Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Reality is that with all of the tax write offs the well to do in this country pay less of a % of tax than the ordinary working to middle class in America. Maybe thats why alot of them build 10000+ sf homes and then take the tax write off. America would be better off with a progressive flat tax and ZERO deductions. However, there are too many special interest groups....church, mortgage industry, etc.
Could you afford to pay the entire cost of goods and services???? A loaf of bread could be $20/$$25. Think about it.
What I said is that the wealthy should not be penalized for being wealthy - they should be able to take a mortgage deduction just like the rest of us. A I think most people try to take whatever legal deduction they can on their taxes - why should the rich be any different?
Sure, if there's a better, more productive use of the money they would use in paying cash, if they can invest that money to make more than they're paying in interest on the mortgage. That's one reason they're wealthy.
A flat tax wouldn't = $20 bread...it would equate to a lot of accountants looking for work.
A flat tax would also enable everyone to be a little more aware of what's going on in DC, rather than having what we have now with a group of tax payers and a group of non-payers. If people could see the consequences of what lawmakers pass on their tax bill the next spring maybe we wouldn't get so much nonsense pushed through.
But that's enough OT ranting from me for now. Time to figure out how much materials I'll need to wrap the hot water heater and pipes to save a bit on natural gas use next month.
Absolutely - we have wealthy friends who maintain a small mortgage for tax-write-off purposes. The wealthy often become wealthy because they are frugal - not all wealthy people live in mansions...one of the reasons they are wealthy is because they try to save money, do with less and take whatever tax breaks they can legally take.
Absolutely - we have wealthy friends who maintain a small mortgage for tax-write-off purposes. The wealthy often become wealthy because they are frugal - not all wealthy people live in mansions...one of the reasons they are wealthy is because they try to save money, do with less and take whatever tax breaks they can legally take.
Some people call them "tax breaks" some people call them "loopholes". A lot of wealthy people thought it was ok to hide their money in Swiss bank accounts and they are paying for it now. Subsidies for the wealthy need to end.
Absolutely - we have wealthy friends who maintain a small mortgage for tax-write-off purposes. The wealthy often become wealthy because they are frugal - not all wealthy people live in mansions...one of the reasons they are wealthy is because they try to save money, do with less and take whatever tax breaks they can legally take.
You realize the tax laws are the same for everybody... you can write off donations, mortgage interest, property taxes, capital losses and a whole bunch of other things too if you want. Doesn't matter if you're wealthy or not.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
