As most biased news reporting goes, the article on the Wall Street Journal only mentions doom and gloom for home owners with the new GOP Tax plan. Starting off with a saucy statement “The Republican tax-code overhaul would reduce or eliminate some of the benefits of homeownership that Americans have come to expect.” – link.
The net couldn’t be further from that statement. The piece does a good job putting the GOP Tax code into perspective and pretty much goes against what every Democrat has been saying – that the new tax plan makes the rich richer. Unfortunately for the Democrat narrative, as the article describes, it only affects mortgages over $750K and also caps the property tax deduction to $10,000.
I may be crazy, but I am pretty sure if you have a mortgage above $750K and pay property taxes of more than $10,000 you are most likely considered to be in the top 5% of earners in the United States. So the question is, why isn’t the left touting these facts during their ridiculous rhetoric? According to the article, Black Knight estimates that about 107,000 loans expected to be made in 2018 would fall above the $750,000 cap. I guess that’s 107,000 more rich people paying into the tax system!
— Gibson Hazard (@gibhazard) December 22, 2017