New Senate Tax Plan

[Make Angels Great Again]

Woah, did Nate just flip on the tax plan?

[Make Angels Great Again]

If the government would stop guaranteeing student loans, perhaps the cost of tuition would decrease.

[red321]

9 minutes ago, UndertheHalo said:

So, can someone explain if I’m understanding this correctly.  Is it true that this tax bill removes mortgage deduction if your home is more then 500k ?

I think it's up to 500k, and any amount above 500k would not be deductible. So, if you had a 600k mortgage, only 500k could be written off

[nate]

4 minutes ago, Make Angels Great Again said:

If the government would stop guaranteeing student loans, perhaps the cost of tuition would decrease.

What?  Actually if the government would stop cutting education spending then tuition would go down.

[Catwhoshatinthehat]

2 minutes ago, red321 said:

I think it's up to 500k, and any amount above 500k would not be deductible. So, if you had a 600k mortgage, only 500k could be written off

http://money.cnn.com/2017/11/28/news/economy/senate-revised-tax-bill/index.html

According to this the senate bill still allows you to claim the deduction on a mortgage up to 1M.  Two changes it does make is you can no longer deduct HELOC interest and lengthens the time you must live in a primary residence to get the tax free exclusion on gains from a sale.  All that said I don't know if it's changed since then but supposedly they have the 50 votes needed to pass it.  If they proceed with the removal of the SALT deduction that's really a slap in the face of a lot of blue states who didn't support Trump but it is what it is.

[Make Angels Great Again]

12 minutes ago, nate said:

What?  Actually if the government would stop cutting education spending then tuition would go down.

 

Education spending has increased almost 400% in the same timeframe that tuition cost increased 1,120%

Spending doesn't seem to be the issue.

[fan_since79]

Just now, Make Angels Great Again said:

 

Education spending has increased almost 400% in the same timeframe that tuition cost increased 1,120%

Spending doesn't seem to be the issue.

Don't confuse this issue by bringing in facts.

[nate]

3 minutes ago, Make Angels Great Again said:

 

Education spending has increased almost 400% in the same timeframe that tuition cost increased 1,120%

Spending doesn't seem to be the issue.

 

2 minutes ago, fan_since79 said:

Don't confuse this issue by bringing in facts.

Made up facts.

https://trends.collegeboard.org/college-pricing/figures-tables/net-tuition-revenues-subsidies-and-education-expenditures-student-public-institutions-over

[UndertheHalo]

1 minute ago, nate said:

 

Made up facts.

https://trends.collegeboard.org/college-pricing/figures-tables/net-tuition-revenues-subsidies-and-education-expenditures-student-public-institutions-over

Come on Nate.  They’re “alternative facts”

 

[Make Angels Great Again]

6 minutes ago, nate said:

 

Made up facts.

https://trends.collegeboard.org/college-pricing/figures-tables/net-tuition-revenues-subsidies-and-education-expenditures-student-public-institutions-over

 

Not really.

Source for the near 400% number: http://www.politifact.com/virginia/statements/2015/mar/02/dave-brat/brat-us-school-spending-375-percent-over-30-years-/

Tuition cost source: https://www.huffingtonpost.com/2012/08/15/cost-of-college-degree-increase-12-fold-1120-percent-bloomberg_n_1783700.html

[Make Angels Great Again]

The time frame might not be "exact" but it's close enough to where it gets the point across.

[nate]

So 375% over 40 years and the cost of a degree up 1200%.  That is not tuition, that includes books, housing, technology, etc.

[Make Angels Great Again]

The point is we've spend a shitload of money on education and yet it's unaffordable. Time shake things up.

[fan_since79]

In 1972 I paid (actually, my Dad paid)  about $1,200 for a semester at USC. Factoring in inflation since then, it would be equal to $7,000 today.

Actual tuition for Fall 2017 at USC is $26,724. Multiply by two semesters and add room/board, books, fees etc and it's over $70,000 a year to go to college.

Regardless of the causes, something's terribly wrong.

http://dailytrojan.com/2016/03/06/usc-tuition-years/

 

[mtangelsfan]

I don't think the right answer is always to throw money at it.

I feel the same way about our national budget.  We can make significant cuts, including the military, without losing a lot of efficiencies.

[RallyMo]

51 minutes ago, Make Angels Great Again said:

 

Not really.

Source for the near 400% number: http://www.politifact.com/virginia/statements/2015/mar/02/dave-brat/brat-us-school-spending-375-percent-over-30-years-/

I dunno, reading the full article that you link to makes it seem a lot closer to a 100% increase than 400% in reality. Yes, that's a good amount, but nowhere near 400%.

It's always shocking to me that this subforum is where a bunch of people that are very statistics aware (hardcore baseball fans) decide to flip their analysis switches to the off position.

[Blarg]

5 hours ago, Glen said:

 

Don't worry.  Blarg assured us the republicans wouldn't cooperate with him.

Congress will do what is self serving. If something Trump proposes serves their interests they will vote for it. But he has no friends in the house or senate. 

[Blarg]

2 hours ago, Make Angels Great Again said:

Woah, did Nate just flip on the tax plan?

He's like congress, when it serves his needs he will prostrate himself in front of President Mango. 

[nate]

 

[wopphil]

I am concerned this tax bill is going to kill me. I rely heavily on deductions for property tax, state income tax, and mortgage interest, and I get no child tax credit.

[Adam]

My tax guy said my mortgage and property taxes are such that I should do okay.

[fan_since79]

33 minutes ago, wopphil said:

I am concerned this tax bill is going to kill me. I rely heavily on deductions for property tax, state income tax, and mortgage interest, and I get no child tax credit.

As far as I can gather, they're keeping the property tax deduction up to $10,000, and the mortgage interest deduction on properties worth less than $500,000 (not sure I'm expressing that accurately). State income tax is probably going, though.

 

[fan_since79]

They'll be voting shortly.

Schumer is up now, going full-bore apocalyptic.

"...a bill that everyone should be ashamed of...one of the darkest days in the history of the Senate."

"under the cover of darkness..."

"how high the stench is rising in this chamber..."

"...a monstrosity and a danger to this country."

He's a very unlikeable fellow.

 

Edited December 2, 2017 by fan_since79

[red321]

Republicans are in such a rush to pass massive giveaway to rich they are making handwritten changes, to handwritten changes, to a bill few people had a chance to read in the first place. 

[fan_since79]

Schumer strikes me as disingenuous, as it's doubtful that many senators read ANY of the thousand-plus page bills that come across their desks.

None of the Democrats read the Obamacare bill, which ran to a few thousand pages of legalese. In the House, Pelosi famously said they needed to pass it to see what was in it.