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Old 03-02-2009, 10:38 PM
 
1,840 posts, read 5,126,227 times
Reputation: 1664

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So let me get this straight. My wife and I make 180K a year, have a top tax rate of 25%, and got a tax rebate of $4300 on the $17K of mortgage interest we paid. Our salary places us in the top 5% of income earners, north of what I'd consider "middle class".

Why should a person who makes 400K a year get a rebate of $6000 on the same 17K in interest? Or for that matter, why should I get $4300 when a couple making 70K only gets $2500? If anything, I think it would be quite reasonable to set the deduction rate at 15% for everyone, regardless of income.

This proposal is "different" than what folks are used to, but it hardly seems unfair to anyone but lower income earners. And I agree, getting rid of the mortgage interest deduction all together would not be unfair either.
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Old 03-02-2009, 10:46 PM
 
194 posts, read 291,002 times
Reputation: 53
Quote:
Originally Posted by toot68 View Post
So let me get this straight. My wife and I make 180K a year, have a top tax rate of 25%, and got a tax rebate of $4300 on the $17K of mortgage interest we paid. Our salary places us in the top 5% of income earners, north of what I'd consider "middle class".

Why should a person who makes 400K a year get a rebate of $6000 on the same 17K in interest? Or for that matter, why should I get $4300 when a couple making 70K only gets $2500? If anything, I think it would be quite reasonable to set the deduction rate at 15% for everyone, regardless of income.

This proposal is "different" than what folks are used to, but it hardly seems unfair to anyone but lower income earners. And I agree, getting rid of the mortgage interest deduction all together would not be unfair either.
Because the pay more tax?
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Old 03-03-2009, 06:01 AM
 
Location: Durham, NC
426 posts, read 1,295,841 times
Reputation: 176
Quote:
Originally Posted by toot68 View Post
So let me get this straight. My wife and I make 180K a year, have a top tax rate of 25%, and got a tax rebate of $4300 on the $17K of mortgage interest we paid. Our salary places us in the top 5% of income earners, north of what I'd consider "middle class".

Why should a person who makes 400K a year get a rebate of $6000 on the same 17K in interest? Or for that matter, why should I get $4300 when a couple making 70K only gets $2500? If anything, I think it would be quite reasonable to set the deduction rate at 15% for everyone, regardless of income.

This proposal is "different" than what folks are used to, but it hardly seems unfair to anyone but lower income earners. And I agree, getting rid of the mortgage interest deduction all together would not be unfair either.
You make good points but you're failing to grasp one thing - for conservatives, it's all about keeping as much of their money as they can, logic and others' needs be damned. When it all boils down to it, it's really that simple.

No numbers to back up their claims that this is good for the overall economy. No numbers about how this would affect stimulus. Actually, no numbers that even shows that this will even *hurt* anyone beyond just losing one more loophole to hide money in.
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Old 03-05-2009, 09:58 AM
 
Location: Denver
3,139 posts, read 6,903,098 times
Reputation: 2907
Tax and spend
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Old 03-05-2009, 01:03 PM
 
Location: Durham, NC
426 posts, read 1,295,841 times
Reputation: 176
Quote:
Originally Posted by wankel7 View Post
Tax and spend
Oh for crying out loud! Stop being such ideologues! Got any other bright ideas besides tax cuts (which don't work for stimulus purposes)? And please provide some sort of data that supports your thesis. I'm tired of arguing about ideology without data to back up positions.
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Old 03-05-2009, 08:33 PM
 
48,519 posts, read 81,013,914 times
Reputation: 17978
I think if you listened tot eh congressional hearings with tresury;even some of the democrats on teh committee told him they can't see this .That and the charitable contributions. Seems they heard form many in the houisng markets and the charities. They told him thy need to find other money to fund healthcare and suggest they look for it in heal;thcare savings as Obama ran on. there is alot in this budegt that congress is not going to take the heat on with elections coming.That is politics difference between having run and going to run soon.
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Old 03-06-2009, 05:27 AM
 
Location: A little suburb of Houston
3,702 posts, read 15,923,098 times
Reputation: 2047
In all of this "stimulus" spending, I have failed to see where Obama has suggested any legislation that would fix the problems that led to the credit crisis. While I hate the idea of adding regulation, clearly, it was needed. This whole thing has been bail-out this bail-out that and spend more money. The underlying problems do not seem be being addressed.
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Old 03-06-2009, 09:38 AM
 
Location: Rockville,MD
22 posts, read 72,411 times
Reputation: 15
Quote:
Originally Posted by sbanawan View Post
You make good points but you're failing to grasp one thing - for conservatives, it's all about keeping as much of their money as they can, logic and others' needs be damned.
So, what's wrong with "keeping as much of their money as they can"? It's my money, I work to earn it so I have the right to keep it. I pay taxes, I spend it my ways, and for all, my money is helping the economy flowing positively, even though I have just a little bit left in my pocket after all.

So tell me, what's not wrong about people - you and people who wants to raise taxes on me - who want to pick pocket me? What is not wrong about people who has really little money but want to spend like I do and live my life but not do my work? What is not wrong about you violating my freedom of doing what I want to do with my money? What is not wrong about democratic party wants both way: keep their money and take mine to give to people who vote for them? Is this still a country of freedom?

So tell me, because we are the middle of middle class. Because neither we have a lot of money to give away like the Clinton or Al Gore, nor we are qualified to receive any credit/tax cut/modification/help/stimulus/food stamp/government housing/etc..

Keep your hands to yourself please!
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Old 03-06-2009, 11:00 AM
 
Location: Durham, NC
426 posts, read 1,295,841 times
Reputation: 176
We are also middle class. But I believe that in a community, we all need to help one another. Support social services that may not *directly* affect you, for parks that you don't go to, for schools that you may or may not use. There's a cost associated with living in an organized society and while we don't need to do all the physical work ourselves, it still needs to be done.

How would you propose we take care of our really pressing needs in a counter-cyclical spending cycle like we're in? People DON'T SPEND MONEY in a recession, so how is it going to get out there?
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Old 03-06-2009, 11:56 AM
 
60 posts, read 254,693 times
Reputation: 36
I'm actually in similar position as Amylee134. I'm SINGLE and in a higher tax bracket. Just bought a house in 2008 and hoped to get that $7500 credit (that you're suppose to pay off in 15 years), but CPA says that I make too much to benefit from it. Owe "Uncle Sam" for my education...help my parents and put my brother thru college (who finally graduated)...now I have no savings. All I want/need is a little tax break. But it feels like I'm being punished for being on a "straight path". I've always been taught to work hard to be able to afford the finer things in life, but with how it is, I consider myself in a working/middle class.

I'm not an economist, but I'm a professional. I work hard, but only to be taxed more. So, what's the motivation/incentive to work even harder?

I'm just trying to contribute my thoughts in this thread
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