BF2S Forums Presidential Election 2016

Jay wrote:

Cybargs wrote:

Jay wrote:

I've read columns by George Will and Glenn Reynolds in the last few days championing getting rid of the mortgage interest deduction and the deduction for State taxes. Ok, well adjust my income tax bracket based on cost of living then, because relatively wealthy southerners are getting a free ride.

I agree about the state taxes but not sure about the mortgage interest. Your choice to live there bud.

It's something that has been in the American tax system since before i was born and is one of the primary incentives for home ownership. People bought their homes with the incentive as a variable in their decision. They can get rid of it going forward but it's not fair to pull it away unless current homeowners are grandfathered.

Is it a full deduction?

eg if you pay 20k in interests a year, you get 20k worth of tax credits. Then again you guys have a stupidly high property tax.

We have the opposite, we get deductions only out of investment properties (only if you reasonably attempt to lease them out).

Jay wrote:

Cybargs wrote:

Jay wrote:

It's something that has been in the American tax system since before i was born and is one of the primary incentives for home ownership. People bought their homes with the incentive as a variable in their decision. They can get rid of it going forward but it's not fair to pull it away unless current homeowners are grandfathered.

Is it a full deduction?

eg if you pay 20k in interests a year, you get 20k worth of tax credits. Then again you guys have a stupidly high property tax.

We have the opposite, we get deductions only out of investment properties (only if you reasonably attempt to lease them out).

If I pay 20k in interest I subtract it from my gross income before my taxes are calculated. So if I make 100k, I pay taxes on 80k. I also get to do the same with my property and State income taxes. The feds eat last.

that is nuts. then again its balanced out with your insane property taxes.

SuperJail Warden wrote:

People with second homes should not be allowed to get the mortgage interest deduction. It should be limited in some ways. I don't think people buying mansions should get it. It also leads to property price inflation.

It only applies to primary residence and has a 1 mil threshold when i had a look at your rules.

Dilbert_X wrote:

Jay wrote:

It's something that has been in the American tax system since before i was born and is one of the primary incentives for home ownership. People bought their homes with the incentive as a variable in their decision. They can get rid of it going forward but it's not fair to pull it away unless current homeowners are grandfathered.

Since when was fairness part of the tax system?
Why should new property owners have to pay a new tax but not current ones?
Why should one set of taxpayers subsidise another set?
Hey I know, why not grandfather any tax cuts. You go on paying the same income tax, new taxpayers, or maybe taxpayers younger than you, get the benefit of reduced taxes. How would that be? I think it would be 'fair'.

Its the same thread running through all your thoughts, you want to have your cake, eat it, have someone else pay for it and for you to be able to pull up the ladder behind you preventing anyone else reaching the cake.

Of course my interests regarding taxation are self-serving. Am I supposed to sacrifice my own time so that someone else might keep theirs? I'm no altruist. I've never claimed to be. But I'm not out to screw anyone else. I don't have a problem with it sticking around for people that come after me, I simply stated that if they do make a change they should put a grandfather clause in. If they didn't you would probably be able to hear the howls of anger all the way across the Pacific.

The reality is that if I could no longer write off my mortgage interest I would probably have to sell my house. When I bought my home, I factored the write off into the equation. Of course I want to keep it.

Jay wrote:

Dilbert_X wrote:

Jay wrote:

If they tax my State taxes or kill my mortgage deduction I'm never voting Republican again

Because you think other people should subsidise you.

OK

Also, Trump isn't a Republican

Also, well played voting for Trump

I didn't vote for Trump

Then what the fuck was the "I'm never voting Republican again" for when you didn't really fucking vote for Republicans to begin with? Keyword is "really."

Nah, he obviously did vote for Trump, he slipped up and admitted it.

There's no backpedalling on a Freudian slip.

Fox News says Trump did the right thing. Half of America will now agree.

meh

For someone who never wastes an opportunity to talk about how innocent he is, Donald Trump seems awfully reluctant to release the one bit of information that would clear this whole mess up.

I've got to say this whole thing is like a drug to me. This is my reality show. Who knows what tomorrow will bring? I'll definitely be tuning in.

I still found it funny when sarah silverman asked the military to stage a coup. Which is kinda the last thing you would ever want...

SuperJail Warden wrote:

Well I found it funny when I saw this with a headline something like "how the media would report on america if this happened elsewhere''

That is genuinely mildly amusing.