Posted on 07/25/2011 2:35:43 PM PDT by scooby321
The Family Foundation should be taxed both on income and Estate and Gift Taxes.
Bill Gates and Warren Buffett plan on giving all their money to the Gates Foundation while sceaming for the death tax. These people are avoiding that same death tax. So from the grave they can continue to fund such ideas as Population control instead of paying their taxes like the middle class families.
what about the 63.5million who don’t pay $.01 of fed tax???
What do you think of productive, successful people who pay no taxes by utilizing legal deductions?
it depends on the deduction...some deductions (mortgage/retirement) are necessary, but deducting the cost of 50% of season tickets for the NY Yankees, LA Lakers, etc as a “business expense” is as ludicrous as increasing the handouts given to welfare moms for every child they have...
Envy is such an ugly thing... I guess taxing wealth and income 5, 6 even 7 times is OK with you... as long as it’s not your wealth.
Ay deductions that keep money out of the hands of the wasteful destructive government and in the productive economy is terrific.
Why on earth do you think the mortgage deduction is necessary? It’s outrageous socialism - taxpayer-funded intervention to subsidize the banking and home construction sector. Without a mortgage deduction we never would have had the housing bubble -— or the crash.
I LIKE IT! There are several wealthy foundations in Buffalo (as in most cities) that were founded on the industrial wealth created in the early 19th century. Now, they support mostly abortion clinics, starving lazy artists and spend a lot of the money on keeping new businesses out they don't approve of.
The idea that some poor sap worked his entire life just to have his fortune spent on crap he probably disapproved of is infuriating.
They're flippin' heroes!!!!
Keeping valuable resources in the private sector where they will create jobs and wealth versus throwing them down the black hole of govt and funding our own oppression.
You're not one of those "I pay, so dammit, so is everyone else" fools, are you?
1- it helps increase home values...
2- home values are the determing factor for property/school tax in some areas....
3- in most areas home owners pay more in property/school tax versus those who rent an apartment??? is that justified??
the “mortgage deduction” had little to do with the housing bubble or crash- the people who defaulted would’ve still defaulted had they purchased less expensive homes and received a small deduction....
Why is that considered an obvious good? For buyers, a lower price for a house is good, although of course, a person selling wants the price to be higher.
2- home values are the determing factor for property/school tax in some areas...
Who wants to pay higher property taxes? I sure don't. I can manage my children's education much more effectively and efficiently than the county school district can - and I do, in addition to paying taxes to send other people's children to school.
3- in most areas home owners pay more in property/school tax versus those who rent an apartment??? is that justified??
I'm not sure what all the multiple question marks mean. The topic doesn't seem to justify epic befuddlement; in English usage, a single question mark adequately represents the interrogative.
If counties have lower property tax millage for apartment properties than for other forms of residential property, that's something to be addressed by county voters. However, every renter contributes to property tax through his rent; otherwise, the property owner could not cover his costs and would go out of the rental business.
Case-in-point: Canada. Mortgage interest deduction doesn't exist there. Economically it's close to the US (and most of its population is close as well), and its real estate market has not experienced the boom and bust of the US.
Eliminate all deductions save charitable giving to 501c(3) institutions - leave that a the 33% it is now. Eliminate corporate income tax, capital gains tax. Then set the personal income tax to 15% with a single $10,000 deduction per taxpayer. That's it.
I haven’t paid a dime in years...every deduction I use in 100% within the IRS code.
51% of American people PAY BO FEDERAL INCOME TAXES!!!!!!! TAX THEM NOW!!!! EVERYONE needs to pay something so they have some skin in the game!!!! FLAT TAX NOW!!
You have the winning answer.
No, I was not.
If housing prices fall (as you posit in the absence of the mortgage interest deduction), and counties raise the rates on lower valuations to maintain revenue, it comes out to the same thing from the owner's standpoint. Same with rents: if the property cost the owner less to start with, in the absence of the mortgage deduction, it will come out even.
Fair Tax. All expenditures from any entity; person, corporation, foundation, are taxed at the same rate.
You spend less, you pay less.
No tax exemptions, deductions, EITC, “refundable” deductions.
JMHO.
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