Ah **** man there goes that tax benefit!

[BlvdBrawler]

Mortgage Interest Deduction, Once a Sacred Cow, Is Under Scrutiny - US Business News - CNBC

I swear these dudes are doing everything in their power to fukk over the middle class.

 

[Brown_Pride]

Mortgage Interest Deduction, Once a Sacred Cow, Is Under Scrutiny - US Business News - CNBC

I swear these dudes are doing everything in their power to fukk over the middle class.

doesn't look to bad for to me. Even the "scary scenario" they paint a few steps down isn't all that doom and gloom.

This will affect high to middle-high earners.

Under the current rules, a high-earning household deducting $20,000 in interest payments would probably apply a 35 percent rate to that amount and receive $7,000 in tax savings. The Obama budget aims to limit that tax saving by capping that rate at 28 percent. If that rate were applied to $20,000 of interest payments, the saving would fall to $5,800.

The United States would capture the difference. Over the next 10 years, that 28 percent cap could increase tax revenue by $584 billion, according to the Treasury Department.

 

[BlvdBrawler]

doesn't look to bad for to me. Even the "scary scenario" they paint a few steps down isn't all that doom and gloom.

This will affect high to middle-high earners.

Nah man fukk these a$$holes. They need to stay out of our pockets for a change and come up with other ways of generating revenue besides "lets just tax the people some more".

 

[Brown_Pride]

Nah man fukk these a$$holes. They need to stay out of our pockets for a change and come up with other ways of generating revenue besides "lets just tax the people some more".

there's really only two buckets to pull from
1. Tax more
2. Spend less.

Most people agree doing BOTH is the best practice.

Maybe tariffs?

 

[BlvdBrawler]

there's really only two buckets to pull from
1. Tax more
2. Spend less.

Most people agree doing BOTH is the best practice.

Maybe tariffs?

Federal legalization of marijuana.

Invest in our infrastructure and bring back manufacturing, innovation. Granted that's a long-term solution but we need to get back on that shyt.

Also no clue why the fukk we aren't spending our asses off on clean energy solutions. That'd be the ultimate cash cow right there. We need some shyt like Kennedy with the moon. Someone (preferably the President) needs to give us one, focused objective. Get us off oil by 2019 or some shyt.

Also I'm pretty sure the govt has no clue how to spend less. fukk Congress.

 

[Brown_Pride]

Federal legalization of marijuana.

...isn't that taxes though?

Invest in our infrastructure and bring back manufacturing, innovation. Granted that's a long-term solution but we need to get back on that shyt.

spend more (i agree)

Also no clue why the fukk we aren't spending our asses off on clean energy solutions. That'd be the ultimate cash cow right there. We need some shyt like Kennedy with the moon. Someone (preferably the President) needs to give us one, focused objective. Get us off oil by 2019 or some shyt.

can't argue with this. we both know why we don't do this and it rhymes with "spoil"
[/QUOTE]

 

[Mr. Somebody]

Federal legalization of marijuana.

Invest in our infrastructure and bring back manufacturing, innovation. Granted that's a long-term solution but we need to get back on that shyt.

Also no clue why the fukk we aren't spending our asses off on clean energy solutions. That'd be the ultimate cash cow right there. We need some shyt like Kennedy with the moon. Someone (preferably the President) needs to give us one, focused objective. Get us off oil by 2019 or some shyt.

Also I'm pretty sure the govt has no clue how to spend less. fukk Congress.

You should commit to not showing and further photographs of penises on this message board. Maybe then the President might take your posts more seriously, friend.

 

[BlvdBrawler]

...isn't that taxes though?
spend more (i agree)

can't argue with this. we both know why we don't do this and it rhymes with "spoil"

It's more than just taxes it'd be an entire new industry. New jobs, possibly exports, but yes the majority of revenue from that would come from taxes.

fukk oil. fukk the middle east. fukk congress!!!

 

[CrimsonTider]

"Taken on its own, the deduction limit wouldn't make a huge difference. But it can play an important role in a broad plan to cut the deficit, and shows a willingness to tackle once sacred cows. The tax numbers suggest it may not be hard to structure deduction limits in a way that leaves most middle-income households untouched."

"There are broader approaches, too. In its proposed budget, the Obama administration plans to focus on top earners. The administration suggests capping deductions at 28 percent for high-income households, those earning more than $250,000.





Shut up dude, if you don't make over 250k you will not be affected

 

[88m3]

"Taken on its own, the deduction limit wouldn't make a huge difference. But it can play an important role in a broad plan to cut the deficit, and shows a willingness to tackle once sacred cows. The tax numbers suggest it may not be hard to structure deduction limits in a way that leaves most middle-income households untouched."

"There are broader approaches, too. In its proposed budget, the Obama administration plans to focus on top earners. The administration suggests capping deductions at 28 percent for high-income households, those earning more than $250,000.






Shut up dude, if you don't make over 250k you will not be affected

If you don't get that money back you'll feel it. It's money that goes back into to your mortgage etc.

 

[CrimsonTider]

If you don't get that money back you'll feel it. It's money that goes back into to your mortgage etc.

What does this have to do with what I said?

 

[TLR Is Mental Poison]

Nah man fukk these a$$holes. They need to stay out of our pockets for a change and come up with other ways of generating revenue besides "lets just tax the people some more".

How are they going to generate more revenue... without making you pay more

Especially considering most middle class Americans have a negative to single % point effective tax rate.... even though their marginal rates are in the 10-15% range

"They need to fix this budget problem but I dont want to pay any more taxes than I do" - EVERYBODY

Where is the revenue supposed to come from

 

[TLR Is Mental Poison]

It's more than just taxes it'd be an entire new industry. New jobs, possibly exports, but yes the majority of revenue from that would come from taxes.

fukk oil. fukk the middle east. fukk congress!!!

If you bought a house you needed mortgage interest deductions to be able to afford, fukk you!!!!!

 

[BlvdBrawler]

If you bought a house you needed mortgage interest deductions to be able to afford, fukk you!!!!!

Random.

 

[BlvdBrawler]

How are they going to generate more revenue... without making you pay more

Especially considering most middle class Americans have a negative to single % point effective tax rate.... even though their marginal rates are in the 10-15% range

"They need to fix this budget problem but I dont want to pay any more taxes than I do" - EVERYBODY

Where is the revenue supposed to come from

By spending less.