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Cybargs
Moderated
+2,268|4216

Jay wrote:

Cybargs wrote:

Jay wrote:


I've read columns by George Will and Glenn Reynolds in the last few days championing getting rid of the mortgage interest deduction and the deduction for State taxes. Ok, well adjust my income tax bracket based on cost of living then, because relatively wealthy southerners are getting a free ride.
I agree about the state taxes but not sure about the mortgage interest. Your choice to live there bud.
It's something that has been in the American tax system since before i was born and is one of the primary incentives for home ownership. People bought their homes with the incentive as a variable in their decision. They can get rid of it going forward but it's not fair to pull it away unless current homeowners are grandfathered.
Is it a full deduction?

eg if you pay 20k in interests a year, you get 20k worth of tax credits. Then again you guys have a stupidly high property tax.

We have the opposite, we get deductions only out of investment properties (only if you reasonably attempt to lease them out).
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Jay
Bork! Bork! Bork!
+1,959|2858|London, England

Cybargs wrote:

Jay wrote:

Cybargs wrote:


I agree about the state taxes but not sure about the mortgage interest. Your choice to live there bud.
It's something that has been in the American tax system since before i was born and is one of the primary incentives for home ownership. People bought their homes with the incentive as a variable in their decision. They can get rid of it going forward but it's not fair to pull it away unless current homeowners are grandfathered.
Is it a full deduction?

eg if you pay 20k in interests a year, you get 20k worth of tax credits. Then again you guys have a stupidly high property tax.

We have the opposite, we get deductions only out of investment properties (only if you reasonably attempt to lease them out).
If I pay 20k in interest I subtract it from my gross income before my taxes are calculated. So if I make 100k, I pay taxes on 80k. I also get to do the same with my property and State income taxes. The feds eat last.
"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat
Cybargs
Moderated
+2,268|4216

Jay wrote:

Cybargs wrote:

Jay wrote:


It's something that has been in the American tax system since before i was born and is one of the primary incentives for home ownership. People bought their homes with the incentive as a variable in their decision. They can get rid of it going forward but it's not fair to pull it away unless current homeowners are grandfathered.
Is it a full deduction?

eg if you pay 20k in interests a year, you get 20k worth of tax credits. Then again you guys have a stupidly high property tax.

We have the opposite, we get deductions only out of investment properties (only if you reasonably attempt to lease them out).
If I pay 20k in interest I subtract it from my gross income before my taxes are calculated. So if I make 100k, I pay taxes on 80k. I also get to do the same with my property and State income taxes. The feds eat last.
that is nuts. then again its balanced out with your insane property taxes.
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SuperJail Warden
Member
+166|1219
People with second homes should not be allowed to get the mortgage interest deduction. It should be limited in some ways. I don't think people buying mansions should get it. It also leads to property price inflation.
Cybargs
Moderated
+2,268|4216

SuperJail Warden wrote:

People with second homes should not be allowed to get the mortgage interest deduction. It should be limited in some ways. I don't think people buying mansions should get it. It also leads to property price inflation.
It only applies to primary residence and has a 1 mil threshold when i had a look at your rules.
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Dilbert_X
The X stands for
+1,592|3605|eXtreme to the maX

Jay wrote:

It's something that has been in the American tax system since before i was born and is one of the primary incentives for home ownership. People bought their homes with the incentive as a variable in their decision. They can get rid of it going forward but it's not fair to pull it away unless current homeowners are grandfathered.
Since when was fairness part of the tax system?
Why should new property owners have to pay a new tax but not current ones?
Why should one set of taxpayers subsidise another set?
Hey I know, why not grandfather any tax cuts. You go on paying the same income tax, new taxpayers, or maybe taxpayers younger than you, get the benefit of reduced taxes. How would that be? I think it would be 'fair'.

Its the same thread running through all your thoughts, you want to have your cake, eat it, have someone else pay for it and for you to be able to pull up the ladder behind you preventing anyone else reaching the cake.
Your virus system is infected with windows. Please to be giving me your credit card details urgently
Jay
Bork! Bork! Bork!
+1,959|2858|London, England

Dilbert_X wrote:

Jay wrote:

It's something that has been in the American tax system since before i was born and is one of the primary incentives for home ownership. People bought their homes with the incentive as a variable in their decision. They can get rid of it going forward but it's not fair to pull it away unless current homeowners are grandfathered.
Since when was fairness part of the tax system?
Why should new property owners have to pay a new tax but not current ones?
Why should one set of taxpayers subsidise another set?
Hey I know, why not grandfather any tax cuts. You go on paying the same income tax, new taxpayers, or maybe taxpayers younger than you, get the benefit of reduced taxes. How would that be? I think it would be 'fair'.

Its the same thread running through all your thoughts, you want to have your cake, eat it, have someone else pay for it and for you to be able to pull up the ladder behind you preventing anyone else reaching the cake.
Of course my interests regarding taxation are self-serving. Am I supposed to sacrifice my own time so that someone else might keep theirs? I'm no altruist. I've never claimed to be. But I'm not out to screw anyone else. I don't have a problem with it sticking around for people that come after me, I simply stated that if they do make a change they should put a grandfather clause in. If they didn't you would probably be able to hear the howls of anger all the way across the Pacific.

The reality is that if I could no longer write off my mortgage interest I would probably have to sell my house. When I bought my home, I factored the write off into the equation. Of course I want to keep it.
"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat
Cybargs
Moderated
+2,268|4216
lol grandfathering tax changes is a pretty dumb idea.

Last edited by Cybargs (2017-05-04 05:56:00)

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War Man
Australians are hermaphrodites
+552|4213|Purplicious Wisconsin

Jay wrote:

Dilbert_X wrote:

Jay wrote:

If they tax my State taxes or kill my mortgage deduction I'm never voting Republican again
Because you think other people should subsidise you.

OK

Also, Trump isn't a Republican

Also, well played voting for Trump
I didn't vote for Trump
Then what the fuck was the "I'm never voting Republican again" for when you didn't really fucking vote for Republicans to begin with? Keyword is "really."
The irony of guns, is that they can save lives.
AussieReaper
( ͡° ͜ʖ ͡°)
+5,760|3652|what

That makes him a RINO.
https://i.imgur.com/maVpUMN.png

"coz you a far cry from acclaim nigga ubisoft"
Dilbert_X
The X stands for
+1,592|3605|eXtreme to the maX
Nah, he obviously did vote for Trump, he slipped up and admitted it.
Your virus system is infected with windows. Please to be giving me your credit card details urgently
Jay
Bork! Bork! Bork!
+1,959|2858|London, England

War Man wrote:

Jay wrote:

Dilbert_X wrote:


Because you think other people should subsidise you.

OK

Also, Trump isn't a Republican

Also, well played voting for Trump
I didn't vote for Trump
Then what the fuck was the "I'm never voting Republican again" for when you didn't really fucking vote for Republicans to begin with? Keyword is "really."
There are local elections and primaries. I voted for Gary Johnson for president and mostly Republican locally.
"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat
Dilbert_X
The X stands for
+1,592|3605|eXtreme to the maX
There's no backpedalling on a Freudian slip.
Your virus system is infected with windows. Please to be giving me your credit card details urgently
DrunkFace
Germans did 911
+427|4181|Disaster Free Zone

Jay wrote:

There are local elections and primaries. I voted for Gary Johnson for president and mostly Republican locally.
I thought you said you weren't out to screw other people?
AussieReaper
( ͡° ͜ʖ ͡°)
+5,760|3652|what

https://i.imgur.com/XVsnuOn.jpg
https://i.imgur.com/maVpUMN.png

"coz you a far cry from acclaim nigga ubisoft"
AussieReaper
( ͡° ͜ʖ ͡°)
+5,760|3652|what

Donald wrote:

While I greatly appreciate you informing me, on three separate occasions, that I am not under investigation, I nevertheless concur with the judgement of the Department of Justice that you are not able to effectively lead the Bureau.
That's pretty telling. He's been in office a bit over 100 days and had to be assured on three separate occasions from the FBI director that he wasn't under investigation.

Last edited by AussieReaper (2017-05-09 22:16:08)

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"coz you a far cry from acclaim nigga ubisoft"
SuperJail Warden
Member
+166|1219
Fox News says Trump did the right thing. Half of America will now agree.

meh
Dilbert_X
The X stands for
+1,592|3605|eXtreme to the maX
It would be hilarious if it weren't so frightening.
Your virus system is infected with windows. Please to be giving me your credit card details urgently
Ty
Mass Media Casualty
+2,398|4274|Noizyland

For someone who never wastes an opportunity to talk about how innocent he is, Donald Trump seems awfully reluctant to release the one bit of information that would clear this whole mess up.

I've got to say this whole thing is like a drug to me. This is my reality show. Who knows what tomorrow will bring? I'll definitely be tuning in.
[Blinking eyes thing]
Steam: http://steamcommunity.com/id/tzyon
SuperJail Warden
Member
+166|1219
Well I found it funny when I saw this with a headline something like "how the media would report on america if this happened elsewhere''
https://i.redd.it/l69tw2duslwy.png
Cybargs
Moderated
+2,268|4216
I still found it funny when sarah silverman asked the military to stage a coup. Which is kinda the last thing you would ever want...
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SuperJail Warden
Member
+166|1219

Cybargs wrote:

I still found it funny when sarah silverman asked the military to stage a coup. Which is kinda the last thing you would ever want...
You were supposed to find it funny because she is a comedian. Alert me when Chomsky calls for a military strike on the white house.
DesertFox-
The very model of a modern major general
+697|4184|United States of America

SuperJail Warden wrote:

Well I found it funny when I saw this with a headline something like "how the media would report on america if this happened elsewhere''
TODO: FIX GAL IMAGES
That is genuinely mildly amusing.
Dilbert_X
The X stands for
+1,592|3605|eXtreme to the maX
The best thing about satire is that stupid people don't understand it.
I look forward to hearing that the Arabs have put together a coalition of the willing and are drafting a resolution for the UN calling for the removal of Trump and the imposition of democracy to 'help the people of America', by force if necessary.

Honestly, is there anyone who still doesn't think that America - the most military powerful, but culturally and intellectually weak, nation on earth - has been taken over by a madman?
Your virus system is infected with windows. Please to be giving me your credit card details urgently
Jay
Bork! Bork! Bork!
+1,959|2858|London, England
https://i.dailymail.co.uk/i/pix/2016/08/07/14/36F727AD00000578-0-image-a-77_1470576604643.jpg
"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat

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