Why is Trump gaining so much traction? What would a Donald Trump win in 2016 mean for New York property owners?
In spite of his controversial comments the ‘Donald’ seems to be topping the polls, and staying in the spotlight. Even many lifelong democrats appear willing to jump ship and vote for Trump. So what is so alluring about having him as a national leader?
Note that this is not a plug for Trump in anyway, but a look at what’s behind the movement and the issues that are driving New Yorkers willing to make dramatic shifts.
He’s local. Love or hate Trump and his buildings, he is the guy from the neighborhood for New Yorkers. Love or hate the brand; his work has certainly brought in a lot of, visitors, business, and money. And if there is one thing everyone feels they need right now it is a real estate and business friendly president in the White House. They believe it is critical for restoring and building their home equity, investments, and incomes.
This rolls over into Trump’s stand on taxes. Via Fortune and Time, Trump says he’ll bring trillions back into the national economy by working with giant firms and the wealthy that has stashed money overseas, or have fled places like NY to escape high taxes.
The biggest draw has to be cutting income taxes. By Trump slashing tax brackets millions of New Yorkers could see a dramatic decrease in annual income taxes, and a lot more money in their pockets each year. If you’ve been paying 15% or 25% of your income in federal taxes, and you can pay just 5% on up to $100k dollars a year that’s $10,000 or $15,000 you get to keep each and every year. The difference can be even bigger if you make more money, or if you fall in the 1% tax bracket. Even without any new property tax breaks that will give plenty of extra money to help cover them.
Forbes points out that Trump wants to simplify taxes. He wants to simplify it so much that the average person doesn’t have to go and pay for expensive help just to find out how much they owe the IRS. He also wants to reclaim the $4B or so that the IRS has been giving out to illegal immigrants.
You can hate Trump, everything he stands for, and take offense to his wild comments, but it is going to be really hard for another candidate to win without offering sizable tax breaks and hope for homeowners. Those on the fence, may just vote Trump and hope that he finds his roots again, and revives some of his father’s spirit for building quality middle class housing in NY and lifting others up.
Don’t forget you can slash your property taxes right now with the help of Property Tax Adjusters, Ltd.