Mortgage deduction and charitable giving (vanity)

Wicket | Vanity

[b4its2late]

This is only my second vanity in 10 years (LOL)

You've only been a member for 8 years, 5 months. ;-)

[LouD]

Don’t forget: all this increased federal spending will increase inflation.

If inflation is 10%, a family earning $150K today is earning $250K in less than 6 years. Their money doesn’t buy any more than it did at $150K, but their taxes go up significantly.

If inflation hits 15%, they hit the top tax bracket in under 4 years, and if it hits 20%, which many believe is possible, they will be in the top tax bracket in 3 years.

That’s just if their pay keeps pace with inflation. As they climb the career ladder, it will happen even faster.

[TommyDale]

Your assumption is only partially true, for those who are lucky enough to keep their jobs. Many will lose their jobs.

[boxerblues]

My plan is to have all my debts besides my mortgage paid off within the next 3 months, stash every penny of what I was paying out and not spending another dime of it until Obama leaves office. The lousy $8 a week tax break I'll be getting is also going to get stashed away. Obama is going to starve this country but I wont

[LouD]

Your assumption is only partially true, for those who are lucky enough to keep their jobs. Many will lose their jobs.

That is correct, but it is really a separate discussion. My point was that many in the middle class who think that income levels targeted for confiscatory taxation by the Obama Administration are above their potential income will be surprised to learn that they are now the "rich," even when their purchasing power is unchanged.

[TommyDale]

Trued, but for all those that lose jobs or move DOWN the pay scale to keep their jobs, the tax revenues will DECREASE. So even though the upper income may be paying more, the overall tax revenues will be nowhere near what they are claiming, simply because the base will shrink.