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The average person isn't getting the deduction, which is OK by me, since the standard deduction is way higher, but there are folks with big enough mortgages to exceed the standard deduction.
Total cash costs for me in 2015 when I was treated for cancer were $205,000. I have great insurance with an out of pocket maximum. With many plans, however, I would have to pay 20%, or $40,000. That's what a decent car costs. I would have had to make payments for 5 years to clear that. If you make $40k per year, there's no way you ever pay off that bill, so you file for bankruptcy. Not a matter of bad financial planning. Of course, we haven't talked about the people who don't even go to the doctor, becuase they can't afford the copays.
Why does that matter? We don't have open borders here.
Uh, yeah we do. I know they don't tell you about them on CNN or MSNBC. They are talking mainly about Jan 6 to distract you.
Location: Live:Downtown Phoenix, AZ/Work:Greater Los Angeles, CA
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Quote:
Originally Posted by henrychen
A lot of the poor aren't paying anything.
They're taking, taking, taking in the form of free money, free food, free medical and free housing. All the while causing a lot of damage where they live, tearing up neighborhoods and spawning future leeches and criminals.
That's how redistribution works. You don't tax people who don't have anything
There is NOTHING in the Constitution even HINTING about a Dept Of Education. Yet we have 1 with a $68 BILLION a year budget.
Education is a LOCAL issue.
What is wrong with this picture?
Nearly all of that budget is grants and loans for college students or grants to primary schools to increase their budgets for educating lower SES student, who cost more to educate, or for special education. Do you want to get rid of those programs as well?
Quote:
Originally Posted by henrychen
A lot of the poor aren't paying anything.
They're taking, taking, taking in the form of free money, free food, free medical and free housing. All the while causing a lot of damage where they live, tearing up neighborhoods and spawning future leeches and criminals.
That's a huge generalization. What's your solution? Kill them all?
Quote:
Originally Posted by henrychen
Maybe people shouldn't have kids if they can't afford them?
That's not always possible. Not everyone leads the perfect life you apparently have.
Quote:
Originally Posted by Grlzrl
Maximum mortgage on which you can deduct interest: $750k
Current mortgage rates ave around 3%.
Annual interest: $22,500.
Unless you have OTHER deductions, even rich people are better off with the standard deduction.
You can deduct the interest on mortgages up to a million dollars if they existed before December 16, 2017. Read the law.
Uh, yeah we do. I know they don't tell you about them on CNN or MSNBC. They are talking mainly about Jan 6 to distract you.
Prove the borders are open. CBP tossed 1.7 million would be immigrants back over the border through October. The difference from the previous ad ministration is they don't force people with potentially legitimate asylum claims to remain in Mexico.
That's how redistribution works. You don't tax people who don't have anything
Completely false, as the European countries show us. European countries are far more effective at redistribution than the US, and they tax regressively (the greatest tax burden is on the low-income and middle class). As already noted in the research cited in the WaPo article I linked earlier:
Pay close attention to whatthe scatter plot chart at that link tells us... Note that the highest levels of redistribution including national health care are provided by countries (Sweden, Denmark, Finland, Belgium) in which taxes are flat (everyone pays the same tax rate) or regressive (shown as the negative values along the bottom axis, meaning a greater tax burden is placed on those with lower incomes). And note where the USA falls on the graph. The USA has the most progressive tax system and therefore is least able to fund things like national health care because the US tax base is too narrow and overly dependent on the top.
That's how redistribution works. You don't tax people who don't have anything
Why do you continue to ignore the fact that the social democracies of Europe have much more regressive taxation than the US? If you want all those government services, EVERYONE needs to pay a lot.
Maximum mortgage on which you can deduct interest: $750k
Current mortgage rates ave around 3%.
Annual interest: $22,500.
Unless you have OTHER deductions, even rich people are better off with the standard deduction.
A $750k mortgage is most likely on a ~$950k assuming 20% down. Add property tax for that home - between $10k and $20k and the deductions for your housing go up to $32,500 (mortgage+SALT). Better off itemizing.
The other scenario is if you're single. Your standard deduction is $12,550. MFJ is ~$25k.
Wrong, there's a difference between desperation and true immorality
So, all poor people are desperate through no fault of their own and all the rich are immoral?
Got it.
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