Politics

Shore Lion
Posts: 256
Joined: Tue Aug 15, 2017 3:31 pm

Re: Politics

Postby Shore Lion » Tue Dec 05, 2017 11:40 am

Blue&White wrote:Your vote is public record

It is? I'm pretty sure it's not. Who put that commercial out there? I assume it's not Jones. At least, I hope it's not Jones. He should denounce that commercial, not that it will really matter if he does.


I thought that was a hallmark of our country, a private ballot. Did something change in Alabama?

Blue&White
Posts: 661
Joined: Sat Aug 12, 2017 10:01 am

Re: Politics

Postby Blue&White » Tue Dec 05, 2017 12:21 pm

Did something change in Alabama?

Probably many things, but I doubt this on the list.

Jerry Garcia
Posts: 165
Joined: Tue Aug 29, 2017 1:13 pm

Re: Politics

Postby Jerry Garcia » Thu Dec 07, 2017 6:53 am

Blue&White wrote:Did something change in Alabama?

Probably many things, but I doubt this on the list.



That was my point. Basically, the big tent party is lying in an attempt to keep its tent full. Business as usual. :D

Blue&White
Posts: 661
Joined: Sat Aug 12, 2017 10:01 am

Re: Politics

Postby Blue&White » Thu Dec 07, 2017 7:15 am

Fortunately, the Republicans are above that kind of bullshit. :roll:

Jerry Garcia
Posts: 165
Joined: Tue Aug 29, 2017 1:13 pm

Re: Politics

Postby Jerry Garcia » Thu Dec 07, 2017 7:24 am

Actually, the Republicans are pretty straightforward about telling people that they don't give a sh!t about them. No lies, just a finger.

Nat@PSU
Posts: 85
Joined: Sun Aug 13, 2017 5:56 pm

Re: Politics

Postby Nat@PSU » Thu Dec 07, 2017 7:27 am

Jerry Garcia wrote:Actually, the Republicans are pretty straightforward about telling people that they don't give a sh!t about them. No lies, just a finger.


Refreshingly honest assessment of the republican party, except I don't totally agree. They do lie. Constantly.

i.e. This tax cut bill is for the middle class. Bull. F$%*ing. S@#t.
- Nat

Let's Go State!!

Blue&White
Posts: 661
Joined: Sat Aug 12, 2017 10:01 am

Re: Politics

Postby Blue&White » Thu Dec 07, 2017 8:36 am

Looks like Stuart Smalley is going resign today.

And, it also looks like that tax "cut" is going to cost me a few thousand a year, depending on what the final details are. But, if they remove the state and local exemption, take away my ability to deduct form the home equity loan, and a few other things, my tax burden goes up.

Carl Spackler
Posts: 124
Joined: Mon Oct 02, 2017 3:22 pm

Re: Politics

Postby Carl Spackler » Thu Dec 07, 2017 8:58 am

Blue&White wrote:Looks like Stuart Smalley is going resign today.

And, it also looks like that tax "cut" is going to cost me a few thousand a year, depending on what the final details are. But, if they remove the state and local exemption, take away my ability to deduct form the home equity loan, and a few other things, my tax burden goes up.


It's about time you get off the subsidy bandwagon and pay up bdub. ;)

I suspect its going to cost me too although I'm not in your tax bracket.

I saw a comparison between the house and senate bills and there are many discrepancies that were predicted to go to the senate plans favor to maintain the votes.

I really want to see if all this overseas money is going to rush back to the USA and be invested in expansion and improvements for more jobs. It won't help me but it may my children and grandchildren. It I had money overseas and saw this plan passed I'd be quite circumspect before transferring the cash back to our shores. The parties change power and the other side will soon revert and make the tax plan of no effect thus the benefits vanish. How can a business plan when the rules continue to change and goal posts move on whims? If there was a gurantee of a fifty year constance of taxes it might make sense but that is a pipe dream in our world of politics. When the D's have control the business tax plan will be torpedoed like the USS Oklahoma exactly 76 years ago today.

May the veterans who perished on Dec. 7th, 1941 rest in peace, thank you from a grateful nation. Your courage and honor remain intact and will so permanently in the hearts of every honorable American. We salute you.

psu_dad
Posts: 364
Joined: Sun Aug 13, 2017 6:59 pm

Re: Politics

Postby psu_dad » Thu Dec 07, 2017 9:25 am

But, if they remove the state and local exemption, take away my ability to deduct form the home equity loan, and a few other things, my tax burden goes up.


Elimination of the mortgage interest deduction doesn't impact me in the long term, because my mortgage is paid off next year. But an elimination of state and local (property) taxes would totally screw me. I pay a ton of state and property tax. The prospect of the the Feds taxing me on $$$ that is already confiscated by other government entities is not a pleasant one.

It would make me seriously reconsider whether it makes sense to retire in my current home, which is what I had planned to do. I may have to revisit Plan B, which was to move in with appoo.

---------------

PS - I just read that the Senate tax bill doesn't eliminate the property tax deduction. It just limits it (to $10k) Plus, the tax rates are going down,so maybe this will be a "push" (or close to it).

Blue&White
Posts: 661
Joined: Sat Aug 12, 2017 10:01 am

Re: Politics

Postby Blue&White » Thu Dec 07, 2017 9:38 am

Both bills kills state and local taxes. I believe both kill the mortgage deduction for home equity lines and second homes (more on that in a bit).
So, you can be sure both of those are gone. The Senate bill allows for the property tax deduction up to $10,000. I'm not sure about the House bill but I expect you will see property tax up to $10k in whatever is passed. And, both will up the deduction for a married couple to $24k. The problem, for me, is I currently take more than $24k in deductions. But, with the loss of home equity, state and local taxes, and the teacher deductions, I'm going to get royally screwed here. I haven't sat and done all the math but I figure I'm going to get hit by something in the $3,000 - $5,000 range. I'm not even remotely happy about it.

Anyway, here is a dilemma - I used the home equity line to actually improve my house (as opposed to those who used it as an ATM to buy a boat). We gutted one floor of the house, redid the kitchen, opened up walls, put down hardwood floors, etc. We also re did 2 bathrooms. My kitchen had not been updated since the mid 80s and it was literally falling apart and I had to do something. My master bathroom was redone ~12 years ago, but it was done by someone who had no idea what he was doing, and it had started to leak. so, I owe a bunch of money on that. In addition to the interest, which is considerable and keeps growing, I've been paying down $500 extra a month on that. I had it so I'd pay that off a year or 2 after my mortgage was done (I can actually pay it off a year after if I just pay the mortgage amount into the home equity + the extra money, which is what I will likely do). My primary mortgage has a little under 15 years to go. And, I've been able to take the tax break on the whole thing. That is going to go away, though.

Do I refinance the whole thing? Do I pay the $3,400 in costs to refinance to get myself at the exact same interest rate I currently have and add a little bit of time (months really) to get the whole debt in as a mortgage instead of some of it as a home equity loan? When I ran the numbers, it actually was less money out the door than I am currently paying, but over time that will change as the interest payment will lower as I pay down the HE loan. I've been trying to figure out what I should do with that. I think I may wait and see what finally gets signed into law, but I'm not happy about any of this.

Oh, if you're worried about the trillion dollars of debt this is going to add to the deficit, the Republicans plan is to basically start stripping out benefits from Medicare and Social Security starting next year to offset that costs. So, we all have that to look forward to.