From WHYY:
Camden on the rise? New data show poverty is falling
Ken Hammon’s driveway says it all.
About halfway down Tuckahoe Road in South Camden, sits the black Mustang the 31-year-old bought thanks to a life-changing job at Holtec International. The energy company recently opened a $300 million plant that manufactures small nuclear reactors in the city.
The tidy, three-bedroom house the muscle car is parked next to? Hammon bought that, too, after being hired as a welder last fall.
Roughly a year ago, he was a college student with two jobs, struggling to pay rent — his piece of the American Dream nowhere in sight.
“This is the first time, ever, I’ve really seen my mother just overjoyed. She’s always had really strong beliefs in me, but now it’s unbelievable,” Hammon said during a recent interview, just before heading to work the second shift at Holtec.
Hammon is part of a wave of new hires across Camden between 2013 and 2016. According to federal labor statistics, 541 new positions were created in the city during that three-year span.
It’s no boom, but these jobs do help explain a noteworthy shift in Camden — poverty appears to be falling.
The most recent estimates from the U.S. Census Bureau show the city’s poverty rate fell 10 percent last year compared with the previous five-year average.Camden’s poverty rate is now roughly 30 percent, the lowest it’s been in more than a decade.
“Whether you’re looking at Camden County at large or the city itself, there’s been what I would describe as healthy growth in income,” said veteran labor economist Mark Price, a staffer at the Keystone Research Center in Harrisburg.The census estimates some of Camden’s poorest residents are making about $2,000 more a year than just a few years ago. A big boost if, for example, you’re earning $12,000, the federal poverty line for a single person.
G’Mornin’ Jersey…..
Terrorist cell in Paterson, in the heart of the Muslim community. So when does a video come out of the preacher(s) espousing death to America?
http://www.nj.com/news/index.ssf/2017/11/who_are_2_other_men_seen_with_terror_suspect_other.html#incart_2box_nj-homepage-featured
Who would have thought the water in So Cal would be more disgusting than the water in NJ? Is that big news out there today?
ex-Jersey says:
November 2, 2017 at 6:45 am
G’Mornin’ Jersey…..
@chrislhayes
I know we’re all focused on other things, but the GOP’s signature legislative proposal is kinda maybe imploding
I think something is in our water that makes us complacently stupid …https://www.propertytax101.org/
@ChrisMurphyCT
Now I get it. If the killer is an immigrant you can talk about policy change, but if he’s natural born, you’re “politicizing the tragedy”.
NYPD officer fired 9 shots and hit the terrorist once. They need to fix the triggers on the standard issue handguns. They actually request that their pistols all have a 12lb trigger pull? Do they want bystanders to be shot?
Everything is politicized now you m0ron.
But progressive Democrats love human garbage like this Uzbek. They can’t bring them in fast enough. They tolerate terrorism as the price you pay for their multicultural paradise.
This story is good news hopefully but be wary of these stats. I just checked wiki and Camden’s population is estimated to have fallen by 3k since 2010. If you are pushing poor people out to surrounding communities you will improve the poverty rate. It’s a nightmare for the incoming communities.
They are producing “small nuclear reactors” in Camden? WTF? Is that?
@ChaseMit
Congratulations to the LA Dodgers for successfully avoiding having to meet the president
So it looks like the neighbors house with aluminum wiring closed I don’t know if the seller give them a concession or not. I’ll probably introduce myself this week to find find out how they made out. They moved using pods and have the whole family over there now ripping out carpet cleaning painting etcetera, all the cars have New York plates. I guess they’re fleeing Brooklyn or something.
Another neighbor put his house up for sale using some Boutique realtor has the exclusive sign on it. Here I was thinking won’ be anything new till spring.
I was thinking about this a bit last night when discussing the sudden removal of the property tax deduction from the supposed tax reform bill with Gates. I have a funny feeling that Trump threw this in there knowing it would be the ideal negotiating ploy to remove it later as a concession. You know, a give back to the blue states who cringe on his every move. What do you all think? Also, if our economy is on the brink of going bonkers, why did we leave the FED interest rate alone while stodgy England raised theirs?
Republicans need not apply
https://www.politico.com/story/2017/11/01/hispanic-caucus-weighs-gop-244430
Speaking of human garbage, you tolerate 50 dead and 500 injured. Also classrooms of 6 year olds gunned down. Because white men.
nwnj says:
November 2, 2017 at 8:06 am
Everything is politicized now you m0ron.
But progressive Democrats love human garbage like this Uzbek. They can’t bring them in fast enough. They tolerate terrorism as the price you pay for their multicultural paradise.
Steam, with this crew, I decided not to get excited about anything until the legislation has been passed. So far, lots of noise, as everyone screams about their goodies potentially getting taken away, but nobody really knows the overall effect. If they actually simplified the tax system (which I don’t expect), there would be thousands of interest groups outraged, since that’s how the current mess of a tax system has accumulated over time. Taxes shouldn’t be micromanaging people with incentives to do this, don’t do that. What I do expect is that I will pay more taxes, given the many hints that “the rich” won’t get lower taxes. I’m hoping that by April 2019 the cannibals won’t be taking more than 50% of my earnings. It’s already close to that now.
Jobless claims in at 229k
Almost unbelievable numbers. We’re talking about not being near here since the late 60s really, the tail end of the post-WWII economic boom.
Lol small reactors? More like storage casks for onsite storage of spent nuke fuel. You can thank Obama for that he cancelled the Yucca mountain storage only days into his first administration.
@thehill
Bannon doesn’t think Trump can survive an impeachment vote
“Former White House chief strategist Stephen Bannon is worried President Trump would not survive an impeachment vote, according to a report published Wednesday in Vanity Fair.
Bannon and Trump ally Roger Stone both believe establishment Republicans are waiting for a chance to impeach Trump, the magazine reported.
Bannon reportedly believes Trump’s hold on power is slipping in the wake of recent legislative failures. According to Vanity Fair, he recently did a “spitball analysis” of the president’s Cabinet to see who would remain loyal to Trump if the 25th Amendment were invoked, and is unsure if Trump would survive an impeachment vote.”
8 yrs of President Obama
grim says:
November 2, 2017 at 9:12 am
Jobless claims in at 229k
Almost unbelievable numbers.
Will the Republicans release the tax reform bill today?
I’ m thinking they miss.
Ottoman,
Clearly you are a racist. Maybe you should go comment on Salon where “because white men” is considered an erudite rejoinder. Analyze everything through the perspective of race/gender/class and you will wow them.
Adjusting your statement.
“Ottoman tolerates over 500 murders per year in Chicago. Because non-white men.”
Sorry, the “Cut Cut Cut Act”
Thanks, 10 years of negative real interest rates.
New tax plan is reported to keep property tax deductions up to $10K. Anybody want to buy a house on a highway?
No One – nicely played! Extra points are awarded for erudite rejoinder.
Ottoman,
Clearly you are a racist. Maybe you should go comment on Salon where “because white men” is considered an erudite rejoinder. Analyze everything through the perspective of race/gender/class and you will wow them.
Adjusting your statement.
“Ottoman tolerates over 500 murders per year in Chicago. Because non-white men.”
Alex Jones to be named next Fed chair.
I talk to lots of contractors, guys who own the businesses. Most of them are salivating over the proposed tax changes, as they’ll be hugely beneficial to their businesses and wallets.
Suspect many of these guys will easily find a reason to build or buy big new homes over the next few years, new trucks, new equipment, etc.
All these guys have their multi-family real estate holdings in separate corporations, which will continue to permit deductions of real estate taxes with no caps, as well as MID, as standard business expenses. So, they don’t get hit at all. In fact, if it makes more renters, it becomes advantageous for these guys to pick up, renovate, or build more multi families.
7:40 i think nj had way more beaches closed last season than here.
Looks like corporate tax cut will be temporary as in 8 years.
But the water there is typically too cold to swim in without a wet-suit.
I hope you’re wrong about that.
3b says:
November 2, 2017 at 9:59 am
Looks like corporate tax cut will be temporary as in 8 years.
What’s the big deal? We tolerate 650-800 dead and 3000+ injured every year in Chicago. Because black boys.
http://crime.chicagotribune.com/chicago/homicides
Speaking of human garbage, you tolerate 50 dead and 500 injured. Also classrooms of 6 year olds gunned down. Because white men.
If anyone here likes progressive rock or art rock, do yourself a favor and get tickets for upcoming King Crimson concerts in the area. Eight musicians including Robert Fripp on guitar, with three drummers up front. They are mostly playing music from the band’s first albums 1969-74, along with some newer music designed for the triple drummers. Philadelphia tonight and tomorrow night. NYC 11/17 & 18. It’s the older lefties on the board that fit the profile for listening, but I think rock/jazz musicians would appreciate it as well. I went to the Halloween performance in Newark and it’s one of those shows that has to be seen to be believed. It’s all about the music, not theatrics. Fripp sits on his stool with a satisfied smile playing his guituar throughout the performance. (For those unfamiliar with King Crimson, think of them as an advanced placement version of Yes.) For those unfamiliar with Yes, forget about it.
Donna Brazile throws Hillary under the bus.
https://townhall.com/tipsheet/guybenson/2017/11/02/donna-brazile-trump-and-bernie-were-right-the-dnc-rigged-it-for-hillary-big-league-n2403847
10:12 i have always maintained the best years for music 1970-76
No indication the corporate cut is temporary thus far…but markets are possibly down on the news that it might be temporary.
https://www.bloomberg.com/news/articles/2017-11-02/here-are-the-house-gop-s-tax-bill-talking-points
SALT deduction maxed at $10K?
MID limited to mortgages of $500k or below. New purchases only, of new or existing houses. Current owners grandfathered.
That’ll gum up inventory pretty well around here.
Builders stocks moved down 3-5%
Defens Marketwatch indicated earlier this morning it was temporary.
GOP talking point says State and local “property” tax deduction maxed at $10K….what about state income tax?
“no changes” to 401k
Left –
Grandfathered?
Oof.
Income and sales tax deductions gone…. Property tax only.
Sounds like property taxes only.
Good time to be a remodel contractor in NJ.
It must have been my letter to Frelinghuysen.
We have more sharks out – Cept ya’ll had Harvey.
Not positive for high priced high property tax north Jersey real estate.
King Crimson is a trip, a good one.
Melvins?
Ween?
I’m old.
Yeah Grim, per CNBC at least. Ouch on values.
Disincentivizes anyone to buy a house at more than $500k + DP.
Disincentivizes existing homeowners to move out of a current house even at $500k + DP.
And, for fun, it is happening at interest rate lows. When rates continue to move up that $500k is a pretty hard cap. The opportunity cost of doing any debt above that amount rises, as does the opportunity cost of pumping more into a DP (why buy more house if my passbook is generating 5%).
Just wait till your first quake. I experienced two when I was out there. One was completely freaky. It felt like my bed was lifted up slowly and then dropped about a foot. The second one was a slow roller in the middle of the afternoon. My roommates, who had lived out there since the early 90s, made me go outside and watch the road roll. It was weird because the quake lasted like 45 seconds. No major damage, but it completely freaks you out none-the-less since it is such an outer-worldly feeling. You’ll have a couple of nightmares after it and then those fade too. When we had that quake about 5 years ago here in NYC, I remember lots of my coworkers panicking. I told them it was nothing based on what I felt when I lived in Los Angeles.
I miss Ween. What a great show. And those kids were talented though a tad bit immature in a fun way.
How many mortgages are > 500? Can’t be much. I recall lots of you guys saying that especially post financial crisis, the rich cats don’t even do mortgages anymore.
Is King Crimson anything like King Missile?
SALT capped at $10k
MID capped at 500k, existing owners grandfathered
+
Standard deduction raised to $24k
So pretty much they make it negligible to itemize deductions for average NJ couple. MID on $400k mortgage is $16k/yr @ 4%
+ SALT $10k
Itemizing gains me $2k in extra deductions = $500.
Personal exemption gone. Child tax credits still phase out surely. EITC still surely phased out.
tax rate reduces to 25% (3% drop) so gain $5k there and lose $10k in deductions = $2500 net gain.
Just thinking out loud. Don’t underestimate the impact of the 3% rate drop.
MID has limits mentioned.
$10k on property taxes.
Eliminates state tax deduction.
Stu my wife does closings she sees them frequently. What about home equity loans how does these figure out in?
Lib, would agree at the old $1m limit. If you actually need a $1m mortgage to buy a $1m+ house you’re in water over your head.
At $500k around here…..Can’t say the same thing. Barely anything on the market at $500k.
Problem, v. the old $1m, is that you are now in young/prime buyer territory.
To even hit a $750k number now they would need to bring $250k to the table…..Previously, small DP plus tax deductible mortgage for the rest.
This may whack the $750k-1.25m market pretty hard.
So MID capped at $500k, down from $1m?
Totally support this, Ive said it a dozen times.
Should eliminate MID on second homes too.
Corporate rate cut is permanent
https://www.investors.com/news/house-gop-says-corporate-tax-cuts-will-be-permanent/
Randy, agree.
The average NJ resident is a wash or better.
The average American is much better off.
The wealthy will get tapped (yes, guys, that means most of the W2s on this board with houses worth 2-3x the US median).
I’m happy. I’ll be happier when I incorporate Libturd Real Estate Corporation (pass through bonanza). I wonder what position Gator will have? I’ll be happiest when I take all of my stock market gains from this ill-advised corporate tax cut and retire quite comfortably in Costa Rica while all the suckers in this country try to figure out how to pay for all of the additional debt this tax reform will cost. By then the market will have experienced the greatest correction since the great depression.
It’s all good.
This may whack the $750k-1.25m market pretty hard.
A $500k capped MID? I don’t think so.
Oh wait. I already am an LLC. :P
Is Costa Rica one of those red states? We need to increase their taxes.
NJ dodged a bullet.
LOL.
If you already have a pass through business the decrease in pass through rates is good. Don’t think there are many more ‘goodies’ in this bill for a pass through that weren’t already available, other than immediate writeoff. (Get ready for all the landscapers and contractors to own new, tricked out F-450s). And look at auto makers for a buy ;)
You could have always ’employed’ Gator, before or after this bill. Thought you had her with a wrench in her hand already.
NJ W2 middle class pretty safe.
NJ small business owners partying.
There are nearly 850,000 small business in NJ that stand to benefit from this, 1.8 million employees (this is 50% of the private state workforce). Last year NJ’s small business growth rate was 1.7%, greater than the US average of 1.2%. Startups were already on the upswing in 2016, and will continue to grow.
Very positive for the state. As much as we rag on NJ for not being business friendly, the rate of startups here is higher, and the success rate is higher still.
“A $500k capped MID? I don’t think so.”
Walk me through, I respect your opinion.
My thought for the $750k house is that support for the low DP borrower is being yanked. Makes a lot less sense now to throw $75k down and take the rest in mortgage. That has to take out a bunch of buyers?
On the $1.25m level, you would previously throw $250k down and carry $1m. Now, you’d throw $750k down and carry $500k. Are people really ready to increase the DP at this level by 3x and $500k?
Don’t know.
“Very positive for the state. As much as we rag on NJ for not being business friendly, the rate of startups here is higher, and the success rate is higher still.”
Seriously? So we’ve gone from Armeggedon, oh-my-god the sky is falling to great? And the only changes from what was originally proposed are effectively a wash? (get $10k on property taxes but give up $500k on MID).
You guys drive me nuts. Worse than my ex-wife.
Phil Murphy will stand up and take credit for “a fairer and better economy” in 3 years….when he had nothing to do with it.
Buncha cucks
Left rates move up. Prices can move down.
How will this be payed? Guess Republicans no longer worrying about thei debt they almost shut govt down over.
side note…no tax credit for teslas anymore…
I think you answered your own question Pumps…misinformation
https://www.washingtonpost.com/news/fact-checker/wp/2017/11/02/senate-democrats-falsely-claim-gop-tax-plan-will-raise-taxes-for-most-working-class-families/?utm_term=.a87570f74352
that’s the Trump hating Bezos owned, liberal biased Washington Post giving Democrats 4 pinocchios on their latest political fact check.
NAHB is not happy, they are blasting out press releases.
“Phil Murphy will stand up and take credit for “a fairer and better economy” in 3 years….when he had nothing to do with it.”
Eh, who cares. Dunces and political hacks still talk about the national economy in terms of the President. Former DNC head and Labor Secretary on CNBC saying the expansion under Obama was due to some anti-recession act he passed at the beginning of his term.
As NoOne says above, maybe eight years of free money had a little more to do with it lol.
People are nuts….cry about democrats and debt, then blow up the debt like it doesn’t matter. Glad they finally get it. The debt doesn’t matter as much at the fed level so let’s not threaten to shut down govt over it.
This tax reform is going to make this bubble even bigger than it was going to be. Why would you do this now? Why didn’t you do it back in 2009? These people are morons. Economy is already heating up, let’s throw rocket fuel on it so it blows up to an out of control state until it busts hard. When we needed rocket fuel, they wanted austerity. Cut everything…blah blah. Now the economy is blowing up, let’s throw some rocket fuel on it. Crazy.
I’m loving the estate tax doubling prior to phase out, just what I need.
TESLA down 20% from peak while the Dow is up 5%. Not looking good for the company that yet again, fell way short of their ridiculous projections on production. Maybe it’s time to buy those puts.
Nope, that just prevented a huge crash.
Business cycle and demographic spending patterns are pushing this economy. I called this how many years ago?
“As NoOne says above, maybe eight years of free money had a little more to do with it lol.“
Repatriation tax rate: The repatriation rate on overseas assets for US companies would be as high as 12%. The bill also may include a mandatory repatriation of all foreign assets. Illiquid assets would be taxed at a lower rate, spread out over a longer period of time than liquid assets like cash.
http://www.businessinsider.com/trump-gop-tax-reform-plan-bill-text-details-rate-2017-10
Rolling road…whoa. I’ve already seen plenty of places i do not want to be a quake. Overpasses/underpassess are scary.
Only people this benefits is retirees, trump, his base, old money south, crumbling industry. Big f u to my generation. Once again boomers expect someone to foot the bill for them.
Under this tax plan home ownership is desensitized… rental market will go up .
Ex. When you feel the first one, you gotta report back. It’s really quite surreal. Also, if you didn’t know. If it feels like “the big one,” get in a door frame. The funniest thing that occurs when an earthquake starts is hearing every say, phew, it’s not the “big one.”
And debt…feh.
Everybody here was at least a younger lefty. After that we either learned math or we didn’t.
It’s the older lefties on the board that fit the profile for listening, but I think rock/jazz musicians would appreciate it as well.
Proof of hillary’s takeover.
We all knew it. Lesson not to forget: there’s 2 main parties in the US, but both serve the capitalist class and Wall Street.
https://www.politico.com/magazine/story/2017/11/02/clinton-brazile-hacks-2016-215774
You don’t want to be in, on, or near anything concrete. Imagine being in a long line to pay to get out of an above ground parking structure. That would suck.
Rolling road…whoa. I’ve already seen plenty of places i do not want to be a quake. Overpasses/underpassess are scary.
Big f u to
my generationPolish pumpers living in a highway house with a high tax bill.Big f u to my generation.
You deserve it. Either play the game or get off the train.
A nice, controlled, drop in $600-$900K SFH prices that goes on for 5 or 6 years…
I’m not seeing the downside.
I wonder how long Pumps will be able to hang on.
Not to his house, how long will he be able to hang on posting here every day. I think I’m already seeing a significant decline to his vim and vigor. His posts aren’t even very long anymore, I occasionally read half of one.
Realtors won’t like this new tax plan! And what about big Mc mansions like in my town 18 to 22k on a tiny piece of land! A couple sold earlier in the year; those buyers won’t be happy!
This almost seems like it will be very organic collapse started by an external catalyst (the tax bill).
Expensive homes decline in price –> property taxes decline –> school budgets decline as enrollments go down. That would all make sense and might not end up being a bad thing.
The new move will be to buy something for $300K on it’s way to $500K.
But the sellers will be. (hint, hint)
A couple sold earlier in the year; those buyers won’t be happy!
@paulkrugman
It counts reducing the tax rate on some people from 39.6 to 35 as a benefit to “low- and middle-income”.
That rate starts at income ~$450K
@paulkrugman
Basics:
they dig a huge hole with corporate cut, pass-through, estate; try to make it up with complex stuff that *has* to hit middle class
@SenSanders
The Cut, Cut, Cut Act:
✅ Tax cuts for billionaires
✅ Tax cuts for corporations
✅ Forces cuts to Medicare, Medicaid and Social Security
Pumps is Polish? About as much as grim. All you Polish guys are second third gen…
Sanders is a crazy person.
Sanders is still probably a better economist than Krugman though.
Expat,
If this tax reform passes, I will be one of the first to sell.
I don’t get hurt by tax reform, I adjust. It’s as simple as that. There are going to be huge repercussions for this. Home ownership used to drive the economy, but not anymore. LLC’s will.
Ex pat: if it reigns in house prices and propert taxes it will be a plus for the younger generations.
Ex pat Although I would have just preferred a flat tax nice and simple. And housing should not be purchased for tax considerations anyhow.
Jury is still out and Menendez is praying.
Menendez prays with clergy outside courtroom as verdict nears
“Menendez and several priests formed an impromptu prayer circle and offered a prayer in Spanish during a break in the trial in federal court in Newark. The priests were among the supporters who sat near the senator as the prosecution began its closing arguments in the high-profile case.”
http://www.nj.com/news/index.ssf/2017/11/menendez_prays_with_clergy_outside_courtroom_as_tr.html#incart_river_home
Is there a good summary link with a table of all the changes?
His father is a deported criminal. You don’t get more Polish than that.
Pumps is Polish? About as much as grim. All you Polish guys are second third gen…
The Cut, Cut, Cut Act:
✅ Home price cuts for millennials
✅ Accelerates selling preference of some baby boomers, decelerates others.
✅ FU Blue States. You might want to think about how you are going to vote in the midterms.
The only thing sappier than that would be Menendez showing up with his children every day. Oh wait, he did that too.
You lived in a blue state your entire life a$$hooe….go live in a red state with all the white trash. You will fit in perfectly and be right at home
√ For Sale: Top notch house with excellent highway access.
✔ ☑ ✅ checkmarks
U+237B ⍻ NOT CHECK MARK
U+2611 ☑ BALLOT BOX WITH CHECK
U+2705 ✅ WHITE HEAVY CHECK MARK
U+2713 ✓ CHECK MARK
U+2714 ✔ HEAVY CHECK MARK
U+1F5F8 🗸 LIGHT CHECK MARK
U+1F5F9 🗹 BALLOT BOX WITH BOLD CHECK
Hmmm….
❌ ❌
🚀 🚀🚽🛀🆒
🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃🎃 🎃
LOL, best post of the day.
Question on tax reform proposal: Does 12% bracket start at $0 or $24,001? In other words, after you deduct your $24k standard deduction is the next $90k taxed at 12% or only $66k ($90-24k)?
Find Pumpkin’s house.
🚥🚑🚕🚒🚙🚗🚕🚑🚕🚒🚙🚗🚕🎃🏡🚑🚕🚒🚙🚗🚕🚑🚕🚒🚙🚗🚕🚥
😇
They are going to lower the speed limit on my street.
😘
I’m sure that everything Donna Brazile wrote is true other than the fact that she researched it herself. She paid a bunch of lawyers to do it and they drafted this to make her seem like a victim. This is the same woman that was leaking questions to Clinton.
Frothy…..new neighborhood in Joisey. “SoHo West”
Reminds me of that South Park Episode “The Lofts at SoDoSoPa”
“Jersey City Mayor Steven Fulop joined Manhattan Building Company at the official opening at the launch of leasing for the next phase of SoHo West (South of Hoboken, West of New York City) community on the border of Hoboken and Jersey City.”
http://www.njbiz.com/article/20171102/NJBIZ01/171109964/manhattan-building-company-opens-soho-west-on-hoboken-jersey-city-border?utm_source=NJBIZ+Daily&utm_medium=Email&utm_term=http%3a%2f%2fwww.njbiz.com%2farticle%2f20171102%2fNJBIZ01%2f171109964%2fmanhattan-building-company-opens-soho-west-on-hoboken-jersey-city-border&utm_campaign=The+Daily%3a+Manhattan+Building+Co.+opens+SoHo+West+on+Hoboken%2c+Jersey+City+border
Wowza, NAHB press release crazy today.
I just have one question to all the individuals with lefty’s mindset. Why are you going after people who have to get a mortgage to buy a house. If you have to get a mortgage, clearly you are not rich.
Anyone that supports this tax reform is in favor of the worst type of redistribution. You are taking from a lesser off Peter to give to the extremely wealthy Paul. Of course, hard core conservatives support this even though they are the peter.
This one Grim?
Sounds like they want sausages……………
NAHB Calls on Congress to Enact Comprehensive Housing Finance Reform
November 02, 2017
The National Association of Home Builders (NAHB) called on Congress today to move swiftly to implement comprehensive reforms to the nation’s housing finance system to ensure that housing credit remains readily available and affordable in the future.
Testifying before the House Financial Services Subcommittee on Housing and Insurance, NAHB CEO Jerry Howard said that Congress must focus on fixing the structural flaws inherent in Fannie Mae’s and Freddie Mac’s government charters that led to the breakdown of the housing finance system.
“NAHB calls on Congress to make comprehensive housing finance reform a top priority and pass legislation to ensure the federal government continues to provide a backstop for a reliable and adequate flow of affordable housing credit in all economic and financial conditions,” said Howard.
Howard presented lawmakers specific policy proposals covering both single-family and multifamily housing that would:
Establish a new secondary market system for conventional mortgages with a federal government backstop to maintain stability in catastrophic circumstances;
Preserve the successful multifamily housing finance framework;
Provide an equal playing field for small lenders;
Continue the roles of the federal government housing agencies;
Restart a fully private mortgage-backed securities market; and
Enhance the activities of state and regional sources of housing funding.
“Comprehensive legislation is the only way to ensure a stable housing finance system, preserve access to credit and protect taxpayers,” Howard said.
grim,
Yeah…
“The bill eviscerates existing housing tax benefits by drastically reducing the number of home owners who can take advantage of mortgage interest and property tax incentives.”
You keep using that word. I don’t think it means what you think it means. — Inigo Montoya
Juice Box,
Is it even possible for the Feds to provide a ‘backstop’ and ‘protect taxpayers’ at the same time?
“Granger further charged that “The House leadership killed a cost-effective plan proposed by NAHB that Ways and Means Committee leaders agreed to include in the legislation. It would provide a robust homeownership tax credit that would have helped up to 37 million additional home owners who do not currently itemize. Most of them are low- and moderate-income home owners.
“Meanwhile, as corporations receive a major tax cut, small businesses, which generate the lion’s share of job growth, get limited relief.
The bottom line, according to Granger, “Congress is ignoring the needs of America’s working-class families and small businesses. And by undermining the nation’s longstanding support for homeownership and threatening to lower the value of the largest asset held by most American families, this tax reform plan will put millions of home owners at risk.””
“MacDonald had no such reservations. In the statement, which carried the headline “Republican Tax Reform Plan Slams Middle Class,” he said, “The bill eviscerates existing housing tax benefits by drastically reducing the number of home owners who can take advantage of mortgage interest and property tax incentives,” and that “Capping mortgage interest at $500,000 for new home purchases means that home buyers in expensive markets will effectively lose this housing tax benefit moving forward.””
Tax bracket changes are friendly to NJ as well.
Like I said above, NJ dodged a bullet. If it passes, as-is, this isn’t negative on NJ housing.
Joyce the Feds or the FED?
Answer is #2.
There was 7.7 trillion of the secret emergency lending by the FED to bailout the banks. This was only disclosed to the public after Congress forced a one-time audit of the Federal Reserve back in 2011. After the audit the public found out the bailout was in trillions not billions; and that there were no requirements attached to the bailout money – the banks could use it for any purpose.
What is a few trillion between comrades anyway…
Now give us our sausages back….
Tax bracket hurts me. I will have to pay 35%. I’m fine with paying more, but not when the fact that I’m paying more comes down to giving a cut to rich corporations and billionaires. Hell no.
And anyone okay with this better not complain about an income tax on millionaires in the state of nj.
Play a game.
$750,000 mortgage – 1st year MI – $29,760 @ 4.00
$500,000 mortgage – 1st year MI – $19,840 @ 4.00
We are talking about a loss of $10,000 in deductions due to the $500k cap, this is first year, which is the most substantial.
We’re probably talking about the 25% bracket here (up to $260,000 married).
So we’re talking about $2,500 more in taxes paid due to the new MID cap.
HOWEVER, you are talking about moving a big chunk of income from the 28% bracket into the 25% bracket, so you are looking at a benefit of about the same, $2,500, due to the drop in the bracket rate.
So, the collapse of the 28% bracket into 25% effectively cancels the MID cap for someone with a $750,000 loan.
There is lots of sneaky shit in the CUT CUT CUT Act.
Exclusion of capital gains on sale of primary residence is now pushed to 5 of 8 years from 2 of 5 years, phaseout of exclusion for incomes over $250k?
Grim how do you figure NJ high priced high property taxes and no state income tax deduction dodged a bullet?
I would hate to be a tax guy right now.
Let The Lending begin
YELLEN Is out!
http://www.chicagotribune.com/business/ct-biz-trump-federal-reserve-chair-20171102-story.html
Thats the plan….houses are gonna be monoplozied. Everyone going to rent one day. Basically social!sm…u wont own anything. That’s why they keep pushing this “share” economy on us. Rent everything, and own nothing.
Middle class meant you owned a piece of America. Hence, why they are beating it up. Can’t have too many people making it, right. They don’t want you to get comfortable and own. Always dangle that carrot.
FCUK YOU ARROGANT ASSHOLE!
The Great Pumpkin says:
November 2, 2017 at 4:48 pm
Tax bracket hurts me. I will have to pay 35%. I’m fine with paying more, but not when the fact that I’m paying more comes down to giving a cut to rich corporations and billionaires. Hell no.
FCUK YOU ARROGANT ASSHOLE!
I don’t think he knows how taxes work.
Americans Try To Pronounce Polish Cities
https://www.youtube.com/watch?v=IUTTosdOQGA
Sounds about right.
“This growing burden on future generations can be measured. Rising dependency ratios — or the number of retirees per employed worker — provide one useful metric. In 1970, in the U.S., there were 5.3 workers for every retired person. By 2010 this had fallen to 4.5, and it’s expected to decline to 2.6 by 2050. In Germany, the number of workers per retiree will decrease to 1.6 in 2050, down from 4.1 in 1970. In Japan, the oldest society to have ever existed, the ratio will decrease to 1.2 in 2050, from 8.5 in 1970. Even as spending commitments grow, in other words, there will be fewer and fewer productive adults around to fund them.
Budgetary analysis presents a similarly dire outlook. In a 2010 research paper, entitled “Ask Not Whether Governments Will Default, But How,” Arnaud Mares of Morgan Stanley analyzed national solvency, or the difference between actual and potential government revenue, on one hand, and existing debt levels and future commitments on the other. The study found that by this measure the net worth of the U.S. was negative 800 percent of its GDP; that is, its future tax revenue was less than committed obligations by an amount equivalent to eight times the value of all goods and services America produces in a year. The net worth of European countries ranged from about negative 250 percent (Italy) to negative 1,800 percent (Greece). For Germany, France and the U.K., the approximate figures were negative 500 percent, negative 600 percent and negative 1,000 percent of GDP. In effect, these states have mortgaged themselves beyond their capacity to easily repay.
A final revealing measure is the concept of lifetime net tax benefit, which measures the benefits received over a person’s life by calculating the difference between all taxes paid and all the government transfers that he or she has received and will receive. A 2010 study from the International Monetary Fund found that in the U.S. the lifetime tax burden was positive (tax paid was less than benefits received) for all age cohorts above 18 years, with the largest benefit accruing to those over age 50. But the figure for future generations is negative (benefits received will be less than taxes paid), meaning they’ll have to meet the obligations of their elders.
Such measurements probably understate the shortfall, as they fail to account for the cost of environmental damage or higher commodity prices resulting from resource shortages. Future generations will bear the ultimate cost of present decisions or inaction. As in Francisco Goya’s famous painting, “Saturn Devouring His Son,” today, the old are eating their children.”
https://www.bloomberg.com/view/articles/2017-06-13/the-old-are-eating-the-young
There was nothing arrogant about what I stated. You have a complete bias of me.
chicagofinance says:
November 2, 2017 at 5:08 pm
FCUK YOU ARROGANT ASSHOLE!
Grim how do you figure NJ high priced high property taxes and no state income tax deduction dodged a bullet?
Compared to loss of both SALT and MID entirely?
The change in the MID cap is inconsequential for most, and the inclusion of at least $10k in property taxes pushes most over the standard deduction. For a good portion, that don’t push over, it’s going to be like-for-like.
The elimination of the exemptions is a big deal, but thats going to hit everyone across the US in the same way.
The shifts in the brackets is pretty beneficial for the income ranges that most NJ homeowners fall into. If you are making up to $260k today, you’ll see lower federal rates. If you are near $260k, this is a big deal, back of napkin math but you are talking about paying $10k less in federal taxes just due to the bracket changes.
If you are an accountant, architect, doctor, dentist, lawyer, etc etc – with your practice setup as pass-through, you are going rolling in a new mercedes and digging a new pool next year.
“I would hate to be a tax guy right now.”
Are you kidding? This should be called the “Tax Professionals Full Employment Act”. Double their income this year. Accountants and lawyers.
Real rocket scientist McDonald. Give that boy a Wharton MBA. Whoever paid for this priceless analysis should get a refund:
“Capping mortgage interest at $500,000 for new home purchases means that home buyers in expensive markets will effectively lose this housing tax benefit moving forward.”
Does the pass through proposal actually include self employed professionals? original noise was that they would be excluded.
Grim Makes sense.i did not realize you were comparing it to one of the original plans.
Limiting property taxes will limit out of control local spending . Realtors won’t be able to push their bs their high but you can write them off!
I can’t understand why anyone would want to pay except for the ultra wealthy 18k and up for a mc mansion. Makes no sense to me.
Also, how many will benefit due to the elimination of AMT?
Estimate is that 80% of NJ households in $200-500k range were hit by AMT.
Amt is a big one. So all and all NJ residents should not be upset.
Pumpkin,
Please define white trash for me. You throw out that term often. Is there a tax bracket that defines white trash? What about a guy who lost all of his money in a divorce, would that be white trash? What about a family where the breadwinner lost their job and their house went into foreclosure? Or a family member had an illness that exceeded their health coverage? Or a family where a child was autistic and cost tons of cash to be taken care of, so they could not afford a nice car?
No discussion about the ability to deduct large medical expenses?
Anyone got any last minute trip ideas? School is closed all next week. I decided today to take off so nothing planned.
Maybe we will see the end of the hideous mc mansions. People having one or two kids today. No need for these big dumps!!
White trash is a chosen lifestyle. Has nothing to do with rich or poor. It’s for individuals that are so lazy, they don’t know what a shower is. They collect garbage like broken down cars all over their property. Their home is littered with garbage because they never clean it. Some bums are better dressed than these losers….and even smell better. Pathetic.
@business
Long lines are back at Apple stores for the 10th anniversary iPhone
“Beginning Thursday night locally, crowds surrounded Apple’s retail stores in Singapore, Japan, and Australia, recalling the throngs that formed on the first day of iPhone sales on June 29, 2007. One big difference is the price: the iPhone X starts at $999, double the $499 entry-level price of the first version.”
Apple beat, despite rumors of their demise. iPhone 8 is their biggest launch ever.
@Inc
Crowds Have Been Lining Up for Days Outside Apple Stores to Buy an iPhone X
Look at my post from 12:11 today. This is exactly what I stated. Goldman head agrees.
“Lloyd Blankfein says “fiscal stimulus in the market” at this moment in time is, frankly, unnecessary.“
“Amazingly, on the same day the G.O.P. revealed a plan that hurts the aforementioned groups in order to finance the gigantic corporate tax cut it claims will ultimately trickle down to American workers (despite all evidence to the contrary), the C.E.O. of Goldman Sachs said that, actually, it doesn’t need the cuts. “I can’t say this is the moment where you want the most fiscal stimulus in the market, when we’re mostly at full employment, when GDP last registered at 3 percent,” Lloyd Blankfein said during an interview with Bloomberg TV. “I don’t know that this is the moment that you provide the biggest stimulus.”“
“The liberal Not One Penny coalition responded to the bill’s unveiling by launching a six-figure ad buy that features a Republican farmer from Kansas saying his state’s troubled tax cut experiment should be a warning to the GOP in Washington.
“The promises were we were going to have all these new jobs, that everybody would reinvest their tax cuts — it was abject failure,” Mike Fawl says as he feeds his cows. “What was tried here didn’t work. I don’t know how you could expect different results. “
Apple stores are the new church/temple. Come worship.
Drama with the realtors. Remax cancelled earnings release. The official reason is executives there are too sleazy.
Corporate Tax Cuts Skew to Shareholders and CEOs, Not Workers as Administration Claims | Center on Budget and Policy Priorities – http://www.cbpp.org
https://www.cbpp.org/research/federal-tax/corporate-tax-cuts-skew-to-shareholders-and-ceos-not-workers-as-administration
https://www.cbpp.org/research/federal-tax/corporate-tax-cuts-skew-to-shareholders-and-ceos-not-workers-as-administration
Corporate Tax Cuts Skew to Shareholders and CEOs, Not Workers as Administration Claims | Center on Budget and Policy Priorities – http://www.cbpp.org
https://www.cbpp.org/research/federal-tax/corporate-tax-cuts-skew-to-shareholders-and-ceos-not-workers-as-administration
“Further, corporate rate cuts could ultimately hurt the majority of Americans, depending on how they are paid for. If, as in the Administration’s tax proposals, corporate rate cuts are not offset by spending cuts or increases in other taxes, any assumed increase in domestic investment — and therefore benefit for workers in the form of higher productivity and wages — won’t be sustained. The higher deficits would reduce national saving, meaning less capital would be available for investment in the economy and interest rates could rise. Higher interest rates, in turn, would reduce and ultimately reverse the increase in investment necessary for workers to gain (in the form of higher productivity and wages) from a corporate rate cut.“
“For example, the Administration’s proposal to cut the corporate tax rate from 35 percent to 15 percent would cost more than $2 trillion over ten years, and the Administration has proposed no policies that could plausibly offset the cost. These corporate tax cuts would flow largely to the top, while providing little benefit to most workers. And if one assumes that the tax cuts must be fully offset eventually by some combination of reductions in government benefits and increases in other taxes, it’s clear that most workers would be worse off under the proposal.[25] Consider the two following simple financing scenarios for a corporate rate cut costing $200 billion a year, also shown in Table 2 and Figure 2:[26]
Each household pays an equal dollar amount each year to finance the tax cuts. Under this scenario, each household, on average, receives a tax benefit from the corporate rate cut, but in the long run it also “pays” $1,145 per year to finance the tax cuts. Something close to this scenario could occur if the tax cuts were financed largely or entirely through spending cuts to programs that affect most Americans. We refer to this as the “equal dollar burden” scenario.
Each household pays an equal percentage of income each year to finance the tax cuts. Under this scenario, each household, on average, receives a tax benefit from the corporate rate cut, but it also pays 1.6 percent of its income each year to finance the tax cuts. Something close to this scenario could occur if the tax cuts were financed through a combination of spending cuts and progressive tax increases. We refer to this as the “proportional burden” scenario.
Under both scenarios, most Americans — at least the bottom 80 percent — would be net losers. For example, an average household in the bottom 20 percent would receive roughly $60 a year from the corporate rate cut. But under the equal dollar burden financing scenario, the household would lose $1,140 a year from the spending cuts to offset the cost; under the proportional financing scenario, it would lose $220 a year. Therefore, they would be left $1,080 or $160 worse off, respectively. Meanwhile, the top 1 percent of households would receive tax cuts averaging $59,000 a year and would be big winners even after the offsets are taken into account. On balance, they would be at least $34,000 (more than 2 percent of their after-tax income) better off, on average. The results are even more striking for the top 0.1 percent of households, who would be at least $240,000 (more than 3 percent of their after-tax income) better off even after financing is considered.”
I see nothing in the tax bill that kills the EV tax credit.
“Mark Zandi, chief economist at Moody’s Analytics, said the tax changes could initially cut prices by 10 percent in expensive markets and 3 percent to 5 percent across the U.S.
“You can see why the industry is not too excited by all this,” Zandi said. “It’s not good for home sales, house prices or new housing construction.””
https://www.bloomberg.com/news/articles/2017-11-02/pricey-home-markets-from-greenwich-to-l-a-seen-hit-by-tax-plan
There are more changes to MID I am hearing.
Primary residence only and it will not apply to home equity loan/line of credit interest.
This tax bill makes moves to Florida, Wyoming or Texas even more compelling. But I don’t see much help for high-earning pass-through partners.
I read that the pass through is only allowing 30% of the income to be taxed at 25%. So the 39% tax bracket effectively becomes 35% for that kind of income. But lose the SALT and you give most of that reduction back.
https://www.washingtonpost.com/graphics/2017/business/tax-bill-q-and-a/?utm_term=.e984e592af70
So who is screwed? Should I take a vacation on the house? Hint the boats are full….
Grim I was wondering about home equity loans this morning. That could be ugly for
Heavy users of those.
So Sessions must be a Micro Manager dealing with such a “low-level volunteer”
https://twitter.com/MSNBC/status/926155618834030593
Or dealing with the Coffee Boy!
https://www.youtube.com/watch?v=XVNEhiz2d3o
Screw it. Let’s take the high road and positive approach. They want us to pay a lot more in taxes, so be it. Just hopefully this all isn’t for waste. I’ll prob be paying as much as 15-20 k more because of all the deductions I was using. Oh well, still making money, but it truly hurts like hell.
No One says:
November 2, 2017 at 9:15 pm
This tax bill makes moves to Florida, Wyoming or Texas even more compelling. But I don’t see much help for high-earning pass-through partners.
I read that the pass through is only allowing 30% of the income to be taxed at 25%. So the 39% tax bracket effectively becomes 35% for that kind of income. But lose the SALT and you give most of that reduction back.
https://www.washingtonpost.com/graphics/2017/business/tax-bill-q-and-a/?utm_term=.e984e592af70