New tax plan

[spdrun]

Wouldn’t it have to make more than it loses to be legitimate?

[OwnerOfCalifornia]

If the bill passes in its current form the $7500 EV tax credit ends 12/31/2017. That’s shockingly soon for people in the market for an EV, notably all those Tesla model 3 reservation holders.

Assuming the tax plan bill even passes, I suspect the EV tax credit gets compromised back to its current state (per manufacturer, phase-out begins in 2nd calendar quarter after 200,000th EV sold in US).

[spdrun]

Credits for grad students (after 1st year) also will end. Part of the GOP’s plan to screw academia for not supporting them?

[poorgradstudent]

[quote=scaredyclassic]
im actually pissed, this is our highest earnings years ever, over 400k, goddamn republicans in office and i cant catch a break.
[/quote]

This is why I’m hopeful this tax plan will collapse. If people making $200-400k turn on Republicans, they could face some serious political trouble.

I’m curious if the OC Republicans in Red districts will let Issa and friends know this is a bad plan for them. If enough coastal Republicans revolt it could kill the plan.

[spdrun]

See, you can’t win if you want interesting times…

If it doesn’t pass, markets might freak out.
If it does, I suspect it will raise taxes on the average American and actually dampen the economy.

[Coronita]

The solution to home ownership when it becomes less obtainable under the new tax rules would be to deregulate banks and offer 100% financed loans again. Lol.

[FlyerInHi]

[quote=flu]The solution to home ownership when it becomes less obtainable under the new tax rules would be to deregulate banks and offer 100% financed loans again. Lol.[/quote]

And when borrowers walk, we can blame the government for “forcing” the banks to lend to losers. Because, you know, the banks are too prudent to do anything so reckless.

[FlyerInHi]

[quote=flu]Meh..don’t worry folks…spend happy…better enjoy it yourself instead of handing it over to others… I love my latest Miata with the additional $10k in upgrades… i always wanted to do things that made no financial sense and borderline reckless. Now, I don’t feel so guilty for it as it matters a lot less… Lol…..life is too short to get all bent out of shape.[/quote]

Maybe our consumer society is based on consumers working and spending so corporations can earn and invest. The wheel of business goes ‘round.

[ctr70]

I would love to see the home mortgage interest deduction completely taken away. And the only reason it hasn’t been yet is due to the powerful Realtor lobby in congress protecting their commissions. It just subsidizes a few homeowners in wealthy areas and does not do much good. The vast majority of the country can’t use it. It also helps to artificially inflate home prices on the coast (as does low rates and prop 13 in CA).

[Author]

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