The "Big Beautiful Bill" signed by President Trump significantly increases the state and local tax deductions, arguably benefiting a select group of homeowners. This legislation reinforces misconceptions about subsidies effectively boosting long-term housing market stability. Though well-intentioned, such incentives perpetuate dependence on government support. Historical data indicates a decline in homeownership rates, exacerbating challenges for potential buyers. The real estate market faces complications due to high prices and inadequate access for the majority, illustrating the disparity created by these financial benefits.
The "Big Beautiful Bill" perpetuates a long-standing misconception that subsidies provide a lasting boost to the housing sector.
The change will make property taxes a much more likely deduction for a substantial number of California homeowners and potential buyers.
These incentives range from the deductibility of mortgage interest to tax breaks on home sale profits to government cash infusions for down payments.
Tossing more money at the housing market only benefits the few who qualify - and makes house hunting a futile chase for the masses.
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