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09-22-2010, 11:18 AM
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Location: Sinking in the Great Salt Lake
13,145 posts, read 20,438,794 times
Reputation: 14042
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09-22-2010, 11:53 AM
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25,627 posts, read 32,757,850 times
Reputation: 23166
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Horrible idea as usual from ivory tower economists. Better idea would be to raise qualification standards and get rid of the mortgage interest deductions.
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09-24-2010, 03:11 AM
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3,853 posts, read 12,057,794 times
Reputation: 2522
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They already do!!!!!!!
Quote:
The debt-discharge surprise
Congratulations again! You convinced your credit card companies that, unless they reduce your debt balances, youre going to file for bankruptcy, and theyre going to get nothing. They generously lowered you liability by $5,000 so you can pay off the balance over the next 24 months.
Heres the nasty surprise: That $5,000 reduction is now ordinary income to you and could cost you as much as $1,750 in additional income tax -- if you're in the 35% bracket in 2005 and 2006. So much for getting your cash flow in order.
Unless it was sheltered by the umbrella of bankruptcy, debt reduction represents accession to wealth, clearly realized, and it is considered taxable income.
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5 truly nasty tax surprises - MSN Money (http://moneycentral.msn.com/content/taxes/cutyourtaxes/p59989.asp - broken link)
Thats why we passed this little bill:
The Mortgage Forgiveness Debt Relief Act and Debt Cancellation |
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09-24-2010, 08:18 AM
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Location: Ohio
22,798 posts, read 16,013,961 times
Reputation: 19288
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I think it's a wonderful idea. It's only a modest tax less than 1%.
Americans need to start saving money. If that means they have to, um, lower their "standard of living" (snicker) then that's just the way it has to be.
Maybe if Americans save money they'll stop whining about not having any because they were stupid and gave all their money to the stinky rich in silk suits.
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09-24-2010, 11:13 AM
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Location: Near a river
16,042 posts, read 20,101,164 times
Reputation: 15725
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Quote:
Originally Posted by Mircea
I think it's a wonderful idea. It's only a modest tax less than 1%.
Americans need to start saving money. If that means they have to, um, lower their "standard of living" (snicker) then that's just the way it has to be.
Maybe if Americans save money they'll stop whining about not having any because they were stupid and gave all their money to the stinky rich in silk suits.
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Saving more money means not spending and thereby not contributing to the national economy that is in crisis. Very unAmerican. |
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09-27-2010, 11:28 AM
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Location: Sinking in the Great Salt Lake
13,145 posts, read 20,438,794 times
Reputation: 14042
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I would find it hilariously retarded if the greatest debtor nation the world has ever known dared to tell it's citizens not to go into debt or be taxed for it.
Also, how could a fiat currency continue to function with a serious cut in new debt creation?  |
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