Where Do Our Presidential Candidates Stand On Real Estate?
By Emilio DiSpirito IV
Radio Show Host of The Round Table Real Estate Simplified
Team Leader of The DiSpirito Team with HomeSmart Professionals Real Estate
Where does Hillary Clinton, Bernie Sanders, Donald Trump, Ted Cruz & John Kasich stand on the housing market?
Some Positive News Whether Your Favorite Candidate is a Socialist, Democrat or a Republican.. From what we see, not 1 of these parties will touch the much needed and necessary "Interest Deduction" Homeowners can write off annually!!
Bernie Sanders: The only "Bern" aspiring home owners and current home owners will feel is the hole in their wallet. Socialism does not work, period. Lets see why...
Bernie's major "sell" is "FREE" public college and "Lower Cost" heath care... Hmm how will he do this?
Across the board American's will be shelling out an extra 2.2% Federal tax.. and that is just for starters... If Bernie is elected, he will continue to scare business away (with an increased 6.2% payroll tax) from the United States thus allowing for a larger poverty gap.. Make sense? No? Ok basically by over taxing companies who provide the jobs for the people who pay taxes that keep this country (some how) running, companies are going to find far more business friendly places and all of these college grads with their "free" diplomas will be in the same place most college grads are now... JOBLESS!!! Makes zero sense. Stupidity at it's best. "Feel the Bern" America!!!
In order for the companies who rough it out and do their best to stay here in America while they become Bernie's slaves... They will have to decrease overall payroll and therefore less American's will be able to afford home ownership.. But hey... ins't that what Socialism is all about!? Why not have all the same... BECAUSE THAT WORKED.. NEVER!!!!! You should question your sanity if you are voting for Bernie.
On the other end of the spectrum, what he will save American's is on college debt.. however whatever he will save American's on college debt will be sure to be accounted for in lost wages. Again, a total losing scenario.
Hillary Clinton: Clinton, our former disappointment of a Secretary of State says she will unveil a plan to help aspiring low-income home owners with a $25 Billion Dollar housing investment program. While many uneducated Realtors are salivating over this they are not understanding all the implications that will come from this..
Hill has a plan that will match first time, low-income home buyers making less than the median amount of income for their area with a $10,000 down payment. She plans to get this money by taxing the financial institutions that give American's the loans to buy the houses... Sounds good at first right? Well until you take a second to understand how business actually works. You see, companies have a certain thing called "profit" that they need to retain and at certain and healthy margins to stay in business, employ people and grow.. So when the Government steps in and charges more money... what do you think happens?! BINGO!!! Rates and Fee's increase!!!
To Get, You Must Give.. You Can't Get Something From Nothing... I think I was 5 When My Parents Taught Me That.
Hillary also has a brilliant plan to "increase affordability" of rental properties in areas with the best schools... Hmm... So basically build a bunch of tenement buildings in areas with higher end homes.. What will that do for value? Well it drives it down.. What happens when value gets driven down in a housing market and there are a large number of renters? Well, taxes increase while school budgets suffer and schools become overcrowded... education starts to fail. Woonsocket Rhode Island is a perfect example of this. I'm sorry Hill, but when you take away the incentives to move to a town with great schools, you destroy one of the pillars of a higher priced marketplace and the compounding effect hurts far more than it helps. Horrible idea.
Donald Trump: A business person heavily involved with real estate in all aspects understands the industry more than any of our candidates.
Love him or hate him, what he has to say not only makes sense for real estate, but also for over-all low income, middle class and the elite.
"The Donald" will not tax Americans who make $25,000 or less... American's will pay a "flat tax" of 10% when earning between $25,000 and $50,000 per year. Compare that to what we are paying now!! HUGE SAVINGS!!!! Individual filers will pay 20% between $50,000 and $100,000 and Married Couples will pay 25% up to $200,000!
Meanwhile, business owners pay a max rate of 15% income tax!! Think about the incentives to open small businesses that employ people?! Households making $85,000 combined income ($42,500 each... not really a crazy high paying job) will save approximately $5,000 per year.
With increased savings and lower taxes, American's will have more money to spend on housing and all of the extra's that go along with home ownership.
Ted Cruz: Under Cruz, Federal Taxes would be cut down to only a 10% flat tax across the board!! Cruz also has plans to cut the 15.3% payroll tax for Social Security and Medicare completely out.. Sounds great right? You may want to rethink that. Cruz anticipates on charging employers a 16% tax on payrolls and profits... These charges as you guessed will be passed down to employees whom will see a shrunk pay check and cost of goods will increase.
Less money in the pockets of employees, means lower income levels and this overall for the housing market would not be good at all!
Ted Cruz also said he will probably have to end the write offs that many homeowners need such as the taxes they pay on their property... So basically you will be taxed on the income that goes to pay for taxes... Makes no sense at all!!!
John Kasich: Mr. Kasich has not released a plan yet that shows any negative or positive solutions for home buyers and home owners.
Check out these fantastic Blogs from The Round Table Real Estate Simplified Radio!
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- 3 Hottest Selling Real Estate Price Ranges in Rhode Island
- Current State of Housing Inventory in Rhode Island
Tune in every Sunday at 10 am on iHeartradio "whjj" or Newsradio 920 in the RI & MA areas!
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