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MommyofG
just the girls
Member since 5/05 9461 total posts
Name:
Janice
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Question for all Homeowners about the new tax law if it passes
So how do you guys feel about our taxes going up by 6k or more if this bill passes????????? and that we cant claim some of it on our tax refund????
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Posted 10/25/05 11:23 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
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Re: Question for all Homeowners about the new tax law if it passes
If my taxes go up another 6K, I will be on the 1st friggen plane out of here!!!!
Message edited 10/25/2005 11:38:06 AM.
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| Posted 10/25/05 11:35 AM |
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LIPrincess
Foxy Lady
Member since 6/05 1610 total posts
Name:
Jaimie
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Re: Question for all Homeowners about the new tax law if it passes
I really feel very dumb right now. Can you tell me where I can find information about this. Thank you.
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| Posted 10/25/05 11:36 AM |
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dengal
Dad of Twins
Member since 5/05 1385 total posts
Name:
The 80's Man
Let's Go Mets!
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Re: Question for all Homeowners about the new tax law if it passes
It won't pass. If anything, the ceiling would be lowered a bit.
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| Posted 10/25/05 11:45 AM |
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danielleandscott
My new 71 Super Beetle
Member since 5/05 13476 total posts
Name:
Scott
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Re: Question for all Homeowners about the new tax law if it passes
No way this will happen
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| Posted 10/25/05 11:51 AM |
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MommyofG
just the girls
Member since 5/05 9461 total posts
Name:
Janice
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Re: Question for all Homeowners about the new tax law if it passes
God I hope not- it is on channel 12 news they are giving it to washington to vote on it- I  it doesnt happen- I dont know anymore this world is getting kooky especially the prices here on LI as it is so another increase wouldnt surprise me, 
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| Posted 10/25/05 12:08 PM |
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Tanaholic
My Big Boy!
Member since 10/05 2383 total posts
Name:
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Re: Question for all Homeowners about the new tax law if it passes
Posted by LIPrincess
I really feel very dumb right now. Can you tell me where I can find information about this. Thank you.
I haven't heard anything about this either! What is this all about?
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| Posted 10/25/05 12:47 PM |
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ckdk
My girls
Member since 5/05 7027 total posts
Name:
Cheryl
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Re: Question for all Homeowners about the new tax law if it passes
Posted by Tanaholic
Posted by LIPrincess
I really feel very dumb right now. Can you tell me where I can find information about this. Thank you.
I haven't heard anything about this either! What is this all about?
Me either... and how could they do a universal 6k on every property? Some people don't even pay that much now...
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| Posted 10/25/05 1:24 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19460 total posts
Name:
L
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Re: Question for all Homeowners about the new tax law if it passes
My understanding was that an economic team was recommending to Bush that he and congress eliminate the tax deduction for home mortgage interest, all state and local taxes, and to tax healthcare benefits. Which, presumably in the original posters case was 6,000.
I think that things have been sid that they would still allow people to deduct interest from mortgages below approximately 300,000.
However, I think the entire elimination progect is just awful and Bush's way of eliminating the middle class.
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| Posted 10/25/05 1:45 PM |
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Woodsy
LIF Infant
Member since 6/05 241 total posts
Name:
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Re: Question for all Homeowners about the new tax law if it passes
Posted by LSP2005
My understanding was that an economic team was recommending to Bush that he and congress eliminate the tax deduction for home mortgage interest, all state and local taxes, and to tax healthcare benefits. Which, presumably in the original posters case was 6,000.
I think that things have been sid that they would still allow people to deduct interest from mortgages below approximately 300,000.
However, I think the entire elimination progect is just awful and Bush's way of eliminating the middle class.
I haven't heard anything about this. If you have an article, I would appreciate seeing it. But, in any event, no politician in their right mind would go along with such a proposal. It flies in the face of a major public policy initiative of encouraging home ownership. Any why would Bush try to "eliminat[e] the middle class?" This statement makes no sense to me.
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| Posted 10/25/05 5:16 PM |
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skew
LIF Adult
Member since 5/05 6794 total posts
Name:
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Re: Question for all Homeowners about the new tax law if it passes
as if our taxes aren't enough already.
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| Posted 10/25/05 5:31 PM |
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Tah-wee-ZAH
Kisses
Member since 5/05 15952 total posts
Name:
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Re: Question for all Homeowners about the new tax law if it passes
Posted by girlygrl33
God I hope not- it is on channel 12 news they are giving it to washington to vote on it- I it doesnt happen- I dont know anymore this world is getting kooky especially the prices here on LI as it is so another increase wouldnt surprise me,
This is why, no matter what the issue, you have to call your congressperson and tell them how you feel. Those in Washington DC are SUPPOSED to work for us, SUPPOSED to represent us. Apparently they all need to be reminded of that.
Keep in mind that the average House and Senate member is a multi-millionaire... yes, it's true!!
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| Posted 10/25/05 5:53 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19460 total posts
Name:
L
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Re: Question for all Homeowners about the new tax law if it passes
Posted by Woodsy
I haven't heard anything about this. If you have an article, I would appreciate seeing it. But, in any event, no politician in their right mind would go along with such a proposal. It flies in the face of a major public policy initiative of encouraging home ownership. Any why would Bush try to "eliminat[e] the middle class?" This statement makes no sense to me.
Here is an article from CNN Money article which does a good job of explaining the proposal and its ramifications.
Well, Bush needs a way to finance: Iraq, Halliburton and their Louisanna contract, etc. and they have eliminated the buget surplus that was reached under Clinton's last term.
Also, Bush and Congress have given some huge tax breaks to the wealthiest 1% that have really cut revinues. So they need to make up the shortfall. This is one way to do it.
I am not sure if it will pass, but it is really awful. It would hit places like NY and CA very badly.
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| Posted 10/25/05 6:02 PM |
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KaRiSsA
~*~*~*~*~*~*~
Member since 5/05 4646 total posts
Name:
KARISSA
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Re: Question for all Homeowners about the new tax law if it passes
If my taxes went up that much I would sell my house.
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| Posted 10/26/05 8:09 AM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: Question for all Homeowners about the new tax law if it passes
Posted by skew
as if our taxes aren't enough already.
Ditto....don't see it happening though
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| Posted 10/26/05 9:14 AM |
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BabyAvocado
Happy New Year
Member since 5/05 17334 total posts
Name:
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Re: Question for all Homeowners about the new tax law if it passes
This really makes me
Like someone said: as if taxes on LI weren't already out of control.
Even if this exact proposal doesn't pass, it shows what they are up to and something similar probably will pass, IMO. 
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| Posted 10/26/05 10:10 AM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: Question for all Homeowners about the new tax law if it passes
I briefly read through the article and I am not saying I'm for or against this.
One very positive point, is the change from a deduction of mortgage interest to a tax credit of mortgage interest. For us Long Islanders that own homes, this would benefit us tremendously. Currently, most of us get pushed into AMT due to property taxes and mortgage interest deduction. These are AMT preferenced items and are therefore, added back - thus eliminately part or all of the deduction. I haven't worked the numbers but the article doesn't mention anything about AMT and the effect this bill would have on that. I would be interested to see what the actual numbers are utilizing the AMT calculations.
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| Posted 10/26/05 12:08 PM |
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Diane
Hope is Contagious....catch it
Member since 5/05 30683 total posts
Name:
D
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Re: Question for all Homeowners about the new tax law if it passes
Posted by Scotty-CassidysMom
If my taxes go up another 6K, I will be on the 1st friggen plane out of here!!!!
same here. Im moving down to N. Carolina.
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| Posted 10/26/05 3:13 PM |
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Re: Question for all Homeowners about the new tax law if it passes
Posted by Diane
Posted by Scotty-CassidysMom
If my taxes go up another 6K, I will be on the 1st friggen plane out of here!!!!
same here. Im moving down to N. Carolina.
We're looking to do that also! What area are you looking at?
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| Posted 10/26/05 6:13 PM |
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MommyofG
just the girls
Member since 5/05 9461 total posts
Name:
Janice
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Re: Question for all Homeowners about the new tax law if it passes
Posted by shamrock12472
I briefly read through the article and I am not saying I'm for or against this.
One very positive point, is the change from a deduction of mortgage interest to a tax credit of mortgage interest. For us Long Islanders that own homes, this would benefit us tremendously. Currently, most of us get pushed into AMT due to property taxes and mortgage interest deduction. These are AMT preferenced items and are therefore, added back - thus eliminately part or all of the deduction. I haven't worked the numbers but the article doesn't mention anything about AMT and the effect this bill would have on that. I would be interested to see what the actual numbers are utilizing the AMT calculations.
From what channel 12 news said covering the story for LI it would NOT benefit us at all! 
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| Posted 10/26/05 9:05 PM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: Question for all Homeowners about the new tax law if it passes
Posted by girlygrl33
Posted by shamrock12472
I briefly read through the article and I am not saying I'm for or against this.
One very positive point, is the change from a deduction of mortgage interest to a tax credit of mortgage interest. For us Long Islanders that own homes, this would benefit us tremendously. Currently, most of us get pushed into AMT due to property taxes and mortgage interest deduction. These are AMT preferenced items and are therefore, added back - thus eliminately part or all of the deduction. I haven't worked the numbers but the article doesn't mention anything about AMT and the effect this bill would have on that. I would be interested to see what the actual numbers are utilizing the AMT calculations.
From what channel 12 news said covering the story for LI it would NOT benefit us at all!
Based on a progressive marginal rate, no, we probably wouldn't. Based on AMT calculations, we would. As a credit it becomes an item in calculating for AIG meaning it is an above the line deduction from gross income and is dollar for dollar. As it currently is, it's a deduction of which you get the percentage of your marginal tax rate. It's below the line and deducted from AIG. Because of high property taxes, most LIers that own homes are becoming subject to AMT. AMT takes away a lot of the deductions that we get without it. Basically, it's added back in and your taxes are calculated dually. You end up paying the difference between the marginal taxes and AMT - basically you pay a higher tax.
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| Posted 10/27/05 9:27 AM |
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