How much do you think you need for retirment? (assistance, median, expenses)

[Lowexpectations]

Originally Posted by petch751

who benefit from the mortgage interested deduction low expectations?

Higher earners benefit disproportionately. Less than 10% of filers earning 50k or less take the deduction

While the numbers look big in either case, it turns out the mortgage interest deduction isn’t the middle-class savior it is often made out to be. Most of the MID 2012 tax benefits went to people making six figures or more. Households earning over $100,000 in 2012 claimed 77.3 percent of the total MID tax savings, essentially the same as in 2010. And just looking at those making $200,000 or more, we found the very top earners claimed 34.6 percent of the total MID benefits and saved $5,021 on average for 2012.

Meanwhile, homeowners earning between $30,000 and $40,000 saved an average of $587 in 2012, or $49 a month off their mortgage. For households making between $40,000 and $50,000 the average tax savings was $54 a month. Combined these groups represented just 8 percent of MID claims.

[mathjak107]

yep , higher incomes itemize while lower barly clear the standard deduction even as home owners.

[Potential_Landlord]

The greatest tax benefit in the tax code is that appreciation is not taxed until disposal. This tax benefit goes to the top 20% almost entirely, and within them again almost entirely to the 1% or rather 0.1%. Anyone up there does not need to complain about taxes at all. Least of all because a few generations back their income taxes were 80%+ and they were gladly paying to build up America in the 1950s and 60s. Compare that to the tax whiners of today.

[ncole1]

Originally Posted by Potential_Landlord

The greatest tax benefit in the tax code is that appreciation is not taxed until disposal. This tax benefit goes to the top 20% almost entirely, and within them again almost entirely to the 1% or rather 0.1%. Anyone up there does not need to complain about taxes at all. Least of all because a few generations back their income taxes were 80%+ and they were gladly paying to build up America in the 1950s and 60s. Compare that to the tax whiners of today.

Huh? I get the full benefit of tax deferral by not selling my stocks, even though my income is not in the top 0.1%, or the top 1%, 20%, or even 50%. I could even sell some without paying CGT, as long as I don't sell a very large amount at once of the appreciated holdings. Unless you're simply arguing that most investment dollars are made in high income brackets, which is true, and that thus most avoided CGT is also in those brackets. Even so, to say it's largely in the top 0.1% is surely an exaggeration.

[petch751]

Originally Posted by Lowexpectations

Higher earners benefit disproportionately. Less than 10% of filers earning 50k or less take the deduction

So disallow the mortgage deduction. I had a mortgage and thought it might help a little, somehow it hurt because I was hit with the ATM. I'm not sure how that happened but the mortgage deduction didn't do me a damn bit of good.

I'm sure the middle class won't care if the mortgage deduction is ended either and of course the poor won't know the difference.

[Lowexpectations]

Originally Posted by petch751

So disallow the mortgage deduction. I had a mortgage and thought it might help a little, somehow it hurt because I was hit with the ATM. I'm not sure how that happened but the mortgage deduction didn't do me a damn bit of good.

I'm sure the middle class won't care if the mortgage deduction is ended either and of course the poor won't know the difference.

Do you have state income tax?

[hartford_renter]

Originally Posted by Lowexpectations

Well your rant is misplaced because as ncole points out you missed a key part of my post

You never explained what part of the tax code you would change

But for planning purposes taxes are a considerable factor especially for the wealthy

[Lowexpectations]

Originally Posted by hartford_renter

You never explained what part of the tax code you would change

But for planning purposes taxes are a considerable factor especially for the wealthy

You need to reread the post. I said those that ***** never attempt to change anything they just ***** to *****


I never said planning for taxes was unneeded or unnecessary, I think you are highly confused

[zonest]

I live right now on $800 per month. You're paying WAY too much for housing, vehicle and food, folks.

[ncole1]

Originally Posted by zonest

I live right now on $800 per month. You're paying WAY too much for housing, vehicle and food, folks.

So you want people to abandon their jobs and family and live in the middle of nowhere? To what end?