Posted on 10/25/2010 1:27:57 PM PDT by MODELSHIPS
The leftists are completely incoherent. They want to drive more marginally-solvent homeowners into foreclosure and then use non-existent tax revenues to bail them out.
Bad timing for the Democrats. LOL!
Ok, let’s see. The fact that I am “keeping” more of “my money hard earned money” through this thing called a “tax deduction” - the GOVERNMENT wants to eliminate that and ‘THEY’ now want to KEEP MORE OF MY HARD EARNED MONEY, so they can MAINTAIN ‘THEIR’ LEVEL of SPENDING????
They should eliminate all deductions and just give us a flat/fair tax.
Talk about killing the housing market. Take away one of the biggest reasons folks buy houses. The write-off. Really smart!
But certainly do NOT stop spending.
Gunner
As long as there is one person left alive who can afford to buy and live in his own home, Obama and his minions will not rest.
More from the “MENTAL DEFICIT COMMISSION”.
I think it is time to scrap the whole income tax system and go to a flat rate of 10 to 15%
Everyone should pay and there should be exceptions.
To those who say that the rich should pay more. Obviously 15% of $100,000.00 is more than 15% of $50.000. So the higher earners would pay more but the percentage would be the same for everyone.
At this time about 50% of the people pay no income tax. I thought we were supposed to be equal in this country. Everyone should pay their part.
Bammy is just klionton Ver 2.0
This guy provides a good explination of 'What's next' Imputed income....
So – here is the idea that the Clinton administration was tossing around prior to the voter revolution of 1994. They were going to 'impute' – credit – extra income to people who own their own homes. Here's how.
Let's say you own a home worth $250,000. Your payments on that home are about $2,000 a month. The government uses census data (there is a reason they ask all of those extra questions) to figure out what a $250,000 home in your neighborhood would rent for. Let's say it would rent for $3,000 a month. In other words, you could rent your home for $1,000 a month more than your payments.
You're not renting your home, though. You're living in it. This isn't fair to people who have to rent homes, though. They don't get the tax deductions you get. They don't own their own homes because, unlike you, they haven't "won life's lottery," as Dickie Gephardt likes to phrase it.
The government would like to get a little more money from you – being a rich homeowner and all – to spend on those poor renters and people who aren't as "fortunate" as you are. This would all be in exchange for their votes, of course.
So … here was the proposed law. When you fill out your tax return you will have to consult certain tables and government data to determine what a home like yours would rent for in your neighborhood. We'll use the example above. Your home would rent for $3,000. You're paying $2,000 a month to your mortgage company.
You will be instructed to take the difference ($1,000 a month) and multiply it by 12. This gives you $12,000. That's your imputed income. Add that to your other earnings to come up with your taxable income. Now – write your check. If you're in the 39 percent bracket, you can kiss off almost $4,680.
Don't gripe. This is all for those needed government programs for the "less fortunate."
Just like the VAT, this tax is in place in Europe - how long before it winds up here? This will get the serfs to carry the pitchforks/torches for sure....
I’m not sure they shouldn’t eliminate the mortgage tax deduction.
It appears to be an unfair tax. From what I’ve read, it appears about 1/3 to 1/2 of this country rents. They don’t get any similar tax break.
Why should the Government give a tax break to one group of people and not to the others?
It’s a nice tax break and I’ve taken adbvantage of it, but it doesn’t appear to be fair to me.
Yes, there are good reasons for all of these tax preferences. But, the alternative is to raise taxes for everyone.
Don't bother flaming me: I know that cutting spending is a preferred alternative. And frankly, that's what I want, too. But, I'm being realistic, and would rather see the tax preferences removed instead of raising all taxes.
Okay - I’ll give this a try. BECAUSE people who rent do NOT pay property taxes! A mortgage deduction helps relieve the sting of property taxes.
That fair enough for ya?
Wrong. It's factored into the monthly rent.
OK!
Since property taxes were brought up, How are property taxes constitutional?
The constitution guarantees us the right to own property. However, if you do not pay your property taxes the state can take your property and sell it.
So, do you actually own it?
Just a thought!
Wouldn’t it be great if there was equality in the tax rate?
The libs are always whining about equality, how ‘bout this one?
I would gladly relinquish my homeowner mortgage deduction if we were to go to a flat/fair tax.
The department of the treasury would probably get more $$ in as well.
This will go down in history as the Nothing Commission.
Conservatives will never accept these recommendations, nor a VAT tax, and the Libs will darn sure never accept the cuts to Social Security. Another Obama EPIC FAIL.
Spending $1 to save 20-30 cents is why people buy a house?
I always thought it was an better alternative to sleeping in a car?
Cutting the deduction will cause additional stress on home prices as the cost of ownership will go up, but I would give up deductions for flat taxes axcross the board corporate and individual. It’s BS for Google & MS to pay 2 1/2%.
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