Posted December 4, 2024Dec 4 U.S. Rep. Greg Landsman unveils bid to allow renters a major new tax break U.S. Rep. Greg Landsman, D-Mount Washington, has introduced legislation in the House that would allow renters to deduct part of their rent on their income taxes. Currently, renters cannot deduct any of their lease payments on their federal income taxes. Homeowners can deduct both the interest on their mortgage payment and the property taxes that they pay to local governments, provisions in the tax code that allow those who have enough itemized deductions to reduce their annual tax bill. Landsman does not yet have any Republican co-sponsors, something he’s seeking and likely will need if the bill is going to go anywhere in the House, which is narrowly controlled by Republicans. “We’ll work with Republicans and Democrats where we can to fix the tax code so that the people who benefit are the people who need it most,” Landsman told the Business Courier. “As Congress starts to look at tax legislation in the new year – we’re laying down our markers on where the focus should be: working people, our families and small businesses.” More below: https://www.bizjournals.com/cincinnati/news/2024/12/04/landsman-renters-deduct-lease-payment-taxes.html "You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers
December 4, 2024Dec 4 59 minutes ago, ColDayMan said: U.S. Rep. Greg Landsman unveils bid to allow renters a major new tax break U.S. Rep. Greg Landsman, D-Mount Washington, has introduced legislation in the House that would allow renters to deduct part of their rent on their income taxes. Currently, renters cannot deduct any of their lease payments on their federal income taxes. Homeowners can deduct both the interest on their mortgage payment and the property taxes that they pay to local governments, provisions in the tax code that allow those who have enough itemized deductions to reduce their annual tax bill. Landsman does not yet have any Republican co-sponsors, something he’s seeking and likely will need if the bill is going to go anywhere in the House, which is narrowly controlled by Republicans. “We’ll work with Republicans and Democrats where we can to fix the tax code so that the people who benefit are the people who need it most,” Landsman told the Business Courier. “As Congress starts to look at tax legislation in the new year – we’re laying down our markers on where the focus should be: working people, our families and small businesses.” More below: https://www.bizjournals.com/cincinnati/news/2024/12/04/landsman-renters-deduct-lease-payment-taxes.html What a stupid proposal. The only people who itemize deductions anymore are high income earners. They don’t need a tax break. Just legalize building homes. Fix zoning, legalize point access block / direct stair access multi family, and revise the elevator code. Embrace abundance. When is the last time I-71 turned a profit?
December 5, 2024Dec 5 It could even lead to more rich people renting downtown properties without living in them as a primary residence since it's done with itemized deductions.
