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All the presidential candidates ever pander to is Middle-Class families. Supposedly they're the ones who deserve tax breaks.
Well, I'm single, unmarried, no kids, and rent an apartment. Where's my tax break? Why can't I deduct my rent from my income? When are Middle-Class families going to pay back the subsidies I've been giving them through the Earned Income Tax Credit?
EIC isnt given to middle class. Educate yourself. Maybe then you will get a home, kids and a life beyond the world wide web
Hey, what is this alleged tax break given to homeowners?
If you don't pay enough interest and property taxes to get you over the standard deduction you don't get a tax break. In all my 30+ years of home ownership I have never managed to get this break, and guess what, I still own a home. I did it without the tax break, so don't be whining to me about how unfair it might be.
The entire tax code needs to be redone, on one piece of paper. Our present system is madness for everybody, sets up winners and losers based on choices made that are seemingly designed to sculpt society instead of raising revenue for the operation of government.
Hey, what is this alleged tax break given to homeowners?
If you don't pay enough interest and property taxes to get you over the standard deduction you don't get a tax break. In all my 30+ years of home ownership I have never managed to get this break, and guess what, I still own a home. I did it without the tax break, so don't be whining to me about how unfair it might be.
The entire tax code needs to be redone, on one piece of paper. Our present system is madness for everybody, sets up winners and losers based on choices made that are seemingly designed to sculpt society instead of raising revenue for the operation of government.
Look at your property tax bill, in most states your tax break is called Homestead Exemption. In Michigan it's called Primary Residence Exemption and is usually worth over $1,000 a year.
If where you live is anything like where I live, there's a reason for that. A landlord-owned, renter-occupied property isn't eligible for a homestead exemption. An owner-occupied property is. Some states (like mine) also offer discounts to owners over the age of 65. This is why my property tax bill is higher than my neighbors' bill (they're elderly) even though the tax appraised value of their house is higher. They have the over-65 exemption. I don't.
I'm not grateful to own a home; I'm proud to own a home. Gratitude implies that it was given to me. I worked hard for it, and continue to work hard to pay the mortgage, taxes, and upkeep on it. I wouldn't say renting is necessarily more expensive. Too many variables to say. I also didn't mortgage myself to the eyeballs. I bought under my means, and my house is by no means large, fancy, or even beautiful. It's a sturdy 50s ranch house that hasn't had much done to it in 60 years, decor-wise. But it's mine. I bought it. I earned it.
"Grateful." Pshaw.
Renting, in the conventional sense is absolutely more expensive given that rents tend to increase each year, while a 30 year fixed mortgage remains the same, save for property tax increases.
Of course, the reality is, everyone is a renter. Property taxes have long ago done away with private property ownership. Today's "home owner" is just a renter enjoying an equity sharing arrangement with the true owner. True owner? Yes ... the true owner of your home will come forward the moment you miss your rent payment (property tax).
Now I know that within the next few posts, one of the sheep will go on a diatribe about why property taxes are necessary. We are a well trained group of slaves.
Owning a home is a CHOICE. It is your fault you don't own it. It is your fault you don't make enough money to purchase a home. It is your fault that you are where you're at. I don't understand why you don't get this.
We are a family and we rented in an area where rent prices rivaled that (and were often more) than NYC or San Francisco for years. This last year they finally started to go down, however it was so insanely high that we made a plan and we followed through and we bought a home.
And my homeowner husband has never voted and never intends to. The only tax break we receive is the break on what we pay on interest. That's literally it. Meanwhile our tax money will be utilized for programs and things we will never use.
This is how taxes work. You will likely utilize a tax payer funded program at some point in your life that I will never use. Based on your replies you will likely never have the same amount of tax responsibility my family does. You will utilize programs that we will never qualify for. So yes, I get a tax break for my mortgage interest BUT considering the amount of taxes I pay compared to someone like you I frankly don't see why you think you should complain.
I get a tax break you don't qualify for. You will utilize programs I won't. That's simply how it works.
I had the opportunity to buy a home ten years ago; government said I could not buy the house without buying a second house and a lot more land. Since I could afford the one house but not both houses, I was not allowed to buy that house.
Sounds like government's fault there.
p.s. Look at your property tax bill, in most states you also get a tax break called Homestead Exemption. In Michigan it's called Primary Residence Exemption and is worth over $1,000 a year for most homeowners.
p.p.s. Are you saying every renter is at fault for not owning a home? If not, at what point does it become a renter's fault?
Look at your property bill, in most states your tax break is called Homestead Exemption. In Michigan it's called Primary Residence Exemption and is usually worth over $1,000 a year.
Most of that time was spent in AK, where there was no such break and the property taxes were double what they were here.
I would still own a house, anyone who says it's the only way to afford a house is not prepared for home ownership anyways. I know such folks.
I'm middle class and have a child. I not only do not qualify for the earned income credit (which by now you should have figured out is really for only lower income families) but don't receive the normal child tax credit either.
But by all means... complain about how your subsidizing my taxes when the only break I receive is the mortgage interest one and that's available to anyone regardless of their marital status or whether they have kids.
MOST states offer a Homestead Exemption which affords homeowners a tax break. In Michigan, this homeowner tax break is worth on average over $1,000 per year, every year. IOW, every renter in Michigan subsidizes every homeowner in Michigan.
MOST states offer a Homestead Exemption which affords homeowners a tax break. In Michigan, this homeowner tax break is worth on average over $1,000 per year, every year. IOW, every renter in Michigan subsidizes every homeowner in Michigan.
No, the homestead exemption only applies to the principal residence, not rental property. And do you believe that if the exemption were to disappear nobody would then buy a home?
We know all of this, and yet, the bride and I are looking at buying a rental property, and somehow we will be able to do this without tax breaks and subsidies. Stop blaming responsible adults for your difficulties in life. It's not our fault!
I had the opportunity to buy a home ten years ago; government said I could not buy the house without buying a second house and a lot more land. Since I could afford the one house but not both houses, I was not allowed to buy that house.
Sounds like government's fault there.
Well, first, please explain why you would have been required to buy the second house and land in order to buy the first house. Was it possibly because the property owner did not want to split the land for you? That wouldn't be the government's fault, it would be because you couldn't persuade the property owner to do what you wanted.
And, you could have found a different house to buy if that one with the extra house and land wasn't what you wanted. Not the government's fault that you failed to pursue another property.
Seriously, I am really interested in the explanation for the government trying to force you to buy the second house and land.
Last edited by kat in aiken; 01-23-2016 at 09:58 AM..
Reason: correct typo
I had the opportunity to buy a home ten years ago; government said I could not buy the house without buying a second house and a lot more land. Since I could afford the one house but not both houses, I was not allowed to buy that house.
You couldn't afford to buy the home with the contingencies attached to it. That was still a choice.
Quote:
p.s. Look at your property tax bill, in most states you also get a tax break called Homestead Exemption. In Michigan it's called Primary Residence Exemption and is worth over $1,000 a year for most homeowners.
There is nothing like this on my property tax bill.
Quote:
p.p.s. Are you saying every renter is at fault for not owning a home? If not, at what point does it become a renter's fault?
I'm saying every renter chooses to be a renter. If a renter wants to be a homeowner they need to create a financial plan in order to do so. Some people want to rent. That's fine. At the end of the day though it is a choice. In your instance you are consistently reiterating that it's not your fault that you're a renter which is frankly an odd way to put it. You're making the choice to rent. No one is forcing you to do so.
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