Posted on 11/02/2005 5:57:15 AM PST by austinite
I'm on your side on that one. However, it should be noted that from a Federal standpoint all of those projects in the recent highway bill are funded entirely by the Federal motor fuels tax. This tax reform proposal would still be on the table even if there was no Federal highway bill.
Yeah -- most of them.
But reality has a way of intruding on our fantasies, doesn't it?
Good point, but credit card companies hate people like you and will damage your credit rating if they get a chance.
That's a good point. If my memory serves me correctly, the government allowed the S&Ls to underwrite commercial loans as a last-ditch measure to help them get out of that interest rate quandary I described earlier.
Name one, and why.
Not that I think you're a liar or anything.
Anyway, what do I care? That's someone else's problem, since I don't own a house or have a mortgage at the moment - I'm currently shopping, and the prospect of shaving 20% off the front end sure sounds fine to me ;)
If Michael Moore planted a mind control device into their brains and instructed them to behave in a manner designed to convince the voters that Republicans want to grind the middle class into the dirt so that the rich can hire servants cheap, there would be no way to tell the difference.
Haven't found it the case, both my husband and I have Credit scores above 800 and we've been doing this for years. I figure if they don't like the way I use the "credit cards" then they can quit sending me the offers at anytime.
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Nonsense. home ownership is the single most important factor in any community's economic and societal stability. This has long been recognized and encouraged through the tax code.
I can't believe what I'm hearing here. When people make their decisions on where to live and how to invest their money to make more money the mortgage tax deduction pays a huge role. What is wrong with that? We're not talking about people who are in debt. The class envy here is just flooring me.
Your point is valid, but this kind of thing happens all the time, and there is nothing anyone can do about it except complain. Sometimes "changing the rules of the game midstream" works to the taxpayer's advantage, and sometimes it doesn't. Making long-term investment decisions based on tax laws that can change in 24 hours carries an inherent risk.
If you think the elimination of the mortgage interest deduction is bad, just wait a couple of decades and see what happens when they eliminate the tax exemption on Roth IRAs.
Letting someone keep their own money is not a subsidy.
It is inherently unfair to provide a homeowner with an interest deduction that is not available to someone who pays other forms of interest on loans (auto loans, student loans, etc.).
If the tax only affects people who don't have the sense to structure their finances to avoid it (by paying the deductable type of interst instead of the non-deductable type), it's like the lottery -- a tax on stupidity. Since you get less of things you tax, a tax on stupidity is a social good.
I think EPU was talking about CC debt, which doesn't apply to your scenario. I doubt that EPU never uses a CC.
Fine. The tax code already encourages home ownership by eliminating the capital gains tax on the sale of a primary residence. Anything beyond that is completely unnecessary.
Ironically, the mortgage interest deduction has really done nothing more than drive up the cost of homes by making them "affordable" to people who would otherwise be unable to pay exorbitant prices for their homes.
Of course the bank would own the property because the decrease in value put the owner upside down just like the S/L debacle.
I hate paying FICA taxes, and I despise those stupid "user taxes" on my telephone bill.
Credit cards are a wonderful tool if you know what you're doing and how to play the game.
I carry credit card debt - usually 0% promotions for a year. Basically, that's free money. I take that money and invest it in mutual funds where I earn interest. When the card starts to charge interest, I pay it back IN FULL.
Oh, I also have another card where I get 5% cash back on groceries, gas, and drug store purchases. I pay that in full every month before any interest is applied.
Sometimes, interest is only 1.6% or 3% promotional for things like balance transfers. It's not hard to earn better than 3% on many investments. Sometimes it's wise to carry credit card debt and let your money work for you.
So you only dislike taxes that YOU have to pay, and you like taxes that other people have to pay but you don't.
You're right! Here in the San Francisco Bay Area, you need at least $350-$400K to even approach middle class! A house worth less than $700,00 doesn't exist in this area except in the slums.
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