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(former)FormerSanDiegan
ParticipantI also disagree with the thesis that eliminaiton of the mortgage interest deduction would result in increased tax revenue for Government.
There’s no way they would reap the $100 Billion claimed (see #1 below). I think there can lso be an argument made that the end result might even result in a loss in revenue to state & local governments equal to or larger than the $100 billionHere’s why:
1. People respond to changes in tax code. I, for example would rent out my primary and move into a rental. The mortgage interest I currently pay would turn into a business expense.
2. Elimination in MID would put downward pressure on home prices. In the long-run property prices will be lower than they would have been if the MID were in effect, resulting in decreased property tax revenues to local/state governments.
Participant[quote=captcha]I was under impression that all interest used to be deductible. If that is the case the current deduction is really not a subsidy, but money not confiscated by the government. Yet.
And low-income renters do get some breaks like Section 8 and renter’s tax credit in some states (including CA).[/quote]
captcha is correct. Interest on credit cards and installment loans (e.g. car loans, furtniture loans, etc) were deductible before 1986 tax reform.
Personally, I’d rather see the US end other subsidies before this one. At least this one does impact working families (well, at least working families in expeinsve areas). What about the $70 Billion subsidies to big oil companies ?
Let’s cut that first.Participant[quote=captcha]I was under impression that all interest used to be deductible. If that is the case the current deduction is really not a subsidy, but money not confiscated by the government. Yet.
And low-income renters do get some breaks like Section 8 and renter’s tax credit in some states (including CA).[/quote]
captcha is correct. Interest on credit cards and installment loans (e.g. car loans, furtniture loans, etc) were deductible before 1986 tax reform.
Personally, I’d rather see the US end other subsidies before this one. At least this one does impact working families (well, at least working families in expeinsve areas). What about the $70 Billion subsidies to big oil companies ?
Let’s cut that first.Participant[quote=captcha]I was under impression that all interest used to be deductible. If that is the case the current deduction is really not a subsidy, but money not confiscated by the government. Yet.
And low-income renters do get some breaks like Section 8 and renter’s tax credit in some states (including CA).[/quote]
captcha is correct. Interest on credit cards and installment loans (e.g. car loans, furtniture loans, etc) were deductible before 1986 tax reform.
Personally, I’d rather see the US end other subsidies before this one. At least this one does impact working families (well, at least working families in expeinsve areas). What about the $70 Billion subsidies to big oil companies ?
Let’s cut that first.Participant[quote=captcha]I was under impression that all interest used to be deductible. If that is the case the current deduction is really not a subsidy, but money not confiscated by the government. Yet.
And low-income renters do get some breaks like Section 8 and renter’s tax credit in some states (including CA).[/quote]
captcha is correct. Interest on credit cards and installment loans (e.g. car loans, furtniture loans, etc) were deductible before 1986 tax reform.
Personally, I’d rather see the US end other subsidies before this one. At least this one does impact working families (well, at least working families in expeinsve areas). What about the $70 Billion subsidies to big oil companies ?
Let’s cut that first.Participant[quote=captcha]I was under impression that all interest used to be deductible. If that is the case the current deduction is really not a subsidy, but money not confiscated by the government. Yet.
And low-income renters do get some breaks like Section 8 and renter’s tax credit in some states (including CA).[/quote]
captcha is correct. Interest on credit cards and installment loans (e.g. car loans, furtniture loans, etc) were deductible before 1986 tax reform.
Personally, I’d rather see the US end other subsidies before this one. At least this one does impact working families (well, at least working families in expeinsve areas). What about the $70 Billion subsidies to big oil companies ?
Let’s cut that first.Participant[quote=temeculaguy]Speaking of gold.
“On Aug. 2, holding by large gold speculators—namely hedge funds—hit “readings that are the highest ever in our records,” stated a Bank of America Merrill Lynch analysis of CFTC data.”
http://www.cnbc.com/id/44110093
Investing is a lot like going to parties to meet women. Sometimes it’s good to be one of the first ones to the party so you can get a good seat, but the risk is that you have to do a lot more guessing at how many women will show up. Sometimes going to the party just as it’s getting going is better, you can check out the talent that it is line to get an idea of what it will be like. Sometimes showing up later, when the party is in full swing is a safer bet, you can clearly see what the talent and the ratio will be, but some of the good ones are already taken by then, so there’s less upside.
But the one party you do not want to go to is the party that has been going on for hours and the hedge fund guys are already there. Because those guys have already knocked up or given an STD to every woman at the party. They will be out the door and driving away before you get your first drink. You’ll likely have to pay them for thier parking spot and pay them again for their seat (both of which they didn’t pay for). They will also likely take a dump into a paper bag because there was a line at the bathroom and tell you to hold it for them because they will be right back. The best strategy is to just keep driving if you see their cars in the driveway when you arrive because you know how this party ends, crying, dna tests or antibiotics, you can set your watch to it.
So there you are, holding a poop in a bag, getting yelled at by a drunk and infected woman who thinks you were the one who knocked her up. Maybe you go to better parties than I do, but I’m not doing that again.[/quote]
Another Instant Classic from TG !
Participant[quote=temeculaguy]Speaking of gold.
“On Aug. 2, holding by large gold speculators—namely hedge funds—hit “readings that are the highest ever in our records,” stated a Bank of America Merrill Lynch analysis of CFTC data.”
http://www.cnbc.com/id/44110093
Investing is a lot like going to parties to meet women. Sometimes it’s good to be one of the first ones to the party so you can get a good seat, but the risk is that you have to do a lot more guessing at how many women will show up. Sometimes going to the party just as it’s getting going is better, you can check out the talent that it is line to get an idea of what it will be like. Sometimes showing up later, when the party is in full swing is a safer bet, you can clearly see what the talent and the ratio will be, but some of the good ones are already taken by then, so there’s less upside.
But the one party you do not want to go to is the party that has been going on for hours and the hedge fund guys are already there. Because those guys have already knocked up or given an STD to every woman at the party. They will be out the door and driving away before you get your first drink. You’ll likely have to pay them for thier parking spot and pay them again for their seat (both of which they didn’t pay for). They will also likely take a dump into a paper bag because there was a line at the bathroom and tell you to hold it for them because they will be right back. The best strategy is to just keep driving if you see their cars in the driveway when you arrive because you know how this party ends, crying, dna tests or antibiotics, you can set your watch to it.
So there you are, holding a poop in a bag, getting yelled at by a drunk and infected woman who thinks you were the one who knocked her up. Maybe you go to better parties than I do, but I’m not doing that again.[/quote]
Another Instant Classic from TG !
Participant[quote=temeculaguy]Speaking of gold.
“On Aug. 2, holding by large gold speculators—namely hedge funds—hit “readings that are the highest ever in our records,” stated a Bank of America Merrill Lynch analysis of CFTC data.”
http://www.cnbc.com/id/44110093
Investing is a lot like going to parties to meet women. Sometimes it’s good to be one of the first ones to the party so you can get a good seat, but the risk is that you have to do a lot more guessing at how many women will show up. Sometimes going to the party just as it’s getting going is better, you can check out the talent that it is line to get an idea of what it will be like. Sometimes showing up later, when the party is in full swing is a safer bet, you can clearly see what the talent and the ratio will be, but some of the good ones are already taken by then, so there’s less upside.
But the one party you do not want to go to is the party that has been going on for hours and the hedge fund guys are already there. Because those guys have already knocked up or given an STD to every woman at the party. They will be out the door and driving away before you get your first drink. You’ll likely have to pay them for thier parking spot and pay them again for their seat (both of which they didn’t pay for). They will also likely take a dump into a paper bag because there was a line at the bathroom and tell you to hold it for them because they will be right back. The best strategy is to just keep driving if you see their cars in the driveway when you arrive because you know how this party ends, crying, dna tests or antibiotics, you can set your watch to it.
So there you are, holding a poop in a bag, getting yelled at by a drunk and infected woman who thinks you were the one who knocked her up. Maybe you go to better parties than I do, but I’m not doing that again.[/quote]
Another Instant Classic from TG !
Participant[quote=temeculaguy]Speaking of gold.
“On Aug. 2, holding by large gold speculators—namely hedge funds—hit “readings that are the highest ever in our records,” stated a Bank of America Merrill Lynch analysis of CFTC data.”
http://www.cnbc.com/id/44110093
Investing is a lot like going to parties to meet women. Sometimes it’s good to be one of the first ones to the party so you can get a good seat, but the risk is that you have to do a lot more guessing at how many women will show up. Sometimes going to the party just as it’s getting going is better, you can check out the talent that it is line to get an idea of what it will be like. Sometimes showing up later, when the party is in full swing is a safer bet, you can clearly see what the talent and the ratio will be, but some of the good ones are already taken by then, so there’s less upside.
But the one party you do not want to go to is the party that has been going on for hours and the hedge fund guys are already there. Because those guys have already knocked up or given an STD to every woman at the party. They will be out the door and driving away before you get your first drink. You’ll likely have to pay them for thier parking spot and pay them again for their seat (both of which they didn’t pay for). They will also likely take a dump into a paper bag because there was a line at the bathroom and tell you to hold it for them because they will be right back. The best strategy is to just keep driving if you see their cars in the driveway when you arrive because you know how this party ends, crying, dna tests or antibiotics, you can set your watch to it.
So there you are, holding a poop in a bag, getting yelled at by a drunk and infected woman who thinks you were the one who knocked her up. Maybe you go to better parties than I do, but I’m not doing that again.[/quote]
Another Instant Classic from TG !
Participant[quote=temeculaguy]Speaking of gold.
“On Aug. 2, holding by large gold speculators—namely hedge funds—hit “readings that are the highest ever in our records,” stated a Bank of America Merrill Lynch analysis of CFTC data.”
http://www.cnbc.com/id/44110093
Investing is a lot like going to parties to meet women. Sometimes it’s good to be one of the first ones to the party so you can get a good seat, but the risk is that you have to do a lot more guessing at how many women will show up. Sometimes going to the party just as it’s getting going is better, you can check out the talent that it is line to get an idea of what it will be like. Sometimes showing up later, when the party is in full swing is a safer bet, you can clearly see what the talent and the ratio will be, but some of the good ones are already taken by then, so there’s less upside.
But the one party you do not want to go to is the party that has been going on for hours and the hedge fund guys are already there. Because those guys have already knocked up or given an STD to every woman at the party. They will be out the door and driving away before you get your first drink. You’ll likely have to pay them for thier parking spot and pay them again for their seat (both of which they didn’t pay for). They will also likely take a dump into a paper bag because there was a line at the bathroom and tell you to hold it for them because they will be right back. The best strategy is to just keep driving if you see their cars in the driveway when you arrive because you know how this party ends, crying, dna tests or antibiotics, you can set your watch to it.
So there you are, holding a poop in a bag, getting yelled at by a drunk and infected woman who thinks you were the one who knocked her up. Maybe you go to better parties than I do, but I’m not doing that again.[/quote]
Another Instant Classic from TG !
ParticipantMaybe those people are walking around the mall window shopping for entertainment and spending an occasional $40 – $50. Whereas when the economy is going well, they are working at their job, ordering $100 worth of stuff from Amazon three times a week, and spending the weekends in the Wine Country or doing other weekend trips.
Maybe they are spending a few hundred bucks at Restoration Hardware on knobs for their kitchen cabinet, instead of a full-up $100K top shelf kitchen remodel.
What’s missing in the perception of observing more shoppers in the mall is the consideration of what they might have been or would like to be doing/spending in a better economy.
ParticipantMaybe those people are walking around the mall window shopping for entertainment and spending an occasional $40 – $50. Whereas when the economy is going well, they are working at their job, ordering $100 worth of stuff from Amazon three times a week, and spending the weekends in the Wine Country or doing other weekend trips.
Maybe they are spending a few hundred bucks at Restoration Hardware on knobs for their kitchen cabinet, instead of a full-up $100K top shelf kitchen remodel.
What’s missing in the perception of observing more shoppers in the mall is the consideration of what they might have been or would like to be doing/spending in a better economy.
ParticipantMaybe those people are walking around the mall window shopping for entertainment and spending an occasional $40 – $50. Whereas when the economy is going well, they are working at their job, ordering $100 worth of stuff from Amazon three times a week, and spending the weekends in the Wine Country or doing other weekend trips.
Maybe they are spending a few hundred bucks at Restoration Hardware on knobs for their kitchen cabinet, instead of a full-up $100K top shelf kitchen remodel.
What’s missing in the perception of observing more shoppers in the mall is the consideration of what they might have been or would like to be doing/spending in a better economy.
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