[andymajumder]

2018

[andymajumder]

Senate version of the bill preserves mortgage interest deduction up to 1M mortgage and doesn’t change it at all, new buyers are also eligible for that, property tax deduction capped at 10K. While in committee to hammer out the final bill, its possible that the cap could be increased slightly and be used for both income and property tax, house republican members from blue states are trying to do that. Let’s see what the final version comes out as.

[andymajumder]

Pretty interesting article

https://www.politico.com/magazine/story/2017/11/08/donald-trump-johnstown-pennsylvania-supporters-215800

says a lot about the core Trump supporters, but they are sticking with him and looks like no matter what they will.

[andymajumder]

I think its premature to think anything in its current form will pass. Homebuilders association, national realtors association, small business association have all come out against the plan. The biggest risk the plan in its current form is that it will hit the coastal housing markets hard, effectively this increases the cost of buying a home in these regions significantly and will crash the market which in turn will affect economy and job losses for folks down the chain.

[andymajumder]

Write & create pressure on Darrel Issa & Hunter to oppose the bill in its current form. This would result in tax increase for the coastal areas and transfer more wealth from blue states to red states. Issa barely managed to survive this time, if he supports something like this, that’s the end for him. They could cap itemized deduction to some number but removing state and local taxes from deductions completely would be really bad for states like CA, NY, NJ, MA, CT etc. BTW, 30% of US GDP contribution comes these 5 states alone.

[andymajumder]

Its the same story everywhere Sean. Here in Scripps Ranch anything half decent sells for more than asking within few days of listing, specially in 500-750k range, there’s hardly any inventory.

[andymajumder]

True, this seems like a big tax cut for folks in midwest or south with low property prices, who would have a pretty large standard deduction. But, could hit the middle & upper middle class folks in the coastal areas who rely on the itemized deduction of state & local taxes including rather high property taxes due to valuation of their homes. Don’t think it will pass in its current form, from Nytimes —“That proposal is likely to engender strong resistance from home builders and real estate agents, who fear it would diminish the importance of the mortgage interest deduction, as well as other sectors that could see the tax benefits associated with their businesses curbed or eliminated.”

[andymajumder]

I think one area which would alarm at least some homeowners paying a lot of property taxes as well as Mello roos-

“At the same time, the plan would eliminate the federal income-tax deduction allowed for state and local taxes — a provision that would hit high earners in high-tax states, including New York and New Jersey. The only itemized deductions that would be preserved under the plan would be for home mortgage interest and charitable contributions.”

I would definitely add CA to the list of states impacted by this. Not sure what are the chances something like this would pass, but if it does, it could hurt property prices.

[andymajumder]

Yes that’s correct EVSDCA, that’s what I am trying. Depends on how many qualify for Seminar in Dingeman itself and how many kids from nearby schools apply on top of that. It does seem like with recent changes in GATE from RAVEN to CogAT testing has resulted in fewer students qualifying for GATE Cluster and Seminar programs since 2016. So there’s a possibility that she might be able to get Dingeman through choice program.

[andymajumder]

Thank you for the feedback folks. Very helpful indeed.

[andymajumder]

As you said ethnicity matters, its tougher for AA kids, specially AA males applying to engineering programs…

[andymajumder]

[quote=AN]I like Park Village. The weather should be good, especially if you stay on the western side of PV. The western side will be cooler than the eastern side. You should be able to see about 3-5 degrees difference between the different ends of PV. I personally would prefer those “run down” places. But that’s just me, because I like to customize my house and I rarely see a place the upgrade the way I want. I also don’t want to pay the premium that a move in ready will command. The school should be good, but the schools are far away, especially middle and high school. It might not matter to you though.
As for growth, I think PV is already fetching a premium compare to other areas in PQ, so I’m not sure if there’s much growth left. You might get a little bump once they connect Camino Del Sur to PV, which would make it more convenient to get on the freeway, especially if you live on the Western side of PV. Right now, it’ll take you about 5 minutes just to get out of PV.
If you’re concerned about heat, you should consider Sorrento Valley as well. Similar aged homes, a little cheaper, similar view, MM schools vs PQ schools, but you’ll see a good 3-5 degrees cooler, compare to the western part of PV.[/quote]

Do you know when Camino Del Sur will be connected to the PV area? That would make a lot of difference in terms of quickly getting onto I56.

[andymajumder]

[quote=AN][quote=spdrun]Japan had a higher percentage of comparatively well-off people than China or India does today. Japan was a much wealthier country on average by the 80s than China or India are today.

(Actually, parts of NJ are heavily Indian — around Edison. But fortunately, that hasn’t helped prices recover very well so far.)[/quote]
We don’t care about average. We care about total number of rich people. Japanese total population is 127M today. 30-40 years ago, their population is much smaller. So, combining China and India, you have almost 3B people. If you’re counting just 0.1%, that’s 30M people. So there are more people in the top 0.5% of China & India than all of Japan. Also, you’re more likely to see 0.1% of the population in China & India leaving for greener pasture than 25% of Japanese leaving Japan. My bet is, 0.1% of Chinese and Indian are A LOT richer than the top 25% of Japanese.[/quote]

I am from India and trust me there are lots of really wealthy folks in India. I would say 0.1% of Indians are really wealthy, with net worth at least 10M+, that would be around 1.2M people. After that there would be another 5-7% (60-84M) of the population, urban upper middle class which probably is worth somewhere between 400K – 2M & a lot of their wealth is tied to owning real estate in places in Bombay, Delhi, Bangalore etc. Also these upper middle class folks are willing to spend on their kids education and even help them with their home purchases etc. I have members of extended family in India who downgraded to a smaller house in Mumbai so that they could send their son to a top grad school in US. All in all India would probably have close 80M people who are quite wealthy of which 3-4M would be very wealthy even by global standards. Yes, that’s a small % of India’s overall population but that’s still a lot of wealthy people.

[andymajumder]

Asians include folks of various different ethnic background , chinese, korean, indian, vietnamese etc. that certainly makes it quite diverse. Diversity doesn’t necessarily mean higher % of hispanic & blacks.

[andymajumder]

[quote=ninaprincess]I think mid career Engineers get around 100k for the same training, so 80k is not too much for teachers.

From the article, the higher range salaries are much higher than the mid career number. So mid career is not the MAX. “The highest salaries offered range from $91,144 at Fountain Valley Elementary to $111,701 at Laguna Beach.”

1 week spring break
2 weeks winter break
11 weeks summer break[/quote]

Comparing mid career engineers to teachers through a generic statement is absolutely absurd. How is the training of a computer engineer in anyway similar to that of a english teacher or physical education teacher.
Moreover, engineers don’t get to unionize like teachers do. If engineers could unionize like teachers we would not have a Google, Apple or Qualcomm here in the US…. If teacher salary was based purely on supply and demand, their salaries would be much lower.

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