This has to be one of the most irresponsible pieces of propaganda ever distributed by a trade group who is supposed to be helping their members. Declaring that people will lose more than 10% of your home’s value is pure scare tactics, and it could cause a self-fulling prophecy:
NAR is OPPOSED to the tax reform legislation unveiled in the House on November 2. This bill is a direct threat to consumers, to homeowners and to our businesses. Not only will millions of homeowners not benefit from the proposal, many will get a tax increase. Additionally, homeowners could lose substantial equity from the more than 10% drop in home values likely to result if the bill is enacted.
Browse the map to find out the impact of this bill on home values in your district (it loads very slowly):
Senators plan to introduce their bill Thursday. Sen. David Perdue (R-Ga.) said one revenue-raiser that will probably be included is a full repeal of all state and local tax deductions, including property taxes, a big blow to many residents in California and other high-tax states.
The House version, introduced last week, would cut the corporate rate immediately from the current 35%. But Ryan suggested Wednesday that there was room for compromise.
Senate Republicans may add to the bill’s costs through other adjustments, which may include preserving the mortgage interest deduction at $1 million, rather than the lower $500,000 cap in the House GOP bill.
On Wednesday, the nonpartisan Tax Policy Center released an analysis of the bill that said 76% of Americans would get a tax cut in 2018, averaging about $1,900. About 7% would get an increase, averaging $2,140. The analysis included all people with cuts or increases, while the congressional analysis counted only those with a change of $100 or more.
By 2027, the Tax Policy Center said, 59% of Americans would get a tax cut, averaging $2,330. The number of people with an increase would rise to 26%, with an average hike of $2,080.
The Tax Policy Center originally released its analysis Monday, but then abruptly withdrew the report after discovering an error. The new analysis was roughly similar to the first one, concluding that the greatest benefit from the tax bill would go to upper-income households.
Middle-income taxpayers — those earning between $48,600 and $86,100 annually — would receive an average tax cut of $840 next year, or about 1.3% of their after-tax income, the analysis said. That cut would amount to about 14% of the total benefits from the plan.
The top 20% of the nation’s earners — those making more than $149,400 a year — would receive an average tax cut of $4,840, or about 1.4% of after-tax income. Their share of the total benefits would be 57%.
By 2027, when the estate tax is fully phased out, the top 20% of earners would receive 73% of the benefit of the bill’s cuts. Middle-income earners would get 9% of the benefit.
http://www.latimes.com/politics/la-na-pol-gop-tax-plan-20171108-story.html
and then there is this to consider. I like the idea of eliminating AMT.
http://beta.latimes.com/opinion/op-ed/la-oe-dayen-gop-tax-prop-13-20171109-story.html#nt=oft13a-10gp1