From the Washington Examiner:
White House analysis: Tax bill will slightly decrease home prices, but boost homeownership
The tax legislation working its way through Congress would only slightly lower home values and could boost homeownership, according to a new analysis from the White House that addresses fears that the elimination of the mortgage interest deduction could create a large disincentive for homeowners.
The White House Council of Economic Advisers paper found that the House tax bill’s treatment of the mortgage deduction would result mostly in simplification. The number of people taking the simple standard deduction, rather than itemizing specific deductions, would increase from 74 percent to 92 percent, and the study said there would be a very small impact on home prices.
“We project that equilibrium housing prices will experience a muted reduction of less than 4 percent, while homeownership rates may rise modestly as a result of the current tax reform proposals before Congress,” the 13-page study concluded.
The White House analysis provides a response to housing industry groups, such as the National Association of Realtors, that oppose the GOP tax push and have warned that it could tank housing markets.
The study indicates that the (temporary) 2-4% reduction in home prices nationally will be the factor that boosts homeownership.
Cyber Monday is for schmucks who are paying to0 much PITI.
@MichaelSLinden
The Senate could vote on the #GOPTaxPlan as early as THIS WEEK. 3 things you need to know:
1. It raises taxes on 87 million middle class families (you might be one of them).
2. It cuts taxes for the super rich. Average tax cut for the top 0.1% is over 200k.
3. WE CAN STOP IT.
People should get this by now:
Bonds top first.
Stocks top second.
Commodities top third.
Recession.
We have plenty of time.
And after the recession is over, the gubmint will tell you it started a year earlier than you thought.
Bull markets don’t die of old age, the Fed kills them all.
no you can’t.
3. WE CAN STOP IT.
Trump won’t win the election
Trump didn’t really win the election.
The Russians rigged the election.
Trump colluded with the Russians to win the election.
Mueller is competent to carry out an investigation into the matter.
http://beta.latimes.com/politics/la-na-pol-mueller-record-20171122-story.html
re: “while homeownership rates may rise”
Is that the buzzing sound of another chainsaw coming for lending regulations?
Laughable the bs they push.
grim says:
November 27, 2017 at 5:44 am
The study indicates that the (temporary) 2-4% reduction in home prices nationally will be the factor that boosts homeownership.
The tax reform will have a neutral to positive impact for the majority of voters in red states so I doubt it will impact the gop’s core voters and their property values. You can buy a 3/2 ranch in lots of nice neighborhoods in the south and Midwest for sub 200k. Losing salt will have little to no impact on the housing market in those areas. Only if prices tank and their is a tremendous slowdown in consumer spending in the high tax blue states will the average red stater be affected.
I got me about $180 of fishing lures for $50 online last week. When stuff I wanted went on sale for average of 65% off with free shipping and I had a 10% off on top of that I bought a lot more than I planned.
Now I won’t get as annoyed when I snag a lure on a light or ultralight rod. When you are using 6 pound or lighter test it is hard to free a snagged lure.
@ThePlumLineGS
Kansas Senator Jerry Moran is undecided on Senate GOP tax bill:
“I’m also cognizant of what people saw happen in Kansas.”
@realjpgil
I live in KS and as a business owner saw the experiment 1st hand. The tax savings for business owners did not trickle down.
Schools were effected immediately.
Sales tax was raised to make up some of the difference.
Both repubs and dems repealed it as it was bankrupting KS.
5 Black Churches vandalized over the holidays in Morris County. Originally investigated as a hate crime. Now surveillance video of the perp has surfaced.
https://www.cbsnews.com/news/church-vandalism-new-jersey-zuri-c-towns-morris-township/
I am supposed to believe the opinion of someone who think “effect” is a verb?
am
@realjpgil
I live in KS and as a business owner saw the experiment 1st hand. The tax savings for business owners did not trickle down.
Schools were effected immediately.
Sales tax was raised to make up some of the difference.
Both repubs and dems repealed it as it was bankrupting KS.
This topic is crybaby bait for the person with the tax cow on the busy road. Let the spamming commence.
Senate Democrats falsely claim GOP tax plan will raise taxes for most working-class families
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=.a8801d43768b
Okay, I won’t say anything. If republicans really think this tax plan is the best thing for the country, so be it. I don’t understand how it will help, but maybe I’m wrong. All I know is that if this doesn’t work, please stop with the “tax cuts” as the answer to all our problems. The Kansas plan fell flat on its face, but it’s ignored. So we will try it again, but for god’s sake, if it doesn’t work again, please learn from your mistakes.
nwnj says:
November 27, 2017 at 8:27 am
This topic is crybaby bait for the person with the tax cow on the busy road. Let the spamming commence.
McArthur on GOP tax bill
https://macarthur.house.gov/media-center/press-releases/op-ed-new-jersey-needs-tax-relief
According to data direct from the IRS, allowing property tax deductions up to $10,000—which I fought for and won—will cover nearly every taxpayer in the Third Congressional District. Most of those not covered have high incomes, and are already unable to use the deduction because they pay the Alternative Minimum Tax. Keep in mind, that only 4 out of 10 New Jerseyans even use the SALT deduction, while 60% use the standard deduction, which will double as part of this plan.
Don’t take my word for it. Read the Washington Post’s Fact Checker – not always a friend to Republicans – which declares the following: “Democrats have spread far and wide the false claim that families making less than $86,100 on average will face a hefty tax hike. Actually, it’s the opposite. Most families in that income range would get a tax cut.”
Moreover, this tax reform will benefit New Jersey employers and employees at a time when Trenton is poised to pass crushing tax hikes that repel jobs and force more people to leave the state. Taxes will be cut by 40% for most companies. They will also be incentivized to bring trapped foreign earnings – estimated at over $2.5 trillion – back home to reinvest in our economy, not overseas.
“But notice the funny thing about this calculation: Only a small percentage (6.5 percent) of the nearly 122 million households in the bottom three quintiles will actually face a tax increase.
Meanwhile, more than 97 million (80 percent) will receive a tax cut. Doing the math the same way the JEC staff did, we come up with an average tax cut of about $450 for those 97 million households.”
From the WaPo article above. It says a lot that WaPo, effectively a mainstream media arm of the left, comes out with this article.
Also, CBS This Morning called out Nancy Pelosi on her ‘icon’ comments about Conyers as a blatant double standard.
Times, they may be a changin’.
@conradhackett
NEW: Tax revenues as % of GDP
Denmark 46%
France 45%
Sweden 44%
Italy 43%
Norway 38%
Germany 38%
Iceland 36%
Spain 34%
UK 33%
NZ 32%
Canada 32%
🇺🇸US 26%
I just want Medicare to get cut in bits and pieces for several reasons.
First, it will speed up the culling of the locust boomers. Two, if will shut the mouth of the loud free market types when they have to move-in their older relatives or let them starve in the streets, and I heard diaper changing is a great hobby. Finally, it will destroy our modern health system, so the free market types can really go shopping for their open-heart surgery in India or Pakistan or Nigeria.
Pumpkin
For at least four weeks I have not responded to any of your comments other than to reiterate the below statement. Yesterday, again, you opted to continue to involve me in your postings.
I have disengaged with any interaction with you. I request you do the same including, specifically, stop addressing me directly on this forum. Please comply.
NEW: Tax revenues as % of GDP
Denmark 46%
France 45%
Sweden 44%
Italy 43%
Norway 38%
Germany 38%
Iceland 36%
Give me the common culture and beliefs of the populations of these countries and I will gladly double my contribution to the US Treasury.
In support of the current political funding and agenda of the good ole USA gubmint? Bleed Treasury dry.
Funny how progressives want to deny the western European identity of the country when it suits them, but when they want the justice system and social programs they are all on board. Give me a break, the US is not western Europe and never will be.
Getting played. They are handing out crumbs to the majority in the form of a 100-1000 tax cut, so they can have support for this plan to get it passed. So short term, they give you a crumb, but long term they are really raising your taxes to pay for the future debt created from giving billionaires a tax cut. No one except corporations or billionaires are getting a long term tax cut. Facts!
“Meanwhile, more than 97 million (80 percent) will receive a tax cut. Doing the math the same way the JEC staff did, we come up with an average tax cut of about $450 for those 97 million households.”“
Even the name of the plan is a scam….tax cut. Cut, cut, cut…my a$$. Have the balks to call the tax cut what it really is!
“Funny how progressives want to deny the western European identity of the country when it suits them, but when they want the justice system and social programs they are all on board. Give me a break, the US is not western Europe and never will be.”
Also amusing are the surveys on ‘happiness’ and health.
Scandi countries, Iceland, Austria nearly always top the list.
The commonality? Usually a millennium of common heritage and history in a people with shared beliefs which leads to mutual support in a population the size of which is less than NYC. Sign me up.
I can assure you there are absolutely zero Austrians running around Vienna painting statues of Maria Theresa red, repudiating their heritage.
No commissions to evaluate removing the statues, either.
I’m waiting for them to rename Columbus Circle, De Blasio Circle. Replace the statue of Chris with a great big dild0 for his wife.
https://www.cnbc.com/2017/11/27/october-new-home-sales.html
US new home sales surge unexpectedly, hitting 10-year high in October
Sales of new U.S. single-family homes unexpectedly rose in October.
Economists surveyed by Thomson Reuters anticipated new home sales falling 6 percent for the month.
New home sales have now increased for three straight months, now hitting the highest level in 10 years.
De Blasio’s daddy didn’t love him so he made his life’s work a crusade against anyone who bears a resemblance. He would be a great candidate for 2020 pres in this progressive age. How much history can he destroy?
Bitcoin hits $10k today.
Holy cow!
https://twitter.com/Taniel/status/934794413603246082
@Taniel
Chicago crafted a deal in which the $1.32 billion in state income tax that Amazon employees would pay (4.95%) would go to Amazon instead of IL:
It’s official. Corporations have officially replaced govt aka the people. Bow down to your corporate master.
D-FENS says:
November 27, 2017 at 11:05 am
Holy cow!
https://twitter.com/Taniel/status/934794413603246082
@Taniel
Chicago crafted a deal in which the $1.32 billion in state income tax that Amazon employees would pay (4.95%) would go to Amazon instead of IL:
“Chicago crafted a deal in which the $1.32 billion in state income tax that Amazon employees would pay (4.95%) would go to Amazon instead of IL”
LOLOLOL. The logical end point of running it into the ground. In the end you’ll give anything away for something.
Looks like the the Gold Coast Lake Shore Drive girl has become crack wh0re, now turning tricks for the next short term fix.
Look at your future NJ. The only place with a worse credit rating is Chicago/IL. Giving it away.
Open up honey, this won’t hurt.
In reality, been this way a long time. Every time you give tax breaks to corporations, you are paying your boss more to keep your job. Disgusting. How do the elite live with themselves, they truly don’t give a crap about 99% of the people. Sad! Can’t even do anything about it because a good majority supports this bs. That’s the amazing part, they get a good amount of the population to go against their own interests. Truly amazing.
“Worst of all, most American workers have no idea that their withheld income is going into their boss’s pockets because states don’t require employers to include this information on employee pay stubs. It’s time that state lawmakers stop hiding behind the label of economic development and call it what it is: a corporate welfare program funded by hard-working American taxpayers. “
https://www.csmonitor.com/Commentary/Opinion/2012/0517/Your-employer-may-be-pocketing-your-state-income-tax
New species of Finch evolves on Galapagos. And we watched it happen.
http://www.sciencealert.com/darwin-s-finches-evolve-into-new-species-in-real-time-two-generations-galapagos?scrlybrkr=8b5e5ff4
Pumpkin Head,
How do the elite live with themselves, they truly don’t give a crap about 99% of the people.
Says the person who posts here all day long, abusing his work time and robbing his company. You’re a troll.
Happy Holidays all – Question for the board’s real estate expert, or anyone with a thought:
When about to close on the purchase of a home, it is discovered that there has been work done to the house (a rear deck) that had a permit opened prior to the deck construction but the final project was never inspected and the permit wasn’t “closed out” to use the municpal term. The question is – Absent the passing inspection paperwork miraculousy showing up – What are the thoughts on handling this? I have the following ideas –
1. Call inspector, schedule inspection (will take time and possible not done prior to closing)
2. Give Seller credit for deck demolition
3. Escrow funds until deck can be inspected. Release funds when inspection passes or pay out if failed.
Any other ideas? Will the buyer’s lender be able to close with an issue like this out there? Any thoughts or suggestions is appreciated.
BRT,
Kind of like how we saw a new species of troll evolve right before our eyes.
Act nice and do whatever the municipality wants. They have you over a barrel.
For the better good of us all ……NJ legal marijuana may also mean car insurance gets high
Homeboken, varies by municipality. Ours tends to play nice and not hold up a closing (ie, close the permit but give a lecture). We see it all the time with things like new AC installations where the final inspection is never completed after installation.
Should be on the seller to deliver the house COC and permitted. Have them chase it down. With timing an issue seller should be busting his hump to fix this.
If not, buyer at least ought to discern if the deck was constructed as permitted. If it is twice as large, encroaching in setback, improper footings, etc it can turn into a PITA. Had a ‘simple’ open AC permit turn into a nightmare because while electric was fine the condenser was too big and violated placement relative to other codes for a condo. Turns out that condenser could not be installed per code and a smaller one would not work well with the new unit.
Wouldn’t escrow in any case, by the time you’re done with the fees not worth it.
1% of nj citizens pay 40% of state income taxes. That won’t end well
Tepper was 0.00001 of 1% of the population before he moved.
How much did he pay?
Can pumpkin pick up the slack?
I’d like Pumpkin to get rich by becoming an Herbalife distributor.
hold, hence why the issue in NJ is progressive taxation, make it 4-5% flat, cut the revenue collection folks in Trenton and watch tax dollars collected go up……… Progressive don’t get it once the tax becomes too egregious people leave. You have no idea how many “Florida” residents who live in NJ and the legion of accountants trying to catch them on living over 182 days in the state.
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Yes, income inequality is pretty messed up, right? Maybe they should share in the fruits by creating some jobs or giving a decent raise so that others can pay taxes too.
Hold my beer says:
November 27, 2017 at 2:06 pm
1% of nj citizens pay 40% of state income taxes. That won’t end well
How much did he pay?
$130 million was the estimate.
So Tepper alone funded about 1% of the $13.5 billion in income tax collected in NJ?
Or, stated differently, he paid 84,000x an amount in taxes relative to the proportion of population he represented.
That’s a good trade. Drive out guys like that over (a failed) ideology.
The top 100 filers pay 5.5% of nj gross income tax.
Tepper moves to Florida. I wonder how many others who have transportable businesses will follow
Wow, seems like he killed it under the tax structure and people like you advocate that he should keep even more. How exactly is he overtaxed when he was able to amass that much wealth?
Not directed towards you lefty, just making a point.
“So Tepper alone funded about 1% of the $13.5 billion in income tax collected in NJ?
Or, stated differently, he paid 84,000x an amount in taxes relative to the proportion of population he represented.“
The End Is Nigh (Puzzy Edition):
https://nypost.com/2017/11/27/nurse-loses-job-over-post-suggesting-sons-of-white-women-be-sacrificed/
https://twitter.com/realsaavedra/status/935238301828595712
Trump at event honoring Native American code talkers: “We have a representative in Congress who they say was here a long time ago. They call her Pocahontas.”
Pumps, can’t you just pay your escalating taxes with the “free money” that you claimed the bank gave you? Why should anyone who has access to free money ever complain?
I just found out I can’t buy pancake in a can with bitcoin.
Better question should be, who is now paying for the infrastructure and education costs when these guys decide to keep all their money and now live in Florida almost tax free. Their business is still using the infrastructure and education system financed from the investment of tax dollars to create a market in which they can create a profitable business. Since they make the most money from said govt investment, why do they get to skip out on the bill? Nah, they are just so overtaxed that they are able to make billions. God forbid they actually contribute to the investments needed to create a market.
Hold my beer says:
November 27, 2017 at 3:04 pm
Tepper moves to Florida. I wonder how many others who have transportable businesses will follow
Pumpkin,
Look in the mirror. You and all other nj residents will pay for it theough higher taxes and cuts in services.
LOL on Pocahontas.
Please Dems, please, run her in 2020. Please.
chifi,
She’s woke, and ready to overthrow the white patriarchy one baby at a time.
Hold my beer,
No one will pay for it, society will suffer and fail with the lack of investment in the market/economy. How do you plan on having people living paycheck to paycheck to cover the costs? Are they getting raises to reflect the income lost by the 100 filers paying 5.5% of the total income tax for the state? Hell no. That’s 5,5% less money for investment in our state economy. Can you say winning?!
“Until now, the Republican strategy has been to offer headline-grabbing lip service to middle-class tax reductions, but taking most or all of them away through small maneuvers that are difficult to assess, in order to preserve the cuts that will benefit corporations and the wealthy. The question now, as the bill faces perhaps its toughest remaining hurdle in the Senate, is whether enough Republican senators, many of whose own constituents are likely to pay higher taxes, will notice and acknowledge what’s happening. “It is a flat-out lie that everyone gets a tax cut,” Linden told me. “There will be people who pay more in taxes in every state, in every district. The reddest state in the country, and the reddest district in that state, will have people who pay more in taxes.””
https://www.newyorker.com/news/news-desk/the-republican-tax-plan-contains-more-middle-class-pain-than-even-its-critics-are-saying?google_editors_picks=true
“Currently, married couples earning up to around three hundred and twenty thousand dollars in adjusted gross income can deduct a personal exemption of approximately four thousand dollars from their taxable income per family member (for self, spouse, and dependents). The elimination of these exemptions—which was part of the bill the House passed, and is part of the bill now making its way through the Senate—will translate to a roughly $1.6 trillion tax increase over the next ten years. “That is by far the single largest tax increase in the bill,” Michael Linden, a tax-policy fellow at the Roosevelt Institute, who has been studying the legislation, told me recently. Eliminating the personal exemption could affect many more families, in more parts of the country, than most critics of the bill have previously made clear to the public. This change could especially penalize families with more than one child. And while many analyses of the Republican plan have looked ahead to its effects five or ten years from now, dropping the personal exemption will have repercussions from the outset. “Looking at the first year, or couple of years, many families, especially families with children, will get a tax increase,” Linden said. “Roughly half of families with children get a tax increase, and about half get a tax cut. But for many of those who get a tax cut, it’s very small, less than a hundred dollars.””
This line right here is proof that they are giving crumbs to get the majority to agree to giving lots more money to the elite. 100 dollars…lmfao!
“Roughly half of families with children get a tax increase, and about half get a tax cut. But for many of those who get a tax cut, it’s very small, less than a hundred dollars.””
Pumpkin
Can I say winning? Moving would seem to be more efficient.
And if the tax cuts go through I would think people in your income range near Pennsylvania and Delaware may consider crossing over the river and having a bit longer commute if they don’t want to leave the area entirely. And that budget gap will continue to widen.
Give you a 100 dollars and call it a tax cut!! Lmfao
Watching Mulvaney interview at CSFB.
Like him a lot. Incredibly articulate on at least 20 unscripted and many touchy questions so far. Not sure of his background, he’d be very good at public office.
Pumpkin
Enjoy your 10k increase in federal taxes
LOL, Mulvaney: “A buddy called me today and said only in DC can someone get sued for actually showing up to work”.
I’ve been lurking for a while now, and I still haven’t put the pieces together for the running pancake in a can joke. Context clues tell me someone may have invested in that at some point and was proven wrong?
Also, hope everyone had a good Thanksgiving.
It has to do with the Pumkin, a penny stock brokerage account, his criminal and deported relatives that funded that account and got him that no show job of his in a “connected” town (figure Hackensack, Paramus or other town with people that pronounce muzzarrell), Pumkin’s attempt to make his million by investing in another criminal’s penny stock honey trap using a company that makes canned pancake batter.
gabagool
Lurks,
Lost money on a penny play and now it’s a weapon of choice to attack me. I could have been up huge on the play, but I looked at it as a legit investment(hence, never sold when up). Learned the hard way, but that’s the best way to learn. Never ever hold a penny play, no matter how good or legit the story may seem. You only play the momentum and trade it. So make a quick 20% and get out. Never hold more than a few hours. Lesson learned.
It would figure barney fwank and his ilk would read absence to mean the director has stepped down. The dems are grasping as straws the way that would have been interpreted by clowngress when the bill passed as meaning if the director was temporarily unable to do the job NOT the director has stepped down. If they didn’t want a Trump appointee running it the director shouldn’t have stepped down.
In the spirit of positivity, hopefully my donation will put a smile on the face of some mr. Burns type billionaire out there…..jerking off that he gets to keep even more money now. Your welcome.
Hold my beer says:
November 27, 2017 at 4:21 pm
Pumpkin
Enjoy your 10k increase in federal taxes
https://goo.gl/images/IYHET5
Lol…never hold more than a few hours?
Don’t worry! The extremely high and constantly rising Real Estate taxes in NJ will make people line up to buy houses they can’t afford! I promise!
LOL!
Apparently woman spreading is now a thing. Just saying. Oh and this tax thing is going to pass. No one seems to care .
After 19 years as chief, town thanks retiring top cop with 2-year raise
…”The town has approved a payout of $87,609.50 to Dowie – which breaks down to 36 unused vacation days, $51,744 in debriefing pay, $1,519.75 in unpaid longevity pay, and $5,687.53 in holiday pay.
The chief does not have a contract with the town, but he and officials agreed to a two-year retroactive raise. The chief will receive $15,581 in raises for 2016 and 2017 and will retire with a salary of slightly more than $188,000.
Dowie said he thinks the agreement is fair since the deputy chief is making more money per year after his longevity pay. The chief is the only cop not part of the union.
“I just wanted what everybody else had and I wanted the security of it for my family,” he said. “I wanted to know I was leaving with what everyone else was.”…
http://www.nj.com/hudson/index.ssf/2017/11/after_19_years_as_chief_town_thanks_retiring_top_c.html?ath=f726b0d853a5870fcb62a5fc7e195e19#cmpid=nsltr_strycardleftheadline_single
Depends on the penny and if you’re watching a market. I didn’t think there was a pancake market.
Those weedstocks on the other hand……..