Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I don't have a mortgage on any of the properties I own. What can I deduct?
i thought all home owners who pay interest can deduct on their taxes; maybe it varies by state ?
also richer people have capital gains (properties, stocks, 401-k's, mutual funds, trust funds, 1099-div's, ...) that are taxed at a lower rate than most w-2 wage earners. poorer people usually cant afford such investmets.
I'm not sure why the author thinks people should feel guilty about sending their kids to private schools. If you want your family to move up the social ladder (as his parents did) you have to make decisions to allow that movement. Just like the author's mother wanted him to speak well and have social graces, education is part of moving up the social ladder. The higher income people in the US send their kids to private schools, or move to upper income enclaves with excellent public schools. If you want your family to be successful you have to make decisions that help your family be successful. Stable families, good education and investment in our children are some things that help families move up the ladder. Why should people feel guilty about making the decisions they think will help their family?
The author talks about zoning being exclusionary and maybe it is. However, people like me (not politically active, higher than average income) are not the ones who wrote the zoning laws. We also didn't write the mortgage deductions, or rules surrounding 529 plans. If Congress changes the rules we will live with the changes. However, I refuse to feel guilty about using what it available to me and is legal.
I do think that parents who want to help their children move up the social ladder can make decisions that help them or make decisions that hurt them. My own parents were middle class but wanted my brother and I to move up a few rungs on the ladder and they made decisions to help us be more successful.
We have made investments in our children to ensure their success as well. We paid for private middle/high school. We paid for private universities. We helped them be able to work at career based internships even if it meant helping them pay their rent or put food on their table while they were young adults. We made sure they had the right clothes to interview for and work at those career based internships. IMO parents are SUPPOSED to do those things for their kids if they can.
In short, I will not apologize to anyone for being successful. I will not apologize to anyone for helping my kids be successful.
I think the author also sets up a false dichotomy. You can absolutely work to secure the best possible future for your own kids, while at the same time both recognize the advantages you have AND support initiatives that promote social mobility.
What exactly is hypocritical about going to private school?
It is impossible to understand bc it makes no sense.
Do you really need someone to spell it out for you? The hypocrisy - understandable though it is - occurs when someone clearly knows the important of public schools, and understands that for public schools to work best, they require a mix, yet chooses private school instead.
i thought all home owners who pay interest can deduct on their taxes; maybe it varies by state ?
For federal income tax purposes, everyone is the same regardless of which state you claim for your primary residence.
The IRS code calls for "phasing out" deductions once you hit a certain threshold of income.
Generally, in 2016 and 2017 taxpayers are allowed to deduct personal exemptions of $4,050 for themselves, their spouses and their dependents. In addition, taxpayers are allowed a standard deduction or, if their deductions are large, they can itemize their deductions.
However, the personal exemptions and itemized deductions for higher income taxpayers are phased out beginning when a taxpayer’s adjusted gross income (AGI) reaches a phase-out threshold amount.
The threshold amounts are based on the taxpayers’ filing statuses and for 2017 are: $261,500 (up from $259,400 for 2016) for single filers, $287,650 (up from $285,350 for 2016) for individuals filing as heads of households, $313,800 (up from $311,300 for 2016) for married couples filing jointly and $156,900 (up from $155,650 for 2016) for married individuals filing separately.
Some deductions do not phase out (Medical/dental, insurance losses, gambling losses and a few others). Other deductions, including home mortgage interest, state taxes and charitable contributions do indeed phase out.
That isn't my number 1 worry, although I've maxed my phaseout for quite some time and will be above max phaseout for the rest of my life. I don't really have any substantive worry other than health. But to the extent I do have a worry, it would be getting freemkt to let me fund his relocation.
Interesting article but I'm not sure why people should feel guilt because they have money, and want to give their families the very best.
Liberal minded wealthy are an interesting group. They speak on wanting to stop inequality in society and to do more for the poor and underprivileged, but not at the convenience of their lifestyle and privilege.
They also want the poor to have to go to godawful public schools while they send their own kids to private ones.
Yeah, yeah. No one believes you for a minute. You're wasting your breath.
He claims to have been an economic advisor to President Carter. Do you remember the economy under Carter? That is not a claim that is wise to make if you want anyone to believe you on economic issues, true or otherwise.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
