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When my Home Mortgage Interest Deduction is gone
Self | 11-9-2012 | Doghead

Posted on 11/09/2012 6:40:57 AM PST by DOGHEAD

When they eliminate the home mortgage Interest deduction (Schedule A, Line 10) then for me, my taxes rise $2,395. This will not be called a tax increase. It will be called closing a loophole.

Tax season is already in jeopardy of running late because the IRS computers are all programmed as if all Bush ERA tax cuts have expired. When tax season is delayed (Because Obama is out of the country) it will be blamed on Congress. When people in the hood cannot get their EITC payments ($6k-$8k) they will throw chairs through the windows. this will all be blamed on Congress. Repubs youneed to demand that OBAMA get his self to the table with his plan NOW. and make the Media hear you say it! You need to stop being the wimpy kid that always gets his lunch money stolen.


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1 posted on 11/09/2012 6:40:59 AM PST by DOGHEAD
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To: DOGHEAD

Don’t forget about the 3.5 percent tax when you SELL your home.

To fund Commie care.


2 posted on 11/09/2012 6:49:07 AM PST by unixfox (Abolish Slavery, Repeal The 16th Amendment!)
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To: DOGHEAD

Boner caved before 0bama said bupkis.


3 posted on 11/09/2012 6:52:53 AM PST by Clint N. Suhks (St.Peter:"Upon this rock, I will build my church" 0:"If you've got a church, you didn't build that!")
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To: DOGHEAD
To receive the EITC, you have to earn legitimate (reportable) income. There aren’t too many people “in the hood” receiving the EITC.
4 posted on 11/09/2012 6:57:58 AM PST by riverdawg
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To: DOGHEAD

It’ll be the GOP’s fault of course


5 posted on 11/09/2012 7:02:57 AM PST by GeronL (http://asspos.blogspot.com)
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To: riverdawg

No you have to “report” that you have earned income.
And people in the hood overwhelmingly receive it.
Fill out a schedule C.


6 posted on 11/09/2012 7:04:58 AM PST by DOGHEAD
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To: riverdawg

EITC is a big loop hole. A lot of people work the max on the books..to get their EITC and then work off the books.
And I have never understood why EITC is paid in one lump sum. That money just ends up going for big screen tv’s. It should be sent out in monthly checks for the next twelve months.


7 posted on 11/09/2012 7:05:23 AM PST by Oldexpat
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To: DOGHEAD
When they eliminate the home mortgage Interest deduction (Schedule A, Line 10) then for me, my taxes rise $2,395. This will not be called a tax increase. It will be called closing a loophole.

Over twenty years ago, I had someone tell me the US Tax Code is a textbook example of our government engaging in social engineering.

8 posted on 11/09/2012 7:11:57 AM PST by Alex Murphy ("If you are not firm in faith, you will not be firm at all" - Isaiah 7:9)
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To: Oldexpat
I agree with you about the way EITC should be paid out. I also agree that there is a lot of unreported income from illegal and other “off-the-book” transactions. But in the housing projects in my small city, I estimate that fewer than 10% of the residents qualify for the EITC.
9 posted on 11/09/2012 7:12:16 AM PST by riverdawg
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To: DOGHEAD
Socialism doesn't work. It has to be proven again. It will be.
10 posted on 11/09/2012 7:13:29 AM PST by throwback (The object of opening the mind, is as of opening the mouth, is to shut it again on something solid.)
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To: DOGHEAD
When they eliminate the home mortgage Interest deduction (Schedule A, Line 10) then for me, my taxes rise $2,395. This will not be called a tax increase. It will be called closing a loophole.

You know Hussein has stated that he was going to eliminate the Home Mortgage Interest deduction, and that is predictable since his followers don't pay for anything themselves.

When the Weeper of the House, Boehner, was kissing 0bama's butt (move over Chris Christie) the other day and said they were going to "close some loopholes" Home Mortgage Interest deduction immediately popped into my head.

11 posted on 11/09/2012 7:17:34 AM PST by The Sons of Liberty (Never Underestimate the Power of Evil or Evil Doers)
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To: riverdawg
But in the housing projects in my small city, I estimate that fewer than 10% of the residents qualify for the EITC

The ones around me aren't missing the boat. Unemployment counts as income for EITC. They work for three months a year, enjoy 9 months of unemployment, and then a bonus EITC check before they scrounge up another 3 month job. Hopefully the ones around me won't let the ones around you learn about this.

12 posted on 11/09/2012 7:17:34 AM PST by kingu (Everything starts with slashing the size and scope of the federal government.)
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To: throwback

This $2,395 is money that my family needs to buy clothes, insurance, doctor bills, fuel, groceries and college.
But it will be taken In addition to the 23k that we are already paying and given to others who are not producing anything. I am not only raising my family but others families as well. And to top it off I’m told that i’m not paying my fair share.


13 posted on 11/09/2012 7:22:00 AM PST by DOGHEAD
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To: DOGHEAD

“No you have to “report” that you have earned income.
And people in the hood overwhelmingly receive it.
Fill out a schedule C.”

In Massachusetts (of all places), if you claim the EITC on a Schedule C return, you get automatically audited by the state revenue department.


14 posted on 11/09/2012 7:22:17 AM PST by riverdawg
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To: DOGHEAD

I can’t imagine how we still have so many seats in the house this time. I also doubt that many voters split their vote this time. But alas, we actually picked up a few. Amazing. Considering so many more actually voted for Obama, one would think we would have lost more seats. The American people wants their communism, so why were these guys allowed to stay? /sarc

Anyhoo, the GOP is there to get whopped around and demonized and blamed so they get booted and tagged as why the economy is so bad. Those Tea Baggin GOP’ers are getting set up for the boot in 2014. /sarc


15 posted on 11/09/2012 7:24:26 AM PST by dforest
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To: DOGHEAD

When they eliminate the mortgage interest deduction I will just pay off my mortgage (I only have five years left on it and my mortgage balance is not all that much, relatively speaking, so it would not be a hardship for me to do so). I will starve the beast any way I can.


16 posted on 11/09/2012 7:25:57 AM PST by ought-six ( Multiculturalism is national suicide, and political correctness is the cyanide capsule.)
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To: kingu

“Unemployment counts as income for EITC.”

Unless the law has changed in the past year or so, I think this is false. From the IRS website:

“Examples of Income that is Not Earned Income:

Pay received for work while an inmate in a penal institution

Interest and dividends
Retirement Income
Social security
Unemployment benefits,
Alimony
Child support.”


17 posted on 11/09/2012 7:26:44 AM PST by riverdawg
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To: kingu

“Unemployment counts as income for EITC.”

This is not correct.


18 posted on 11/09/2012 7:30:00 AM PST by jocon307
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To: Oldexpat

I knew someone who would work a little and then quit. Collect EITC and used it one year to buy an expensive puppy and other crap. The dog was abused and starving. They would throw it in the back yard for it to find it’s own food. It took many calls to animal control and the humane society until something was done about the dog.


19 posted on 11/09/2012 7:42:05 AM PST by No Socialist
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To: DOGHEAD
What's disgusting is Obama always harping on what's “fair”. My two step kids are a micro version of what is really happening. The one is working hard and makes enough money that he doesn't qualify for any government benefits, but is barely getting by. The other gets free day care, student loans, and government healthcare for her kids. Meanwhile, she doesn't work full time, even though she could, but it would cut into her free time. She knows this disgusts us, but we have no influence over her. We try to compensate by always helping the other kid. Anyway, I'm sure this is going on all over the place.
20 posted on 11/09/2012 7:44:25 AM PST by throwback (The object of opening the mind, is as of opening the mouth, is to shut it again on something solid.)
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To: Alex Murphy
-- Over twenty years ago, I had someone tell me the US Tax Code is a textbook example of our government engaging in social engineering. --

I don't think anybody in the government is trying to hide that. The Congress has engineered us into the current fiscal situation. This is Congress's baby. Power to coin money and regulate the value thereof, to tax, and to spend. All Congressional powers.

The power has been used to transfer wealth from makers to takers, for, oh, a good 80 years - accelerated under Johnson, and enabled by the Mandarin class that manages to obtain elected office in the federal government.

21 posted on 11/09/2012 7:49:21 AM PST by Cboldt
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To: Cboldt

My interest payments on my note are so low that when I itemize, the standard deduction is higher. Concerned about the loss of the mortgage interest deduction? Add to the principle payment and pay the sucker off in less time.

I am in real estate, but I firmly oppose the mortgage interest deduction. It only subsidizes homes in high-priced areas by my tax dollars. Why should I subsidize your house payment?


22 posted on 11/09/2012 8:13:02 AM PST by rstrahan
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To: rstrahan
-- I firmly oppose the mortgage interest deduction. It only subsidizes homes in high-priced areas by my tax dollars. --

At bottom, it subsidizes the lenders by getting them more business. There being a tax advantage to being in debt. It also encourages "over-consumption," living large today on tomorrow's income. I think, besides the banks, the primary lobbying group for subsidy of home loans is the building industry, with all of its associated suppliers.

Most of the rent-seekers (in the tax realm) are identifiable by the conditions for obtaining the tax advantage.

23 posted on 11/09/2012 8:19:13 AM PST by Cboldt
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To: DOGHEAD

Their EITC payments won’t stop — bernanke will just print some more money.


24 posted on 11/09/2012 8:45:11 AM PST by expat2
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To: DOGHEAD

If you are not wealthy and you have only one residence, it’s likely that you will still be able to use the deduction.


25 posted on 11/09/2012 9:52:03 AM PST by what's up
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To: rstrahan

“Why should I subsidize your house payment?”

My paying less taxes does not mean that you are subsidizing my house payment. I also notice that you specifically mention high priced areas, that sounds way too much like the 1% BS being thrown around.


26 posted on 11/09/2012 10:23:13 AM PST by dangerdoc (see post #6)
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To: The Sons of Liberty
Was there any mention of removing the ITIN system for the illegals?You know,the ones that were bragging about claiming 20 dependents!That is a big scam in Florida,Texas,California,and even South Carolina.IIRC the dollar amount from 2010 was around $4 BIL.and rising every year!That would save more money than most tax hikes or loopholes than they have discussed to date!
27 posted on 11/09/2012 4:40:58 PM PST by makersmk2013
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To: unixfox

Here is the actual info on that tax - it only applies to gains and at a pretty high level:

http://www.realtor.org/topics/health-care-reform/top-10-things-you-need-to-know-about-the-38-tax


28 posted on 11/09/2012 4:46:50 PM PST by nascarnation (Baraq's bankruptcy: 2016)
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To: rstrahan

“Why should I subsidize your house payment?”

Spoken like a true liberal. You are not subsidizing anything, you just emotionally reacted like a liberal and made the ridiculous claim.


29 posted on 11/09/2012 6:02:49 PM PST by CodeToad (Padme: "So this is how liberty dies... with thunderous applause.")
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To: DOGHEAD

“When they eliminate the home mortgage Interest deduction (Schedule A, Line 10) then for me, my taxes rise $2,395.”

Back in 1990, my yearly mortgage interest was $9,871 (on an old, small, 2-story house). And that was in “1990 dollars”, which would be more today.

You’ve got it relatively easy.

Just putting things into perspective here.


30 posted on 11/09/2012 6:44:22 PM PST by Road Glide
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To: throwback

You are exactly right.

The only reason European socialism has lingered so long is that the entire world economy has been carried by U.S. ingenuity and productivity.

Take away the engine of commerce and the whole train stops dead on the tracks.


31 posted on 11/09/2012 6:58:04 PM PST by Fightin Whitey
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