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Just further evidence that regressive Republicans are THE economic weapon of mass destruction. They are pathetic, and need to be booted out big time in '12.
They were the problem during 8 horrific Bush years. They have been the problem since. Hard to believe that there is ANY support for the party that gave us Bush and then obstructed the President we overwhelming elected to resuscitate this country from the problems Republicans created.
I am not sure if you understand what capital gains are. Rent is not capital gains. Now if they sell the home because they no longer get a mortgage deduction and then make a profit on the home...then that would be a capital gain.
Sometimes. The gain is exempt if you roll it into a new higher priced home. You also have a once in a lifetime exemption.
The current income tax rates mean little with all the deductions. If they got rid of all the special interests' loopholes and deductions, then we would have a truly progressive tax code. If capital gains are taxed at regular income levels, the wealthy will pay their "fair share".
Well I would agree with that. Lets move it up to 34% where it should be.
Sometimes. The gain is exempt if you roll it into a new higher priced home. You also have a once in a lifetime exemption.
Most homeowners are not going to have to pay capital gains tax unless it it is a hugely expensive home or they are selling more than one home at a time.
Just further evidence that regressive Republicans are THE economic weapon of mass destruction. They are pathetic, and need to be booted out big time in '12.
They were the problem during 8 horrific Bush years. They have been the problem since. Hard to believe that there is ANY support for the party that gave us Bush and then obstructed the President we overwhelming elected to resuscitate this country from the problems Republicans created.
This is frankly no surprise.
You understand that with the scheduled expiration of the Bush tax breaks that the mortgage tax deduction was to begin being phased out. So, it was Obama who renewed it.
Frankly, a mortgage tax credit should not be necessary for someone to purchase a home. If one is that tight on making payments it should be a clue to buy something smaller or save longer. Similarly, I would suggest that the government has no business charging sales tax on homes (as we would see under the Cain 999 plan).
Income derived by labor should be taxed at a progressive but low rate and eventually at a flat rate. Income derived by all other sources including stock options, bonuses tied to performance, capital gains, and whatever else they come up with should be taxed at a much higher progressive rate.
i think i agree with your idea, but not completely sure. as abe lincoln said:
Labor is prior to, and independent of, capital. Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital, and deserves much the higher consideration.
A plan floated by Republicans, including "tea party" favorite Sen. Pat Toomey of Pennsylvania, would place sharp limits on the total amount of tax deductions and credits that a person could claim, in exchange for lower income-tax rates.
proposal would cut spending by about $700 billion, reduce Social Security cost of living increases, cut Medicare and the Medicaid health-care programs for the poor and disabled, raise Medicare premiums...
the GOP plan for a top individual tax rate of 28 percent would give wealthier earners large tax cuts while sharply cutting back tax breaks important to middle-class workers, such as deductions for mortgage interest and state and local taxes.
If anything, we need a higher marginal tax rate on the wealthiest Americans. If I were king, I would add additional brackets, perhaps at $500k and $5m. The suffering of the poor if programs guaranteeing them health care, food, and heat much outweighs the suffering of the richest who would owe more in taxes while still being able to maintain their lifestyle. The poor should not have to bear the burden of our deficit as much as the rich, because the two vary greatly in their ability to do so.
I believe the elimination of the mortgage tax deduction starts with the top 5% of income earners. Not the middle class.
You are wrong.
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