Should The GOP Surrender To Obama On Tax Policy?

[captain morgan]

When the unions were stronger and taxes were higher we had full employment.

Back before we had global trade, you could do that... The times are a changin' gopher... You'd be wise to get into the 21st century on this and limit the memories of the good ole days to that of reminiscing about bloated gvt and a union on all business.

Those days are gone forever

Reaganomics has been a dismal failure since day one. The fact that corporations get bailed out while making billions in profits without job increases and while elites shelter their monies overseas proves it.

Yawn...

 

[gopher]

.... no, truth.

 

[tay]

If you can afford a million-dollar mortgage, you don’t need a tax break


First and foremost, current law—which allows homeowners to deduct interest on mortgages up to $1 million—is extremely expensive for the country. As federal data show, it costs roughly $100 billion a year, making it the third largest expenditure woven into the tax code.

Add to this the fact that the deduction can be used for second homes, and the result is a write-off that mostly benefits the wealthy. In dollar-figure terms, it is a deduction that, according to the Tax Policy Center, saves $5460 for someone making more than $250,000 a year and only $91 for those making less than $40,000 a year.

As compelling as these budgetary facts are, though, the single best argument for change comes from an obvious—but taboo—truth.

Put simply, even in the name of the national goal of homeownership, the tax code does not need to subsidize $1 million mortgages, because nobody requires that large a mortgage to afford an adequate home.

The typical rejoinder to this truism is an argument citing disparities in real estate markets.

Sure, you may want to live in New York City's Upper West Side or Southern California's coastal bluffs, and if you have the cash to do so, go right ahead. However, you don't so desperately need to live there that taxpayers should be fully subsidizing your home loan.

more

End the Mansion Subsidy - In These Times

 

[Colpy]

If you can afford a million-dollar mortgage, you don’t need a tax break


First and foremost, current law—which allows homeowners to deduct interest on mortgages up to $1 million—is extremely expensive for the country. As federal data show, it costs roughly $100 billion a year, making it the third largest expenditure woven into the tax code.

Add to this the fact that the deduction can be used for second homes, and the result is a write-off that mostly benefits the wealthy. In dollar-figure terms, it is a deduction that, according to the Tax Policy Center, saves $5460 for someone making more than $250,000 a year and only $91 for those making less than $40,000 a year.

As compelling as these budgetary facts are, though, the single best argument for change comes from an obvious—but taboo—truth.

Put simply, even in the name of the national goal of homeownership, the tax code does not need to subsidize $1 million mortgages, because nobody requires that large a mortgage to afford an adequate home.

The typical rejoinder to this truism is an argument citing disparities in real estate markets.

Sure, you may want to live in New York City's Upper West Side or Southern California's coastal bluffs, and if you have the cash to do so, go right ahead. However, you don't so desperately need to live there that taxpayers should be fully subsidizing your home loan.

more

End the Mansion Subsidy - In These Times

WOW.

We agree on something.