Posted on 10/25/2010 1:27:57 PM PDT by MODELSHIPS
“people who rent do NOT pay property taxes!”
Seriously? You think landlords don’t have to pay property taxes? You think that when they do, they graciously absorb the hit out of profits and don’t pass along any of the burden to rent-payers?
In a flat-tax world, all these “goodies” such as mortgage deductions, health insurance deductions and other ways that the Nanny State uses to try and “steer” behavior would go away. I benefit from both these tax expenditures, but I concur with others who point out the unfairness of them. There’s no reason government should be playing favorites to reward homeowners over renters or those who purchase health coverage from work instead of on their own. All of these policies have distorted the market and led to predictable adverse consequences.
The country survived and prospered for hundreds of years without these subsidies: as with any subsidy, there’d be an adjustment period as people got used to not having the subsidies—just as we’re all going to have to endure the pain of weaning ourselves off the absurd debt-fueled federal spending binge we’ve been on for decades—but we’d all be better off for it.
This government is SO out of control.
When will it end. Hell, at least 50% of what I make goes to some sort of governmental fee, levy, tax.
State, Federal, County, Municipal.......damn, take it all why don’tcha.
Who are you kidding? You think rent doesn’t go up because of increased taxes? I used to have 4 rentals. The rent went up every time my taxes increased.
You can’t live in someones house and be insulated from the reality of taxes dispite your desire for someone else to pay the bill.
Who are you kidding? You think rent doesn’t go up because of increased taxes? I used to have 4 rentals. The rent went up every time my taxes increased.
You can’t live in someones house and be insulated from the reality of taxes dispite your desire for someone else to pay the bill.
Agree DrC. Substidies reward unproductive behavior and remove capital from productive endeavors.
True
The interest you pay is income to the mortgagee, the rent on money.
You should not pay income tax on the interest because the person or bank receiving it does.
Post of the day. Excellent.
Have you heard of the 4% sales tax on home sales buried in the new health care law? That alone will kill it.
It’s fair because the people that own have a stake in where they live and without it we would be a nation of renters and public housing loafers. If Americans didn’t buy their homes, we would all be renting from the Chinese.
Actually, the tax code needs to be simplified. There should be an individual exemption for the taxpayer, not for any dependents, not for home mortgage interest, not for going green, not for anything else. The taxable amount should be at one rate ... as was the case when the income tax began. Get rid of the different rates. Until we have most people paying something rather than the current system in which we transfer taxes from “the rich” to “the poor”, the deficits will continue to grow because “the poor” will demand more from “the rich”.
We have to get the government out of the social engineering business.
From what I read on this tax in the Healthcare bill, it’s 3 or 4% above a profit of $500,000 on the sale of your house - not 100% sure. I also heard them discussing on the radio on a real estate show a month or so ago, it didn’t sound as terrible as you think - but most taxes suck in my book.
Well they’ve f-ed up everything else up to now so this will be the final nail in the home ownership, building and recovery coffin.
Can even this bucnh be this stupid????????????
It may not sound terrible now, but you wait till inflation kicks in. Think of a politician in 1970 proposing this tax on home sales above $150,000....
One can live in a government project in gulags, then you will not be living in your car commrade.
Nyet! Who needs private home? Live with your commrades and labour for the party and the people.
Gunner
Housing prices reduced another 30%—the banks are gonna love this one. ;-)
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