- This topic has 255 replies, 19 voices, and was last updated 13 years, 11 months ago by CA renter.
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June 11, 2010 at 2:43 PM #563738June 11, 2010 at 2:43 PM #562736bearishgurlParticipant
[quote=FormerSanDiegan]”Californians that claimed the mortgage interest rate deduction saved an average of almost $20,000 from their tax bill in 2008, according to a Tax Foundation analysis of new data from the Internal Revenue Service. ”
http://tinyurl.com/2ablhte
[/quote]Wow, FSD, acc. to your chart, CA taxpayers had the highest real estate indebtedness (showing up in the form of tax deductions) of ALL the states, even more than Mass. and NY, which are typically high-priced markets. This fact doesn’t necessarily speak to the most “wealth” here but rather the most “debt” or largest RE “debt-load.”
June 11, 2010 at 2:43 PM #562834bearishgurlParticipant[quote=FormerSanDiegan]”Californians that claimed the mortgage interest rate deduction saved an average of almost $20,000 from their tax bill in 2008, according to a Tax Foundation analysis of new data from the Internal Revenue Service. ”
http://tinyurl.com/2ablhte
[/quote]Wow, FSD, acc. to your chart, CA taxpayers had the highest real estate indebtedness (showing up in the form of tax deductions) of ALL the states, even more than Mass. and NY, which are typically high-priced markets. This fact doesn’t necessarily speak to the most “wealth” here but rather the most “debt” or largest RE “debt-load.”
June 11, 2010 at 2:43 PM #563341bearishgurlParticipant[quote=FormerSanDiegan]”Californians that claimed the mortgage interest rate deduction saved an average of almost $20,000 from their tax bill in 2008, according to a Tax Foundation analysis of new data from the Internal Revenue Service. ”
http://tinyurl.com/2ablhte
[/quote]Wow, FSD, acc. to your chart, CA taxpayers had the highest real estate indebtedness (showing up in the form of tax deductions) of ALL the states, even more than Mass. and NY, which are typically high-priced markets. This fact doesn’t necessarily speak to the most “wealth” here but rather the most “debt” or largest RE “debt-load.”
June 11, 2010 at 2:43 PM #563447bearishgurlParticipant[quote=FormerSanDiegan]”Californians that claimed the mortgage interest rate deduction saved an average of almost $20,000 from their tax bill in 2008, according to a Tax Foundation analysis of new data from the Internal Revenue Service. ”
http://tinyurl.com/2ablhte
[/quote]Wow, FSD, acc. to your chart, CA taxpayers had the highest real estate indebtedness (showing up in the form of tax deductions) of ALL the states, even more than Mass. and NY, which are typically high-priced markets. This fact doesn’t necessarily speak to the most “wealth” here but rather the most “debt” or largest RE “debt-load.”
June 11, 2010 at 2:43 PM #563733bearishgurlParticipant[quote=FormerSanDiegan]”Californians that claimed the mortgage interest rate deduction saved an average of almost $20,000 from their tax bill in 2008, according to a Tax Foundation analysis of new data from the Internal Revenue Service. ”
http://tinyurl.com/2ablhte
[/quote]Wow, FSD, acc. to your chart, CA taxpayers had the highest real estate indebtedness (showing up in the form of tax deductions) of ALL the states, even more than Mass. and NY, which are typically high-priced markets. This fact doesn’t necessarily speak to the most “wealth” here but rather the most “debt” or largest RE “debt-load.”
June 11, 2010 at 2:46 PM #562756(former)FormerSanDieganParticipant[quote=MadeInTaiwan][quote=FormerSanDiegan]
…Regardless of the mechanism, it is naive to believe that the Government will recover the amount of dollars they anticipate by enacting this change. People will react and adapt to the changes in a way that reduces the overall take of the government.I don’t disagree that in the long run the removal of this subsidy would make the economy more efficient, it’s just that the reaosn for doing so (to generate more revenue for the Government) may not come to pass.[/quote]
I think government will recover the revenue. As capital allocation moves away from non-productive investment like housing and real-estate, it should move into more productive investments that will generate tax revenue. At least that is what I hope happens.
[/quote]
Interesting counterpoint. But in this case the capital allocation would shift from consumers to the Federal Government. Are you suggesting that the Federal Government makes more productive investments than private individuals ?
June 11, 2010 at 2:46 PM #562854(former)FormerSanDieganParticipant[quote=MadeInTaiwan][quote=FormerSanDiegan]
…Regardless of the mechanism, it is naive to believe that the Government will recover the amount of dollars they anticipate by enacting this change. People will react and adapt to the changes in a way that reduces the overall take of the government.I don’t disagree that in the long run the removal of this subsidy would make the economy more efficient, it’s just that the reaosn for doing so (to generate more revenue for the Government) may not come to pass.[/quote]
I think government will recover the revenue. As capital allocation moves away from non-productive investment like housing and real-estate, it should move into more productive investments that will generate tax revenue. At least that is what I hope happens.
[/quote]
Interesting counterpoint. But in this case the capital allocation would shift from consumers to the Federal Government. Are you suggesting that the Federal Government makes more productive investments than private individuals ?
June 11, 2010 at 2:46 PM #563361(former)FormerSanDieganParticipant[quote=MadeInTaiwan][quote=FormerSanDiegan]
…Regardless of the mechanism, it is naive to believe that the Government will recover the amount of dollars they anticipate by enacting this change. People will react and adapt to the changes in a way that reduces the overall take of the government.I don’t disagree that in the long run the removal of this subsidy would make the economy more efficient, it’s just that the reaosn for doing so (to generate more revenue for the Government) may not come to pass.[/quote]
I think government will recover the revenue. As capital allocation moves away from non-productive investment like housing and real-estate, it should move into more productive investments that will generate tax revenue. At least that is what I hope happens.
[/quote]
Interesting counterpoint. But in this case the capital allocation would shift from consumers to the Federal Government. Are you suggesting that the Federal Government makes more productive investments than private individuals ?
June 11, 2010 at 2:46 PM #563466(former)FormerSanDieganParticipant[quote=MadeInTaiwan][quote=FormerSanDiegan]
…Regardless of the mechanism, it is naive to believe that the Government will recover the amount of dollars they anticipate by enacting this change. People will react and adapt to the changes in a way that reduces the overall take of the government.I don’t disagree that in the long run the removal of this subsidy would make the economy more efficient, it’s just that the reaosn for doing so (to generate more revenue for the Government) may not come to pass.[/quote]
I think government will recover the revenue. As capital allocation moves away from non-productive investment like housing and real-estate, it should move into more productive investments that will generate tax revenue. At least that is what I hope happens.
[/quote]
Interesting counterpoint. But in this case the capital allocation would shift from consumers to the Federal Government. Are you suggesting that the Federal Government makes more productive investments than private individuals ?
June 11, 2010 at 2:46 PM #563753(former)FormerSanDieganParticipant[quote=MadeInTaiwan][quote=FormerSanDiegan]
…Regardless of the mechanism, it is naive to believe that the Government will recover the amount of dollars they anticipate by enacting this change. People will react and adapt to the changes in a way that reduces the overall take of the government.I don’t disagree that in the long run the removal of this subsidy would make the economy more efficient, it’s just that the reaosn for doing so (to generate more revenue for the Government) may not come to pass.[/quote]
I think government will recover the revenue. As capital allocation moves away from non-productive investment like housing and real-estate, it should move into more productive investments that will generate tax revenue. At least that is what I hope happens.
[/quote]
Interesting counterpoint. But in this case the capital allocation would shift from consumers to the Federal Government. Are you suggesting that the Federal Government makes more productive investments than private individuals ?
June 11, 2010 at 2:47 PM #562761(former)FormerSanDieganParticipant[quote=bearishgurl][quote=FormerSanDiegan]”Californians that claimed the mortgage interest rate deduction saved an average of almost $20,000 from their tax bill in 2008, according to a Tax Foundation analysis of new data from the Internal Revenue Service. ”
http://tinyurl.com/2ablhte
[/quote]Wow, FSD, acc. to your chart, CA taxpayers had the highest real estate indebtedness (showing up in the form of tax deductions) of ALL the states, even more than Mass. and NY, which are typically high-priced markets. This fact doesn’t necessarily speak to the most “wealth” here but rather the most “debt” or largest RE “debt-load.”[/quote]
Yes, we (CA) rock in the debt department.
June 11, 2010 at 2:47 PM #562859(former)FormerSanDieganParticipant[quote=bearishgurl][quote=FormerSanDiegan]”Californians that claimed the mortgage interest rate deduction saved an average of almost $20,000 from their tax bill in 2008, according to a Tax Foundation analysis of new data from the Internal Revenue Service. ”
http://tinyurl.com/2ablhte
[/quote]Wow, FSD, acc. to your chart, CA taxpayers had the highest real estate indebtedness (showing up in the form of tax deductions) of ALL the states, even more than Mass. and NY, which are typically high-priced markets. This fact doesn’t necessarily speak to the most “wealth” here but rather the most “debt” or largest RE “debt-load.”[/quote]
Yes, we (CA) rock in the debt department.
June 11, 2010 at 2:47 PM #563366(former)FormerSanDieganParticipant[quote=bearishgurl][quote=FormerSanDiegan]”Californians that claimed the mortgage interest rate deduction saved an average of almost $20,000 from their tax bill in 2008, according to a Tax Foundation analysis of new data from the Internal Revenue Service. ”
http://tinyurl.com/2ablhte
[/quote]Wow, FSD, acc. to your chart, CA taxpayers had the highest real estate indebtedness (showing up in the form of tax deductions) of ALL the states, even more than Mass. and NY, which are typically high-priced markets. This fact doesn’t necessarily speak to the most “wealth” here but rather the most “debt” or largest RE “debt-load.”[/quote]
Yes, we (CA) rock in the debt department.
June 11, 2010 at 2:47 PM #563471(former)FormerSanDieganParticipant[quote=bearishgurl][quote=FormerSanDiegan]”Californians that claimed the mortgage interest rate deduction saved an average of almost $20,000 from their tax bill in 2008, according to a Tax Foundation analysis of new data from the Internal Revenue Service. ”
http://tinyurl.com/2ablhte
[/quote]Wow, FSD, acc. to your chart, CA taxpayers had the highest real estate indebtedness (showing up in the form of tax deductions) of ALL the states, even more than Mass. and NY, which are typically high-priced markets. This fact doesn’t necessarily speak to the most “wealth” here but rather the most “debt” or largest RE “debt-load.”[/quote]
Yes, we (CA) rock in the debt department.
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