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I would increase tax rates substantially while also adding substantial tax breaks for increasing domestic employment. There is too much systemic incentive right now to move towards fewer workers getting paid less, or hiring foreign labor.
Thanks for explaining the obvious implication of my post. You must feel really proud of yourself.
I would increase tax rates substantially while also adding substantial tax breaks for increasing domestic employment. There is too much systemic incentive right now to move towards fewer workers getting paid less, or hiring foreign labor.
I like my ability to deduct mortgage interest and state property taxes, so no thanks ...
Why don't you want to pay your fair share?
touche my friend, touche
srsly though, eliminating loopholes puts the greatest amount of hurt on the people who pay some of the highest ratios of tax to income
Sure. But they also distort the market. Why does the govt need to encourage home ownership?
Maybe, I dunno. How's market distortion me over more than losing my rebate check?
and if they didn't grandfather the mortgage interest deduction it will cause more foreclosures. Those early years are almost all interest and not having those tax savings could be the difference that makes them lose the house. average person in the 30% bracket and a $200,000 house thats $3000-$4000 a year
Because we need to stimulate the construction industry so the illegal aliens can have jobs!
Most people in the 30% tax bracket buy homes worth closer to $400,000 than $200,000 -- those savings are probably closer to 10k.
I don't know either. I read somewhere though a poll of economists across the political spectrum universally agreed the home interest deduction should be eliminated...I'll see if I could dig up a link later.
Ah, here it is. Was on NPR http://www.npr.org/blogs/money/2012/...liticians-hate
I know I did. After I just refi'd I figure the deduction is worth about 6K a year...property taxes another 2.5K a year but it takes money to play. I suppose that's why a lot of the haters in here want to kill everything.
repug asshole
Haters? It's the Republican Party that started the conversation around getting revenue through eliminating loopholes as opposed to raising rates. That must be why, to this day, they still can't name a single loophole they'd close. The Republican Party is a ing joke.
LOL
Cc just needs to come to terms with the fact that he does not give a flying about the debt/deficit, he just wants to pay as little as he can in and take as much as he can out.
I'll play (already mixed a drink and burning time till I go to a rodeo meeting)
Kill mortgage deduction on houses over say...$750K
Kill property tax deductions on houses over same
Kill capital gains tax on investments held less than 5 years
Make all these ers on wall street pay themselves salaries instead of using cap gains.
Kill all the tax credits for like free golf carts and solar panels...again, I take advantage of this because it is there, but i'd do just fine without it. Tax credits are like free money...spend 14K on golf carts, get 14K back.
Last edited by CosmicCowboy; 12-05-2012 at 06:06 PM.
Pusher just needs to come to terms with the fact that he is a jealous little .
Sounds like a good start. When you say kill capital gains taxes on investments held less than 5 years, what do you mean? They be taxed at zero (ridiculous) or regular income? Then the current 15% rate on anything held over 5 years?
I'm pretty sure if you're super-rich or Bill Gates, and worth millions if not billions, you're not going to take a 30 year loan out to finance your house. You'll pay for it outright. This article makes no sense."It just makes no sense that if we have Bill Gates or some very wealthy person, we're subsidizing them to get a very expensive home," said Dean Baker, of the Center for Economic and Policy Research.
"So because rich people receive a larger subsidy, the price of houses increases so much it actually makes it less affordable for the poorer people," said Luigi Zingales, of the University of Chicago Booth School of Business.
I'm saying stop the manipulation. Let these guys on Wall Street pay themselves salaries instead of "participation" cap gains and let day traders pay ordinary income on profits...I'm not an expert on the subject but I know it could be cleaned up.
Not necessarily.
Money makes money.
When you can currently buy a home and borrow for 30 years at what any smart person knows will be less than the future inflation rate it's only good business to borrow long and put that money to work somewhere else.
Maybe, maybe not. You could lose up to a mil or two on the interest payments. You'd need an investment to recoup that.
What about cutting the tax exemption for donations? I know many people will say it will kill a lot of good charities, but maybe the charities that are effective will still survive. After all, conservatives tend to think that everyone would donate out of the good of their hearts, right?
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