Plan for republican flat rate tax eliminating any deduction for home. If you have a $4000 a month mortgage and property tax on a house that would rent for $2000 a month, you would expect any buyer to say "I will rent until the mortgage drops to the same as rent", before he would leave his good deal rental to buy a house with at mortgage.
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@F859cFc-npj. Any politician that talks about curtailing social security or removing the mortgage interest deduction will be committing political suicide so long as you have a large baby oomer and older population that is still voting and out numbering all the younger generations that typically aren't homeowners and aren't in a position to inherit anything from there parents. That small portion of the population that would benefit from removal of mortgage interest deduction and cutting social security is still too small relative to the beneficiaries of the existing system, at least for the next 20 years until baby boomers and older start to pass away. Every politician knows that
If Social Security is the third rail of politics, then the mortgage deduction from income taxes is the fourth rail. Any politician who favors it can kiss his future good-bye.
Trump is going to make a lot of you bitter white people even more trailer park trash poor when he screws you over for the benefit of rich people, irrespective of color. You will become disillusioned by then, you won know what hit you. Kinda like those people counting on hope and change from obama. Little do you low information voters know, no politician is really going to help you..
Unless you are rich and have money. And then, race and color doesn't matter, when you have money.
Inflation is going to keep real estate/rent prices high, so does Trump is going to cleanse up this country from in indians
Go Trump Army!
Go Trump
Trump 3016. Making richer people great again while screwing over the little.guy that is a low information voter. Go Trump!
Oh, and if the GOP were to win, selling a home at peak prices to the financially stupid who overleverage would also be a good thing. Because chances are, the GOP would also reduce taxes on capital gains, benefiting everyone who unloads their homes at peak prices to the financially stupid. Kind of like what Bush did in reducing capital gains taxes on dividend and LT capital gains to 15%.
OP. That is totally wrong. Since the majority of people that benefit from home ownership are wealthier people, the GOP would never propose on raising taxes on real estate, and hence the wealthier. Socialist Democrats like Obama and Bernie Sanders would. But fortunately there are enough rich democrat senators and house of reps that would object to this too. People like Hillary Clinton, who despite claiming to be flat broke, really is in bed with wall street.
And second, if your mortgage is $4000/month, then chances are your rent would be around $4300-$4500/month for the same house in the same area where you currently live. Not $3000. Because currently, in most areas, rent prices are greater than a 30year fixed rate loan's monthly payment. That's why most people who can afford to buy, are buying right now, not renting. The buyer pool right now are the ones that are the most financially strong relative to the rest of the u.s. population, especially in high cost areas where homes can not be bought with FHA loans that require less than 20% down. Areas such as bay area and socal. In fact, most homes.with $4000+/month mortgages are bought with at least 45% down, so that most people can qualify for a 30 year conforming plus conventional loan, with roughly around a $650k loan limit. And that's because the rate going from a conventional conforming plus loan to a jumbo loan sky rockets. Financially weak people are currently still shut out of home ownership due to the prevailing strict lending rules that are still in effect with banks and Freddie/Fannie.
Chances are if a republican wins the presidency, that person would reduce lending standards so that financially irresponsible people can take out exotic loans they can't normally qualify for to buy a home they can't really afford with payment terms they really can't afford, so that financially smarter people can unload their homes at peak prices to these idiots, laughing all the way to the bank. And then, after waiting about 5 years watching these financial idiots not able to pay for their ballooning adjustable mortgages, these financially richer/savy people would buy back these homes they unloaded to the financially irresponsible as a foreclosure or short sales at 40+% off, screwing over the financially stupid over and over again. Kind of like what happened during 2006-2011, and also uring the 90ies bubble and 80ies bubble, when relaxed lending standards triggered frenzy buying by financially weak households who had no real means of sustaining homeownership at the highly inflated levels triggered by easy access to credit among financially weak/irresponsible people.
And then when these financially weak people lose their homes, there will be a lot of whining and crying about how evil and predatory the banks were in offering these exotic loans, despite no one holding a gun to the financially stupid to buy a home they can't afford with loan terms they don't understand and can't afford. A socialist democrat like Obama will get elected based on the motto of taxing the rich more, a lot of hand waving will go on to pretend to bail out underwater irresponsible borrowers. Some of the handwaving will be at the cost of all taxpayers in the form of higher taxes and reduced benefits for average joes to save/invest. But none of it will work in saving underwater/irresponsible borrowers, who will still end up losing their home in a foreclosure and short sales to the financially stronger and subject themselves to ever increase rent prices by landlords and REIT corporate entities that expand their home ownership as the majority of the u.s. population who have tapped out their credit have no means to buy and have to rent, driving up rent prices when demand for rentals out strip supply, and subsequently driving a bigger wealth gap between the richer and everyone else. Kind of like the situation we are currently in.
So yeah, I don't mind if the GOP were to win if it means some of us can get ever further ahead as some.of you financially stupid get even more screwed over. Trump would be the perfect candidate since he's a real estate mogue which I am sure he would love to relax lending standards so he can unload his holding off to his generally financially stupid voter base. And the thought of some of us screwing over some of his financially stupid, low information voter base and making some money off of it would be pretty entertaining.
I'd like to rent for 2k, but that's impossible. Also, I do not need a 4k mortgage, I am comfortable with 3k, 3k buys you a lot of house, but you would not know how the math breaks down as you've always been a renter
Go Trump!