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Your paycheck is a lot smaller because of Reagan.
This is even worse for those who are self-employed. Reagan raised payroll taxes on the self employed by 50%. 20% on regular workers.
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I'm not happy with either candidate at this point either.
I'm leaning towards: Let's Get Gary on TV
In all seriousness though, I don't think many liberal people have a leg to stand on when it comes to unaffordable housing and Obama. His 2.8% tax on home sales is going to hit places LI hardest.
That's going to stink big time. We are trying to sell my MIL's home right now and are hoping to have it sold before 1/1/13
We’ve been flooded with queries about this one ever since the health care bill became law. At the last minute, Democratic lawmakers decided on a new 3.8 percent tax on the net investment income of high-income persons. But the claim that this would amount to a $15,200 tax on the sale of a typical $400,000 home is utterly false.
The truth is that only a tiny percentage of home sellers will pay the tax. First of all, only those with incomes over $200,000 a year ($250,000 for married couples filing jointly) will be subject to it. And even for those who have such high incomes, the tax still won’t apply to the first $250,000 on profits from the sale of a personal residence — or to the first $500,000 in the case of a married couple selling their home.
Your MIL falls under the above guidelines? The person who brought it up to scare other LI'ers didn't even know the actual percentage.
Sell it to an overseas buyer from Argentina/France. They are moving wealth out of their countries now. You might get 3x the listed price.
How do you find these out of towners who are gullible enough to pay 3x listing price as well as being wealthy? I really want to know so I can sell my house for 3x the price, buy 2 other houses and still have money left over.
He is putting a cap on deductions a person can take....child tax credit, etc, etc. Obama is not as vocal about it, but his plan is to eliminate the mortgage interest deduction, so he is also messing with our deductions, just like Romney. So they talk about cutting taxes, but they are cutting deductions too. Either way, the money comes out of my bank account.
I looked this up also.
Here are Romney's ideas:
Mitt Romney suggests cutting mortgage interest deduction on eve of presidential debate Search Result item
Quote:
Quote:
He suggested the changes could be part of a plan that includes a 20 percent cut in tax rates across the board, continuation of upper income tax cuts that Obama wants to end and a comprehensive tax overhaul plan that the Republican presidential contender has so far declined to flesh out in detail.
Romney said, "As an option you could say everybody's going to get up to a $17,000 deduction. And you could use your charitable deduction, your home mortgage deduction, or others your health care deduction, and you can fill that bucket, if you will, that $17,000 bucket that way. And higher income people might have a lower number."
A Romney adviser said changes in other areas a taxpayer's personal exemption and the deduction or credit for health care would also be taken into account if deductions were limited as Romney suggested. Combining changes to those two areas with the limit on deductions would maintain Romney's goal of keeping tax burdens the same for wealthy and middle income taxpayers, the adviser said.
Under his proposal, taxpayers in the 33% and 35% tax brackets would only be able to deduct their contributions and mortgage interest payments at the 28% rate. It would affect those with taxable income of $250,000 and up and bring in $321 billion over 10 years, according to the White House.
I prefer Romney's plan, it goes further towards making this country a flat tax then anything aside from Herman Cain's plan (major parties). I shouldn't have to hunt for a deduction, someone owning a house shouldn't pay less then someone who is renting.
That's going to stink big time. We are trying to sell my MIL's home right now and are hoping to have it sold before 1/1/13
Not to worry, this will only apply IF you exceed the cap gains threshold of $250K single or 500k married, which means unless the MIL income is very high...you need not worry.
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I really want to know so I can sell my house for 3x the price, buy 2 other houses and still have money left over. 
