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“It’s a Ponzi Scheme”: Wall Street Fears Trump’s Deranged Tax Plan Could Kick Off Economic Euthanasia

 
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User ID: 75669859
Denmark
11/17/2017 09:55 PM
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“It’s a Ponzi Scheme”: Wall Street Fears Trump’s Deranged Tax Plan Could Kick Off Economic Euthanasia
Trump loves going after his adversaries.

It’s a great question. And the House plan provides plenty to be worried about in that regard. Take, for instance, the proposed elimination of the deductibility of state and local taxes. That is obviously a cynical, politically motivated ploy on Donald Trump’s part to penalize voters who didn’t vote for him (for good reason) in high-tax blue states, such as New York and California, and to give a benefit to the red-state voters who did vote for him. (I get it, elections have consequences.) Eliminating the deductibility of state and local taxes is an incredibly divisive plan. “It’s a transfer to red-state wealthy guys,” said the executive, who lives in a blue state.

Worse, he says, it could lead to another housing crisis, just as the last one is (or should be) still be fresh in our collective memories. Here’s his thinking (which is hard to refute): Since, generally speaking, one of the largest state taxes is on property—your home—eliminating the federal tax deduction for state property taxes will inevitably cause the cost of homeownership in states with high property taxes to go up. It follows, logically, that if the annual cost of home ownership goes up, then the value of the home—which is for most people is their single most-valuable asset—must go down. The National Association of Realtors commissioned a recent study that predicted that the elimination of the deduction for state and local taxes could result in a decrease in home valuations of between 10 percent and 17 percent.
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Anonymous Coward
User ID: 75863731
United States
11/17/2017 10:01 PM
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Re: “It’s a Ponzi Scheme”: Wall Street Fears Trump’s Deranged Tax Plan Could Kick Off Economic Euthanasia
It will force the bloated state and local budgets to get trimmed.taking money out of the cop mafias hands as the police are the biggest expense in any gov.
The first reaction will be more tickets.this will create a very big backlash as the poor and middle class go sideways on the politicians.
The end result being if the politicians want to save their tax base of homes,they will cut the cops.
The banks will support this so as not to be left holding detroit 2.0.
The thin blue line is about to get thinner!
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User ID: 75479062
Denmark
11/17/2017 10:33 PM
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Re: “It’s a Ponzi Scheme”: Wall Street Fears Trump’s Deranged Tax Plan Could Kick Off Economic Euthanasia
I know how much Trumpists dislike blue states.

Is this tax plan a way to attack blue states?
Anonymous Coward
User ID: 75863289
United States
11/17/2017 10:44 PM
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Re: “It’s a Ponzi Scheme”: Wall Street Fears Trump’s Deranged Tax Plan Could Kick Off Economic Euthanasia
My grandfather once said that when the average cost of a home is 30K, we will be back to basics and in a good place. Trump is going to crash the housing market so everyone can afford a home. Fuck taxes. Fuck the mortgage industry. Pull the rug out! Do it!





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