate industry won't like it. As a renter, I'm happy about it.
Posted on 9/28/17 at 4:37 pm to NC_Tigah
quote:
E.g., regarding "the real estate industry":
To be clear, the real estate industry is NOT concerned about affordability of home loans/prices or that deductions would essentially cover those costs as they always have. They are instead concerned deductions would be equally applicable to renters. They want exclusivity of deductions used for their pet home sales industry ONLY.
IMO they can stick that where the sun doesn't shine!
You mean they want to preserve something that they view as being beneficial to their industry? I'm shocked!
Posted on 9/28/17 at 4:38 pm to NC_Tigah
It's doubling the standard deduction. That will make most less likely to itemize as their mortgage interest, student loan interest, etc. would have to be greater then the standard deduction for it to be worth itemizing, but it isn't specifically related to only mortgage interest deductions. Also means those folks won't have to pay their tax preparer for completing that form, costing us less money to file and maybe making it easier to file yourself. Sorry accountants.
Posted on 9/28/17 at 4:40 pm to NC_Tigah
quote:
the current proposal is a deduction given independent of mortgage interest
What is the proposed deduction based on if not mortgage interest?
ETA: never mind. I understand now.
This post was edited on 9/28/17 at 4:42 pm
Posted on 9/28/17 at 4:41 pm to GumboPot
...it's the standard deduction, it's not based on anything
Posted on 9/28/17 at 4:42 pm to GumboPot
You can itemize for a lot of things other than mortgage interest, though that often is the biggest contributor for folks.
Posted on 9/28/17 at 5:29 pm to cahoots
quote:
Yes, but taxpayers are less incentivized to have a mortgage. That's why the real estate industry won't like it. As a renter, I'm happy about it.
People generally have zero clue how taxes are effected
Posted on 9/28/17 at 5:34 pm to NC_Tigah
Lobbyists need to be outlawed, but it will never happen as long as they keep paying off congressmen.
Posted on 9/28/17 at 6:14 pm to PsychTiger
quote:
make most less likely to itemize as their mortgage interest, student loan interest, etc. would have to be greater then the standard deduction for it to be worth itemizing
"Most" is the key. Some like me and plenty of others will get fricked by this in the tune of a higher tax burden in thousands
Posted on 9/28/17 at 8:08 pm to gamatt53
No one knows for sure, but you may be able to take the standard deduction and still claim mortgage interest and charitable contributions. Which won't discourage home ownership.
Posted on 9/28/17 at 9:46 pm to FriscoTiger
The way I read it, you get either the standard deduction or your itemized deductions (which is only Mort interest and charity contributions now). Some do have mortgage over 24k/yr, but the majority dont.
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