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You're correct, I was desperate to find any redeeming value from your post. That was a lost cause.
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Originally Posted by Lowexpectations
This is not factual either. You are on roll
I'm sorry to hear that your feelings were so badly damaged here. You could have avoided all that of course simply by understanding the relevant materials a little better.
The wealthy did get all the breaks. That's why they are wealthy.
Quote:
Originally Posted by Electrician4you
Theire not. People like to get on the “it’s the wealthy who get all the breaks” bandwagon. AFAIK anyone who pays taxes can use the tax code equally and deduct whatever is allowable. If someone doesn’t have that second home to deduct it isn’t the wealthy guys fault. But people like to blame the wealthy as they are “unfairly getting away with it”
I deduct my rentals. But why shouldn’t I? I took the risks, put up the money. Oh yeah just like anyone else in the country can. ......
I live in a nice neigborhood in a high COL area. Based on recent comps, I should be able to sell my house for $1.2 million. Without the home mortgage interest deduction, the pool of buyers who could afford to pay that much will be significantly reduced. The idea simply tilts the market against current owners. This after all that whining about how the government should not be picking winners and losers.
You can throw all the insults around that you want, but you still haven't quantified or given anything credible to support this statement.
I’m curious, do you think that “the wealthy” are somehow getting away with something that they shouldn’t as a result of these rules?
There are always ways to get around the rules or laws. You take away the mortgage interest and real estate tax deductions. Some will still have access to it.
There are other ways, such as taking out loans against securities to buy a house.
In the real world, using the tax code to encourage socially beneficial behavior and discourage that which is socially destructive is part and parcel of what a representative government is all about.
it is a negative consequence of democracy. people believing that they have a right to force their preferences on others. it doesnt have to be that way and there is no benefit to it.
I'm sorry to hear that your feelings were so badly damaged here. You could have avoided all that of course simply by understanding the relevant materials a little better.
Or maybe you should just attempt to post factual information and you'd be better served
The wealthy did get all the breaks. That's why they are wealthy.
That’s funny. Because I know plenty of people who are now considered wealthy and they had humble beginnings like clerks or butchers construction workers real estate agents etc.
The tax code is the same. It’s not like there is a tax code for the rich and a tax code for the poor. It’s funnny how people say the rich take advantage of the tax code.
If you invest in something and you end up selling at a loss you deduct that loss. Rich or “poor”. The reason the poor don’t get those deductions is because they are too busy buying worthless trinkets instead of learning how invest to be wealthy.
For example doing the standard deduction for me is not beneficial at all. I can’t deduct children as none are applicable. My taxes go to schools even though I have no kids.
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