Also there was another provision in the tax plan that dramatically effected the wealthy liberal elite, the limitation on claiming interest for home mortgages. Previously you could claim any amount of interest paid towards a home mortgage as a deduction on the federal income tax. If someone had multiple homes all the interest could be used as a big deduction. This was big as wealthy liberal elites tend to own multiple expensive homes and pay accountants to handle their taxes for them.
Actually one can only claim the mortgage interest deduction on their primary residence. Its been that way for longer than I have been alive.
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Middle and upper low income families on the other hand have to do theirs by hand, and most importantly simply don't qualify for those tax deductions that the liberal elite were entitled to.
Homeowners in the lower middle class, especially those with children, gained more tax relief by taking the standard deductions rather than itemizing. Yes, they could take the mortgage interest deduction, it just doesn't pay.
You could claim any home mortgage interest towards the deduction, just not investment property or business property mortgage interest. So when a wealthy New York lawyer bought that summer home in Miami, they could claim both interest payments as taxes as both are residences. President Trumps tax plan limited it to just the primary residence and then again to the $500K / $1 Million marks.
And Trump's tax plan eliminated one of the biggest deductions wealthy liberal elites were using, SALT while doubling the standard deduction from 12K to 24K for families. You know, that thing those low and middle income folks use because they either don't live in high income states or don't make enough to afford those expensive homes. Property taxes are a huge part of SALT, in my low tax area we have a 1.045% rate (was lowered from last years 1.07%), on a $400K home that's 4K per year.
Now New York City has both a real property tax and another income tax which just adds with the states down income tax. Couple that with the sky high property value and average income, it represents a huge SALT deduction well past both the original 12K and newer 24K. Basically NYC is diverting federal tax revenue to itself. With the 10K limit they can no longer do that and it's resulting in a rush of people moving their money into lower tax states and lowering tax revenue's of places like NYC.
For the rural folks who aren't living in high income / high property value area's, the increase of the standard deduction to 24K was huge, immensely huge.
Now this didn't do anything to effect the real tax evasion loophole that mega wealthy liberal elite use, donating 80% or more of their wealth to a "foundation" then having that "foundation" hire them. This lets them effectively hide their wealth from the government and use their newly created non-profit "foundation" for everything. They only pay tax on the income the foundation directly pays them, so huge win at the end of the day.