Thomas Oatway: More on tax proposals
By Signal Contributor
Monday, November 27th, 2017

Thank you to The Signal for publishing my recent Opinion letter on income redistribution with the proposed GOP tax reform plan.

And I also wish to give a hearty thank you to The Signal for two very compelling and thoughtful articles and Opinion pieces in today’s (Friday, Nov. 24) Signal edition. One, by realtor Marty Kovacs, and another by regular Opinion contributor Jim De Bree, informed readers on the factual tax implications of the proposed legislation, as opposed to the misleading TV ads and political rhetoric of its supporters.  Both were informational articles, and should be very concerning to anyone who owns a home, or plans to buy or sell a home in California, or other highly taxed states with high real estate prices.

Most voters are probably unaware that the legislation will affect home sellers whose capital gain exemption will be eliminated, adversely affecting their retirement security.  Buyers and current homeowners will lose federal tax deductions for mortgage interest and property tax deductions, as well as the deduction for state income tax.  Having a tax professional like De Bree weigh in on the individual and small business owner’s tax implications, plus potential federal deficit-ballooning features, should be enough to cause our elected representatives in Congress to reject this plan.

They are counting on the fact that many voters are not paying enough attention.  That is where The Signal and other responsible news media organizations are providing a valuable service, even as the majority party in Congress turns a deaf ear to the concerns of their constituents.

Thomas Oatway
Valencia

 

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Signal Contributor

Signal Contributor

Thomas Oatway: More on tax proposals

Thank you to The Signal for publishing my recent Opinion letter on income redistribution with the proposed GOP tax reform plan.

And I also wish to give a hearty thank you to The Signal for two very compelling and thoughtful articles and Opinion pieces in today’s (Friday, Nov. 24) Signal edition. One, by realtor Marty Kovacs, and another by regular Opinion contributor Jim De Bree, informed readers on the factual tax implications of the proposed legislation, as opposed to the misleading TV ads and political rhetoric of its supporters.  Both were informational articles, and should be very concerning to anyone who owns a home, or plans to buy or sell a home in California, or other highly taxed states with high real estate prices.

Most voters are probably unaware that the legislation will affect home sellers whose capital gain exemption will be eliminated, adversely affecting their retirement security.  Buyers and current homeowners will lose federal tax deductions for mortgage interest and property tax deductions, as well as the deduction for state income tax.  Having a tax professional like De Bree weigh in on the individual and small business owner’s tax implications, plus potential federal deficit-ballooning features, should be enough to cause our elected representatives in Congress to reject this plan.

They are counting on the fact that many voters are not paying enough attention.  That is where The Signal and other responsible news media organizations are providing a valuable service, even as the majority party in Congress turns a deaf ear to the concerns of their constituents.

Thomas Oatway
Valencia