President Biden: The NEW one and only politics thread

Don Jr. couldn't make a coherent argument with a gun to his head.

 

Standard deduction for a married couple filing jointly is $24,800. That changed about 3 years ago.

You would need a $750,000, 30-year mortgage just to have any incentive to itemize your interest costs. And the savings would a few dollars. For 2-3 years. Mortgage deduction is already gone for the middle class.

 

Sounds like a pretty good idea.

 

Property taxes are also tax deductible, or at least they used to be before the change. So, by my math, and correct me if I’m wrong, if you had a $600K mortgage at 2.5% interest, and $9K in property taxes, that would reach the the rate for itemization.

It would affect those who are in states with expensive housing and high property tax rates.

 

Probably true. But as you say, that "reaches" the rate for itemization. Still takes a bit more to make it worthwhile. And that SD creeps up every year (was $24,000 two years ago). Although I guess property taxes creep up, too.

I guess it's possible to pay a $600K mortgage and be middle class. Out of my league, though.

 

the Christian Republican Party limited the SALT deduction to 10k. State and a local tax. Most Northeast States have 10k for property taxes before their income taxes. Christian Republicans did this to punish State’s which have good education systems. Make the more like the shithole public schools in the SEC/CSA

 

Hat Man blamed them for Germany invading France in World War II, which makes no sense whatsoever.

 

Wait...

0.89 is the normal rate per KWH or what it went up to for the freeze?

 

Meanwhile in the dank and dismal swamp known as CPAC.

Featured CPAC Speaker Young Pharaoh Said Judaism Is a ‘Complete Lie,’ Pushed Pizzagate Conspiracy

 

In increasingly large portions of the country, a $600k house is squarely middle class. Most of California, Denver, large parts of the Northeast.

I’m totally fine with cranking up that standard deduction. Makes doing my taxes much easier, and I’m actually not paying more. Now, does that remove the incentive to buy a house? Maybe, but I doubt it. If you want to own a home, you’ll own a home, and some sort of tax savings likely won’t come into play.

 

Trump’s pissed
Too bad

https://www.mediaite.com/trump/trum...on-on-taxes-claiming-to-be-victim-of-fascism/