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Originally Posted by Digital_Trucker
In some places, $250,000 is a lot of income. In others, it's pretty close to minimum wage relative to the cost of living. If he's gonna tax folks based on how rich they are, it should, at least, be adjusted for cost of living. But, again, for a politician that would make too much sense.
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I think it makes for too much work really. True, $250,000.00 in NY is much different than the same amount in MD or any other state for that matter. Personally, I think he should keep away from this and this is a very bad move. The incentive to purchase a home does get smaller. People do want homes and I have heard it over and over, 'oh, the interest is a write-off." The write-off that one receives on the interest usually provides a nice return on taxes. This money goes right back into the economy. I does in my household. New appliances and other items for the home. Vacation, etc. He is effectively giving more money to himself. The the economy.....AIN'T THAT PROBLEM RIGHT NOW....THE ECONOMY???????
That spendable cash is now gone.