Middle Class Tax Relief (democrat, Obama, education, Americans)
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people pay capital gains on 401k's on pensions as well. it's not just for houses, although let me give you scenario. let's say you buy a house and sell it within a year and make a profit, you have to pay capital gains. now let's say you buy a house, your house is re-appraised for 100% more than you paid for it. all of the sudden you are unable to afford your mortgage because the government has doubled your taxes, so you are forced to sell. although this time you don't make money, you lose money, BUT YOU CAN'T WRITE IT OFF! makes no sense to me.
Your scenario pre-supposes the very economic climate that no longer exists. Other than speculators, ordinary middle classers aren't buying and flipping homes. Ordinary would-be buyers are less qualified for mortgages. Appraisers are under increasingly watchful eyes for rubber stamping appraisals in order to grease the deal. And morgage lenders are having to distance themselves from mortgage brokers.
The housing industry is (finally) contracting because there were too many who were gaming the system. Those who are still able to sell their homes for a profit, still have IRS 1031 as well as other methods for deferral of cap gains.
Your scenario pre-supposes the very economic climate that no longer exists. Other than speculators, ordinary middle classers aren't buying and flipping homes. Ordinary would-be buyers are less qualified for mortgages. Appraisers are under increasingly watchful eyes for rubber stamping appraisals in order to grease the deal. And morgage lenders are having to distance themselves from mortgage brokers.
The housing industry is (finally) contracting because there were too many who were gaming the system. Those who are still able to sell their homes for a profit, still have IRS 1031 as well as other methods for deferral of cap gains.
I got forced from my home because of taxes before my 2 years were up and had to pay capital gains. now I am being forced to move again due to economic hardships in my area and might suffer a loss on my house. just cause it didn't happen to you, doesn't mean it can't and hasn't happened to anyone else.
If the Bush taxcuts were excessively favoring those with kids, and those who were married, how did he not provide benefits to the middle class? Didn't he also establish an exemption from any capital gain taxes for those in the 15% tax bracket.
Bush did a lot of tax cutting for the middle class, especially for families.
I came back to the US to start a business and a family, largely thanks to Bush's tax cuts, and I would interpret any failure to renew them as an invitation from the ruling class to leave the country again.
The democrats are mathematically challenged and politically insane for their ideological demagoguery against them.
One would hope that Obama will show a bit of seriousness, like publicly vowing to preserve the Bush tax cuts, putting aside partisan ideological pride and cracking open a spreadsheet instead.
Other than speculators, ordinary middle classers aren't buying and flipping homes. Ordinary would-be buyers are less qualified for mortgages. Appraisers are under increasingly watchful eyes for rubber stamping appraisals in order to grease the deal. And mortgage lenders are having to distance themselves from mortgage brokers.
This was one of the several very stupid sides of Bush Administration policies, namely massive intervention in the money market in the name of the insane ideology of the "ownership" society. He should have cracked open a spread sheet.
Many of those people who "bought" houses during the peak of the bubble had no business doing so, and many of those that could have done so responsibly were, and still are, priced out of the market.
Insane ideology, and insincere to boot, flying in the face of reality with predictably perverse consequences.
I got forced from my home because of taxes before my 2 years were up and had to pay capital gains. now I am being forced to move again due to economic hardships in my area and might suffer a loss on my house. just cause it didn't happen to you, doesn't mean it can't and hasn't happened to anyone else.
Had to relocate or face lay-off. Chose the former. Put house (beautiful home in the mountains of Colorado) on the market and it sat for 2 years; we took a significant loss.
I know all about economic hardships. So do you. So do millions of Americans right now.
If the economic climate for middle classes was healthy and robust, I wouldn't be in favor of a cap gains rollback. But the current cuts are benefitting the speculators and real estate insiders, at the expense of the masses.
At first glance, a flat tax would seem a fair way of taxing Americans. From what I've read though, there are various forms of a flat tax that have been proferred. Milton Friedman put forth one a long time ago. Dick Armey put forth one in the mid-90's. Steve Forbes, when he ran for president, put forth a flat tax plan. If income tax rates could be reduced, I'm all for it. And if the tax code could be simplified, I'm all for that also. I like Ron Paul's idea of completely doing away with the income tax and having the federal government get by on revenue from tariffs, excise taxes, user fees, and highway fees. That would force a reduction in the size of the federal government. Remember, no where in the U.S. Constitution is there mention of having the federal government playing a role in education.
Any changes to the tax system that does not include a deduction for mortgage interest will not pass. If you think the US housing market is having problems now, wait until folks cannot deduct their mortgage interest. Sales at huge losses and defaults would skyrocket.
I'm real middle class and we're the folks Obama wants to really hike up the taxes. Oh that's really nice and the kind of income we bring in is not the kind of income that is wealthy, it's what should be considered middle class in this country. By the time you pay a kid in college w/ no financial aid because you can't qualify and their in graduate school and you put retirement and and pay your bills on time and take no money from the government and pay large amounts in taxes yearly, then here comes this marvelous idea let's take more money. Well gee, where is all this money suppose to come from when we sacrafice and have only one child and scrimp and scrimp to put away the retirement and invest properly and go to college and do everything we can to insure we get our bills paid only to have a larger tax bill.
. doubling of the child tax credit fr $3500 to $7000.
The current child tax credit is NOT $3500/child; it is a maximum of $1000/child. Computing it is somewhat involved though and is probably subject to AMT limitations.
The third thing I'll do as President is keep our promise with America's seniors. Since the New Deal, we've had a basic understanding in this country. If you work hard and pay into the system, you've earned the right to a secure retirement. But even though seniors have held up their end of the bargain, many struggle to keep pace with costs, which can become a worry for an entire family. So I'll eliminate income taxes for all seniors making less than $50,000. This will eliminate income taxes for 7 million Americans, at a savings rate of roughly $1,400 each year. Seniors in this country should retire with the dignity and security they have earned.
So, how does he define "seniors"? Are cops who retire with pensions at age 50 seniors? Are schoolteachers who retire at 55 seniors?
What happens to single folks who make $50,001, do they suddenly get a $1,400 tax bill? How about married couples, if one is retired and one still working are they seniors? What about married couples who are both retired, do they get a $100,000 exclusion? How about married couples where only one worked and is now retired, do they get a $50,000 or $100,000 exclusion?
How does this help Obama towards his goal of simplifying the tax code?
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