KHTS Radio Santa Clarita Radio – Santa Clarita News
The GOP Tax Plan passed by Congress Wednesday is set to have a lasting impact on Santa Clarita residents, including ending the state income tax deduction.
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The plan is a major overhaul of the tax code finalizing after months of negotiation in Congress, and the final bill is set to cut $1.5 trillion in taxes while ending several deductions.
“The biggest change in this bill is the allowance for the deductions for homeowners,” said Fred Arnold of American Family Funding. “The plan lowers the amount of interest people can deduct from their taxes.”
Arnold is hosting a live special broadcast on Friday at 2 p.m. on KHTS AM-1220 to discuss the tax changes for 2018.
Under the new plan, buyers can deduct interest on mortgages up to $750,000 for homes bought after Dec. 15, and residences purchased before that date are not affected, according to the bill.
That is down from the current $1-million limit, but an increase from a $500,000 cap that previously passed the House.
“This will hinder the growth of the real estate market in Santa Clarita,” said Arnold. “It will give people less incentive to buy a home and continue to keep renting.”
A total 22 percent of California mortgages taken out last year were for more than $500,000, versus 7.7 percent for more than $750,000, according to real estate officials.
The other major change initiated in the plan includes the end for deductions on state and local income taxes, also known as SALT.
Under the plan, taxpayers who itemize will be able to deduct their state individual income, sales and property taxes up to a limit of $10,000 in total starting in 2018.
Currently, the deduction is unlimited. But filers have to choose to deduct either individual income taxes or sales taxes. For most people, deducting income taxes is more beneficial. In addition, property taxes were also entirely deductible.
“Ending state income deductions could have lasting impacts on California,” said Arnold. “It could possibly be a deterrent for businesses to move to our state.”
To ask any questions or for more information, listen live to the “American Family Funding Special Broadcast” on the 2018 tax changes Friday, Dec. 12 at 2 p.m on KHTS AM-1220.
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A complete sell-out of (what’s left) of the middle-class.
How long now will it take for everyone to realize what a sham the GOP is for America’s citizens?
Freedom isn’t free, so the bumper sticker says- that’s right, it was for sale to the highest campaign contributors.
It’s not a sell out, it’s a clean up and a much needed improvement change in the tax code. Please re-read the story:
Under the plan, taxpayers who itemize will still be able to deduct their state individual income, sales and property taxes up to a limit of $10,000 in total starting in 2018.
Only 7.7 percent of California mortgages taken out last year were for more than $750,000, according to real estate officials. Under the new plan, buyers can deduct interest on mortgage amounts up to $750,000 for homes bought after Dec. 15, and residences purchased before that date are not affected, according to the bill. That is down from the current $1-million limit.
You speak of the “middle-class”. I don’t think middle class folks have mortgages of $750,000, lets be honest. Stop with the fake hype. Politics aside, the GOP is making changes towards a better America without weakening the backbone of the country. A weakening that has perpetuated for the past 8 years. Socialisms history is that of failure. For those that get an education, get a job, go to work and strive to succeed, the sky’s the limit. You get what you earn.
Capitalism works for those who are willing to work and not expect the government to provide the handouts. The government is putting forth the means for businesses to prosper, not support the welfare state.
Sorry, welfare should only be for those that truly need the help. It should not be a away of life for generation after generation of able bodied citizens.
Everyone should be focused on the the real problem here. It’s not the new federal tax plan but the existing situation we have in California. We are taxed to death in our own backyard. High income taxes, high property taxes, incredibly high gas and car registration taxes, high sales taxes, it goes on and on. I’m a native Southern Californian and am not sure if this is where I want to retire. Something had to change in Sacramento not in Washington.
Terrible representation of the new jobs and tax bill. KHTS you can do better than putting out this garbage. Remember if you want to pay more taxes feel free the IRS will always except your payment.
What about those ‘fiscally responsible’ conservatives that rail at the mere mention of social programs every time the Dems are in power? They always scream, “The National Deficit!” This gift to the uberwealthy will add a trillion and a half to the federal deficit at a time we have ongoing wars, a failing infrastructure and people desperately in need of food and medical care. How is this give-away to the rich benefiting the other 99.9%? These are truly some rancid sell-outs.
Please detail this “gift to the wealthy” that you claim without any facts to back it up. If you want to talk about hypocrites, it is the liberal Democrats that are the hypocrites since THEY voted for and supported the largest deficit increase in the history of the United States and now they are concerned about the deficit. Balooney!
It is a tiresome claim of the liberal Democrats that the “rich” should pay their “fair” share but they never say what is fair because they know that what they want is NOT fair.
As for taxing the rich: > 49% of Americans pay NO tax, $0, nada. The top 10% pay 70% , the top 5% pay 60%, and the top 1% pay > 35% of the taxes. While the middle 40% incomers pay the remainder of 30% of the taxes. So if tax reduction is to be fair for everyone, then the top 10% should get 70% of the benefits.
But that is not the case, the top 10% get far less then their “fair” share of the benefits, those making over $157,500 will see their tax increased by 2% while the “middle class” making between $38,700 to $157,500 will have a tax decrease. How is this a “gift for the rich” and not a benefit for the middle class?
Even with this, the left wing socialist political whiners almost all voted against anyone getting a tax reduction because they believe the government has first claim and should get all of the money you make and that they will then decide who gets what back based on their political value for keeping them in power.
You are indeed an expert on Balooney- def. (having to do with baloons) and even more so on baloney.
GHW Bush left office with a 269 billion budget deficit.
Clinton left GW Bush with a 127.3 billion surplus.
GW Bush stuck Obama with a deficit of 1.4 trillion.
Obama reduced W’s deficit to 492 billion.
btw- Corporations are largely multi-national, so, we are subsidizing others at our own expense. How do you like that?!
Thank you for correcting the spelling error, it shows you do know a few things. Unfortunately you are the victim of the fake news of CNN, MSNBC, NYT and the left wing MSLM networks since you not have been exposed the facts of the Obamanation economics.
Under Obama’s fiscal stewardship, the deficit rose more than $7 trillion, including the three largest deficits since World War II. The huge $1.1 trillion deficit of 2009 can be assigned equally to the foolish bailout and “stimulus” policies of George W. Bush and Obama.
But while Obama inherited a fiscal mess, his first order of legislative business was to make it worse by adding another $830 billion in deficit spending.
Then came auto bailouts, cash for clunkers, green energy programs, unemployment and food stamp expansions, and ObamaCare subsidies, among other spending that was trumpeted as a pick-me-up for the economy.
It only worsened the deficit, which eventually reached $1.4 trillion. The deficit is down by two-thirds only because of Obama’s woeful malperformance.
When it comes to the burden of deficits, measured as a share of the overall economy, Obama is the all-time champ of fiscal incompetence.
Even assigning the all-2009 deficit to George W. Bush, which is unfair because Obama inflated it, Obama’s record is much worse. Adjusting for the extra spending added by Obama to the ’09 deficit, his deficits are roughly twice as high as Bush’s. Ironically, liberals used to deride Bush as the most fiscally irresponsible president in history.
By the way, the main reason the deficit fell at all is because of the sequester and budget caps that congressional Republicans put in place during the fiscal-cliff negotiations with Obama in 2011.
Obama tried to stop them — remember his attempts to stop sequester spending cuts by shutting down airports, national parks and food safety inspections? It was only when Obama’s grandiose spending plans were thwarted that the deficit finally started to fall.
How much credit should Obama get? By the time he left office, the debt was expected to reach $18 trillion vs. a little over $10 trillion when he arrived. If this is success, I’d hate to think what failure would look like.
From a numerical standpoint, the debt almost doubled in dollar terms since Obama’s first inauguration. Using the gross debt figure, debt grew from $10.6 trillion on Inauguration Day 2009 to $19.4 trillion as of July 21. Using the more economically meaningful figure of debt held by the public, which excludes money that the government owes to itself, debt more than doubled from $6.3 trillion to $14 trillion.
Financial experts agree; this rip-off money-to-the-top plan will hurt us all. You’ll see.
No matter what FOX, Breitbart, or OAN tell you. And it will not be fake.