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The young couple doesn't have to worry. They are after the high income families.
Where do you get that from? We are talking about removing the mortgage interest deduction, so show me specifically how they wouldn't be impacted as I described and don't just wave your hands saying "they don't have to worry".
A good portion of my income is capital gains and I've been paying 15% in taxes. I need to be grandfathered in or I'm going to be hit with an unexpected increase in taxes.
Minor changes to tax code, social security etc. are one thing.
MAJOR changes need to be phased in or allow for grandfathering etc.
It's just normal functioning in a society (other than in extreme cases where it can't be helped).
You just don't whipsaw the rules on everybody and say "tough luck".
Minor changes to tax code, social security etc. are one thing.
MAJOR changes need to be phased in or allow for grandfathering etc.
It's just normal functioning in a society (other than in extreme cases where it can't be helped).
You just don't whipsaw the rules on everybody and say "tough luck".
I agree, but it has been done in the past. Clinton led a RETROACTIVE FIT increase back in the day and it killed the budgets of millions of families.
Minor changes to tax code, social security etc. are one thing.
MAJOR changes need to be phased in or allow for grandfathering etc.
It's just normal functioning in a society (other than in extreme cases where it can't be helped).
You just don't whipsaw the rules on everybody and say "tough luck".
The expiration of the Obama cuts (formerly Bush cuts) have no provisions for transition.
*poof*..all gone.
This would affect other deductions such as donations. If people can't deduct mortgage interest, which is generally the highest deduction for many people, many will no longer be able to itemize which will affect how much they will donate. A real trickle down affect.
This would affect other deductions such as donations. If people can't deduct mortgage interest, which is generally the highest deduction for many people, many will no longer be able to itemize which will affect how much they will donate. A real trickle down affect.
Bingo...the standard deduction becomes the norm and the Treasury gets to keep the difference.
When I had a mortgage, it was that and property taxes that always put me over the standard deduction and by a good amount too.
I don't foresee the deduction being grandfathered in, no way the state forgoes all the new revenue if it doesn't have to. Once it's sold by Obama to the lemmings it should be good to go.
This would affect other deductions such as donations. If people can't deduct mortgage interest, which is generally the highest deduction for many people, many will no longer be able to itemize which will affect how much they will donate. A real trickle down affect.
How about the states dump their income and sales taxes and shift it to property taxes and then deduct away state property taxes. I 'll even throw in a bone for those not working and raise interest rates to bring life into fixed income. Only one problem though is people still have no clue how the money system works. Largely it works like this. The middle class borrows money into existence and the rich take it and loan it to the government. Higher interest rates is going to be a problem for the middle class debt/money machine. The only way to raise interest rates is to increase deficits. However that makes bankers mad.
"However, any proposal to cap deductions—one level being discussed in policy circles at the moment is $35,000—is sure to lead to an intense outcry from the real-estate industry. It would represent a significant change to a longstanding policy of federal support for the housing market while the housing market is finally recovering from a severe recession.
“Doing anything to further chill the housing sector will retard the nascent recovery that we’re in right now,” said Jerry Howard, chief executive of the National Association of Home Builders...."
Minor changes to tax code, social security etc. are one thing.
MAJOR changes need to be phased in or allow for grandfathering etc.
It's just normal functioning in a society (other than in extreme cases where it can't be helped).
You just don't whipsaw the rules on everybody and say "tough luck".
Harry wants to set phasers to 'stun'.
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