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Old 10-20-2011, 01:50 PM
 
66,239 posts, read 30,153,135 times
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Quote:
Originally Posted by newonecoming2 View Post
You said head tax.
I said a head tax was completely fair - everyone shares in the costs, equally. A flat income tax is modified fair - some will still pay MANY TIMES more than others.
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Old 10-20-2011, 01:52 PM
 
66,239 posts, read 30,153,135 times
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Quote:
Originally Posted by newonecoming2 View Post
And the top 1% have the power and influence to say no we wont be having any bubbles today.
Nope. That's racist. To wit: the CRA housing bubble.
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Old 10-20-2011, 01:55 PM
 
66,239 posts, read 30,153,135 times
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Quote:
Originally Posted by ovcatto View Post
I normally demur from posting video clips but Colbert in a mere two minutes and thirty seconds puts to rest the canard that Wall St wasn't the sole cause for the economic collapse....
Too bad Colbert neglected to check with Fannie Mae's former chief credit officer. He would have told Colbert otherwise, citing the actual facts.

RealClearMarkets - How Did Paul Krugman Get It So Wrong?
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Old 10-20-2011, 01:57 PM
 
33,046 posts, read 21,948,544 times
Reputation: 8962
Quote:
Originally Posted by InformedConsent View Post
Nope. That's racist. To wit: the CRA housing bubble.

Free markets + people allowed to buy homes they can afford + no forced lending for unaffordable homes = no CRA housing bubble.
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Old 10-20-2011, 03:49 PM
 
Location: Texas
26,609 posts, read 11,144,503 times
Reputation: 6102
Quote:
Originally Posted by simetime View Post
Actually the cost will drop but not necessarily the actual rent. There is no proof that the landlords won't just "pocket" the difference
Yes there is absolute proof. It's called the free market. When landlords profit goes up, others who want to make money come into that same market and through the extra competition prices will drop in the long run.
If the landlord saves 300 a month on property taxes will the rent drop 300? I seriously doubt it but you will see a drop as long as government does not manipulate the market rental prices.

Work backwards. If we went from no property taxes to having property taxes, rent will rise because the landlord wants to make back as much profit as possible. when the profit rate isn't worth it to the landlord the landlord will find another way to make money. People who cannot afford the higher rent will move to a less expensive place. The customer base gets smaller for the higher price range rentals.
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Old 10-20-2011, 04:08 PM
 
33,046 posts, read 21,948,544 times
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Quote:
Originally Posted by Loveshiscountry View Post
Yes there is absolute proof. It's called the free market. When landlords profit goes up, others who want to make money come into that same market and through the extra competition prices will drop in the long run.
If the landlord saves 300 a month on property taxes will the rent drop 300? I seriously doubt it but you will see a drop as long as government does not manipulate the market rental prices.

Work backwards. If we went from no property taxes to having property taxes, rent will rise because the landlord wants to make back as much profit as possible. when the profit rate isn't worth it to the landlord the landlord will find another way to make money. People who cannot afford the higher rent will move to a less expensive place. The customer base gets smaller for the higher price range rentals.

Reality FAIL. There is NO historical evidence anywhere that cost reductions lead to lower rents.

In California, Proposition 13 slashed property taxes an average of 57 percent, but rents did not fall, and angry renters succeeded in passing a number of local rent control ordinances.

In Massachusetts and Michigan, large property tax cuts did not result in lower rents.

Rent reductions, like all price reductions, require a first mover. Small landlords cannot be the first to lower rents, since they are already renting at full occupancy (they need to keep their units fully rented to avoid negative cash flow). Large landlords already have optimized rents and vacancy rates - they maximize profit at a non-zero vacancy rate - and have no reason to lower rents unless vacancy rates rise to undesirable levels. Since nobody has a reason to be the first to reduce rents, nobody does.
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Old 10-20-2011, 04:46 PM
 
66,239 posts, read 30,153,135 times
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Quote:
Originally Posted by freemkt View Post
Free markets + people allowed to buy homes they can afford + no forced lending for unaffordable homes = no CRA housing bubble.
Um... we DO have the CRA. ...because liberals said the banks were racist when they wouldn't loan to those who were not credit-worthy.
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Old 10-20-2011, 08:17 PM
 
31,385 posts, read 32,007,059 times
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Quote:
Originally Posted by InformedConsent View Post
Too bad Colbert neglected to check with Fannie Mae's former chief credit officer. He would have told Colbert otherwise, citing the actual facts.

RealClearMarkets - How Did Paul Krugman Get It So Wrong?
I find no conflict between the Colbert skit and your citation which appears to correct a Paul Krugman piece.
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Old 10-20-2011, 08:25 PM
 
66,239 posts, read 30,153,135 times
Reputation: 8606
Quote:
Originally Posted by ovcatto View Post
I find no conflict between the Colbert skit and your citation which appears to correct a Paul Krugman piece.
Fannie Mae's former chief credit officer blames the CRA for both creating the demand that caused the housing bubble and the bubble burst when many of the loans to the non-credit worthy defaulted.
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Old 10-20-2011, 08:52 PM
 
Location: Maryland about 20 miles NW of DC
6,111 posts, read 5,061,414 times
Reputation: 2426
Abyone who gets a wage income that is reported on a W2 form has Federal and State taxes withheld by the employer Data plus the withheld icome is given to the IRS. The employee has to file a 1040 form to show which exclusions he has and whether he has had more taxes withheld than the government is legally entitled. This money is your refund. Depending on the number of exclusions you might get nearly all of your money back. Everybody who has wage inclome payes taxes under compulsion of law, saying they don't is Republican b bilge.
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