Category Archives: Trump tax plan

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

How Trumpcare cuts taxes for the wealthiest, in one simple chart

The Senate Republican health care bill is a massive tax cut bill for the wealthiest citizens  masquerading as health care reform.  It would eliminate the Net Investment Income Tax, which applies only to income from investments and only on taxpayers making more than $200,000 or $250,000, depending on filing status.  That’s the main reason almost… Continue Reading