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In reply to the discussion: Why Many Americans Are Shocked by Their Trump Tax Refund [View all]Honeycombe8
(37,648 posts)37. Yes. The Repubs have been after mortgage interest & prop tax deductions for YEARS...
the biggest tax deductions for the middle class.
I've since read that....
The goal for those tax cuts was to prevent the middle class from being able to itemize.
The reformed tax code will impact the residential home sale market, I think. If a person can't deduct the mortgage interest and property taxes fully, that will decrease the price of any home he can afford.
The home is the single biggest asset of most middle class Americans. I don't have to think hard about why a wealthy class wants to decrease the biggest single asset of the lower classes.
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Also, there are people whose situations didn't change at all but they're paying now.
forgotmylogin
Apr 2019
#12
"Drop in withholdings"? Oh, you mean the amt the employer withheld from paycheck.
Honeycombe8
Apr 2019
#7
Even the lower earnings categories got a small tax cut, in the bracket rate.
Honeycombe8
Apr 2019
#23
True. The property tax cap hit upper middle class, or those in high-tax states.
Honeycombe8
Apr 2019
#33
Yes. The Repubs have been after mortgage interest & prop tax deductions for YEARS...
Honeycombe8
Apr 2019
#37
I was beginning to wonder if that was the plan. If the withholding was intentionally too little.nt
Honeycombe8
Apr 2019
#24
You were correct. He was able to deduct t $800 of $6000 in interest payments.
sinkingfeeling
May 2019
#38