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Commerce secretary says Trump wants TikTok deal done under current deadline https://t.co/70ukBunsoi
— The Hill (@thehill) March 14, 2025
https://www.wnd.com/2025/03/5358983/?utm_source=rss&utm_medium=rss&utm_campaign=5358983
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Analysis: Trump’s income tax agenda would make home-buying much easier
President Donald Trump talked about his goal of getting rid of America’s income tax structure when he was a candidate.
He’s repeated that desire multiple times in the White House, including making suggestions that taxing foreign corporations that do business in America, such as shipping companies, could generate significant revenue.
Now an analyst has explained how Trump’s goal would put the goal of many Americans, to buy and own a home, much closer.
It is Marc Guberti for GOBankingRates who has written at Nasdaq.com about Trump’s idea, explaining, “His objective of eliminating income taxes will have a significant impact on Americans and the global economy.”
“The government will have to offset income taxes with another revenue source, and Trump seems committed to using tariffs. While tariffs increase the prices of products and services, consumers could have more flexibility with this tax. While necessities still have to be purchased, consumers can reduce their taxes by making fewer non-essential purchases. A tax system built on tariffs can offer more flexibility than income taxes and help savvy home buyers grow their savings,” he said.
He said one obvious result would be that Americans would have greater take-home pay.
“The higher take-home pay will make it easier to save for a down payment and manage other expenses,” he explained. “If you get to keep more of the money you earn, it becomes easier to pay off your current financial obligations.”
That, in turn, gives consumers a better result when mortgage lenders analyze debt, credit obligations, student loans and such.
A higher purchasing power, combined with the plan to keep inflation stable, would “make home buyers feel more comfortable with embarking on the key milestone of homeownership,” he explained.
Another factor would be the impact on real estate deductions, likely making more homes available.
He explained, “The elimination of income taxes can eliminate real estate deductions, and that’s a huge deal for people who want to buy homes. Tax deductions have only been around since 1913 when income taxes were introduced at a large scale. While people can claim tax deductions through various expenses, none of them are as potent as real estate. The ability to generate high profits while reporting paper losses has made real estate — including single-family homes — very attractive investments. Ending income taxes can also end tax deductions, and that scenario can make real estate investing less desirable.”
He pointed out Trump’s leader at the Department of Government Efficiency, Elon Musk, has talked about eliminating tax credits, which likely would “rub off on tax deductions…”
“As the current tax code stands, it’s possible for someone who nets $1 million per year to earn a tax refund with real estate. All it takes is to buy a $2 million short-term rental property and use a cost segregation study to immediately depreciate the property by 60%. Then, they report a $1.2 million paper loss on the property, which translates into a $200,000 income loss. Instead of paying taxes on $1 million, the investor in this scenario reports a $200,000 income loss and receives an ‘appropriate’ tax refund. This scenario highlights one of the reasons why real estate investing is so desirable. If deductions are eliminated, fewer investors may gobble up single-family homes,” he pointed out.
WND previously reported on the Trump ideas for income taxes.
NEW: Commerce Secretary Howard Lutnick says the Trump Administration is working on abolishing income tax payments to the IRS.
“Wouldn’t it be amazing to stop paying taxes to the IRS and have the external revenue service replace our taxes?”
“That’s the goal of Donald Trump…… pic.twitter.com/o2CrvW7Dks
— Collin Rugg (@CollinRugg) March 5, 2025
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