Category Archives: Tax Policy

More tax hikes in Republicans’ “tax cut” bill

More tax hikes that you can anticipate for 2018 under the Republican tax bill:

#3: It’s going to cost you more to move for work. If you moved to a new city for a job in 2017, you probably get a deduction for the cost of getting yourself and your stuff from your old home to your new one. Not in 2018. The deduction for moving expenses has been eliminated.

#4: Mortgage interest deductions are reduced on big loans. You used to be able to deduct interest on up to $1 million of debt on first and second homes combined. The deduction is reduced to interest on up to $750,000 of mortgage interest, starting in 2018.

“Nightmare” Republican tax bill brings year-end chaos for homeowners

Homeowners across the country looked to battle the coming $10,000 cap on state and local tax deductions by paying their 2018 property taxes in advance. Now the IRS has announced that only property taxes that have been assessed can be deducted in 2017. The announcement did little to clarify who can take a deduction now… Continue Reading

Could Trump tax bill trigger a housing crash?

Reducing or eliminating the deductions for state and local taxes won’t just cost some people money in terms of increased taxes. The Republican bills could also push down property values, attacking the most valuable assets many families have. As The New York Times reported,”An analysis of the Senate bill by Moody’s Analytics concluded that home… Continue Reading

Trump’s tax plan benefits — Trump. Surprised?

Now we know what Donald Trump, the presidential candidate who won’t release his own tax returns, wants to do about taxes: Cut them for people like himself. His August speech in Detroit outlined his plans, which fall in line with what House Republicans, including zombie-eyed granny-starver Paul Ryan (thanks to Esquire’s Charles P. Pierce )have… Continue Reading

Don’t believe everything you read about the tax code — even in the New York Times

Reporting in 2014 on a proposed tax overhaul that went nowhere, The New York Times  referred to “the 70,000-page federal tax code.” People, I come bearing good holiday tidings:  The federal tax code is nowhere near that long. As Andrew L. Grossman, an attorney with the Congressional Joint Committee on Taxation, points out in Slate,… Continue Reading