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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.
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.
Yes, the tax laws favor those that have money not the lower class and working class americans which are the majority in this country. How many working class americans write off donations? Captial losses? These write offs are for the well to do that pave the way for our policiticians to get elected in the first place.
Thats why there are so many write offs and why we have alot of corruption and bad governance. Example.... Washington never saw the mortgage collapse coming? They saw it comming and they made a ton of money and then they bail out their banks and brokerages firms with whom they made their millions. The average Joe gets to pay for it and many generations to come.
Back to this thread....mortgage deductions for McMasions incentivize people to make bad decisions. Stop mortgage deductions = buying more practical homes that reduce exhorberrant waste.
Yes, the tax laws favor those that have money not the lower class and working class americans which are the majority in this country. How many working class americans write off donations? Captial losses? These write offs are for the well to do that pave the way for our policiticians to get elected in the first place.
Thats why there are so many write offs and why we have alot of corruption and bad governance. Example.... Washington never saw the mortgage collapse coming? They saw it comming and they made a ton of money and then they bail out their banks and brokerages firms with whom they made their millions. The average Joe gets to pay for it and many generations to come.
Back to this thread....mortgage deductions for McMasions incentivize people to make bad decisions. Stop mortgage deductions = buying more practical homes that reduce exhorberrant waste.
But, the lower and middle class pay no income tax. Most get big checks back.
Yes, the tax laws favor those that have money not the lower class and working class americans which are the majority in this country. How many working class americans write off donations? Captial losses? These write offs are for the well to do that pave the way for our policiticians to get elected in the first place.
Thats why there are so many write offs and why we have alot of corruption and bad governance. Example.... Washington never saw the mortgage collapse coming? They saw it comming and they made a ton of money and then they bail out their banks and brokerages firms with whom they made their millions. The average Joe gets to pay for it and many generations to come.
Back to this thread....mortgage deductions for McMasions incentivize people to make bad decisions. Stop mortgage deductions = buying more practical homes that reduce exhorberrant waste.
How can you say this in all candor...
I manage rental properties and many of those renting don't even file a tax return...
A few years ago, Bush ordered stimulus checks sent out and some of my tenants didn't receive them... one was because her income was too high and about a half dozen because they NEVER filed a Tax Return
How is it so many can go through life with Section 8 Housing, School Lunch, Health Insurance for their Children, discounts on Water, Gas, Electricity and Telephone and NEVER file a Tax Return???
This is why I'm in favor of a VAT tax... at least everyone pays...
A fair system is that where everyone pays a percentage of their income... rich, poor and those in between... It is not fair to have entire segments of the society exempt from the obligation imposed on the rest.
Yes, the tax laws favor those that have money not the lower class and working class americans which are the majority in this country. How many working class americans write off donations? Captial losses? These write offs are for the well to do that pave the way for our policiticians to get elected in the first place.
Thats why there are so many write offs and why we have alot of corruption and bad governance. Example.... Washington never saw the mortgage collapse coming? They saw it comming and they made a ton of money and then they bail out their banks and brokerages firms with whom they made their millions. The average Joe gets to pay for it and many generations to come.
Back to this thread....mortgage deductions for McMasions incentivize people to make bad decisions. Stop mortgage deductions = buying more practical homes that reduce exhorberrant waste.
Two others beat me to it. You've gotta file and at least make a certain amount before you actually have to pay. Zero tax liability = zero deductions. When I was a student until 5 years ago I would always get it all back as a refund (minus SS / Medicare?). It would've been pointless for me to claim any kind of deductions at that point unless you want the IRS or Turbo Tax to think you're a nice person.
I manage rental properties and many of those renting don't even file a tax return...
A few years ago, Bush ordered stimulus checks sent out and some of my tenants didn't receive them... one was because her income was too high and about a half dozen because they NEVER filed a Tax Return
How is it so many can go through life with Section 8 Housing, School Lunch, Health Insurance for their Children, discounts on Water, Gas, Electricity and Telephone and NEVER file a Tax Return???
This is why I'm in favor of a VAT tax... at least everyone pays...
A fair system is that where everyone pays a percentage of their income... rich, poor and those in between... It is not fair to have entire segments of the society exempt from the obligation imposed on the rest.
They never file because maybe they aren't educated enough. None the less yep...got to love our government send out checks....spend spend spend and get this country even more in "red". Someone has to eventually pay, and I guess it will be my children and their children.
The only thing holding this country from economic collapse is the fact that the dollar is the one and only world currency. If that goes away, watch out because there is no way we can keep spending in the "red". Even now we are visiting China and smoozing them to make sure they buy our debt. It is sickening !
Two others beat me to it. You've gotta file and at least make a certain amount before you actually have to pay. Zero tax liability = zero deductions. When I was a student until 5 years ago I would always get it all back as a refund (minus SS / Medicare?). It would've been pointless for me to claim any kind of deductions at that point unless you want the IRS or Turbo Tax to think you're a nice person.
FICA is not income tax. I choose not to pay into FICA. Being self employed I can do that.
Good point, however, it was more my intention to suggest that someone with a $4 million dollar home should have the same right to write off an equal percentage in relation to income and housing costs as someone with a $40,000 home assuming that both are carrying a mortgage.
Good point, however, it was more my intention to suggest that someone with a $4 million dollar home should have the same right to write off an equal percentage in relation to income and housing costs as someone with a $40,000 home assuming that both are carrying a mortgage.
I'm in no way well versed in taxes... except that I pay a lot...
The way I understand it is many people with legitimate deductions are prevented from realizing them due to the Alternative Minimum Tax.
The AMT for those not familiar applies to an ever larger segment of tax payers yearly... it can be quite a surprise when you are not expecting it.
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Not sure if I explained that well?
