Donald Trump gjorde det som de svenska partierna har misslyckats med. Han skar ned ränteavdragen för bostäder.

 Det vet jag tack vare AI. Det viktiga är att veta vad man skall fråga.

Jag fick uppslaget vid läsande av John Mauldins nyhetsbrev.

Copilot AI:

Yes, Donald Trump's 2017 tax plan significantly impacted tax deductions for homeowners. The Tax Cuts and Jobs Act (TCJA) capped the federal deductions for state and local real estate and income taxes at $10,000 per year and also limited the mortgage interest deduction to loans up to $750,000. This change reduced the benefits of these deductions for many homeowners, particularly in high-tax states. 

It was a controversial move, with some arguing it hurt middle-class homeowners while benefiting corporations.  

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https://www.propublica.org/article/trumps-trillion-dollar-hit-to-homeowners

https://www.cbsnews.com/news/how-trump-tax-plan-changes-mortgage-interest-deduction/

https://www.businessinsider.com/trump-tax-plan-home-mortgage-interest-deduction-2017-11

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Almost 40% of US homeowners own their home free and clear of any mortgage. Of those with mortgages, most have rates significantly below the 6% that used to be normal.

What about those people that don’t own their homes or can’t afford one? That’s the problem that we will focus on.

A growing number of higher-income people who would once have been homeowners are choosing to rent. I think many of these want to avoid maintenance hassles or don’t like being tied down.

 But others have concluded owning a home may not bring the financial rewards previous generations enjoyed.

For decades following World War II, states and the federal government tried to encourage home ownership with rewards like tax deductions for mortgage interest. 

This was essentially a subsidy available only to those who bought homes. Renters got nothing. 

“The American Dream” came to include a belief that paying rent was a waste and you should buy a house as soon as you could afford it.

The 2017 tax package changed this calculation. Among other things, it eliminated personal exemptions and sharply raised the standard deduction. With inflation adjustments, every married couple will get a $30,000 deduction in 2025 without needing to itemize. 

Median household income is around $80,000. This means paying mortgage interest or property taxes brings no additional tax benefit for most families.

We have thus removed what was once an important subsidy to homeownership.

Maybe that’s the right policy but it’s changing the housing market.

We will see what new equilibrium emerges, but I expect renting your home will become far more common than it used to be, and homeownership less so—especially for the lower 80%–90% of the income scale.

The current shortage is forcing many into roommate situations and other arrangements they would prefer to avoid.

Others are delaying the “household formation” (i.e., marriage and childbearing) because they can’t find suitable homes. 

John Mauldin 6 December 2024

https://www.mauldineconomics.com/frontlinethoughts/homes-for-christmas

Tillbaka till Rolfs länktips 7-8 december 2024

https://englundmacro.blogspot.com/2024/12/rolfs-lanktips-7-8-december-2024.html