[BilboBagend]

Time for these tax incentives to go. All they do is feed the banks. The homeowner is not the one who gets the benefit. It just leads to greedy bank executives raising interest rates.

[brandon]

Are you talking about deducting your mortgage interest? If so then yes I agree. I don't see how it's fair that the taxpayers should have to refund Harry Homeowner's interest charges on his home loan.

I do know one thing for sure. The most important consideration to a working or middle class family is the amount of their monthly mortgage payment, and keeping it as low as possible. Raising rates increases the amount of that payment and less people can afford a mortgage. Even if the majority of it is returned to them at tax time. To me, from the POV of a lender, that doesn't seem to be a good business model.

You wanna borrow money? YOU pay for it.

[brandon]

And not just Harry Homeowner. People claiming the 50k, 100k and million dollar limits on seconds and home equities and secondary residences.

It ain't right.

[BilboBagend]

Then you think that all business interest expenses should not be tax deductible????

[BilboBagend]

The biggest tax inequity is that businesses and corporations pay taxes on net profits while people pay taxes on wage revenues.

That corporate "extremely high tax rate" of 35% is about the same as a tax rate of about 4% on wages.

[elklindo69]

That tax break will be impossible to eliminate. The NAR and the ABA are the NRA's of the financial industry.

[BilboBagend]

I am for equity.

1) The tax code should treat wage income equitably with business, corporate, and investment gains.

2) It should be simple and difficult to game. (note: 4% on revenues is about equal to 35% on profits on average for corporations.) Tax business and corporate revenues at 4%. Simple. Least game able. Tax all capital gains, interest, dividends, etc at an equitable rate.

3) Eliminate gambling within the financial markets. Futures and derivatives that exist only on book and have no actual real existing asset (a farm field, a mine, a share of stock, a property, etc.) contractually dedicated to fulfillment of that future or derivative are simply gambling, should be clearly labeled as such, should not be held by banks or pensions, or etc., and should be traded in gambling institutions only. Let "hedge funds" hold all these gambling tickets they want. Do not let such these gamboling tickets have contractual terms that pledge delivery of real assets and force gamblers and bookmakers to go to the real financial markets overload those markets with gambling debts.

[brandon]

Then you think that all business interest expenses should not be tax deductible????

Again, if you want to borrow money, pay for it yourself. Just as with a home loan, taxpayers should not be forced to pay for the cost of a business loan, or to finance the growth of a private enterprise.

[BilboBagend]

A screw driver should be an expense but an interest expense should NOT be an expense for a business???

Crazy.

Flour should be an expense, but not interest?

Please, tell us which expenses are legitimate expenses of doing business and which are not since it is clear you have God given information that the rest of us seem to have missed.

[brandon]

Buy your own screwdriver for your own business. Pay your own costs of your own business loan.
Pay for your own travel expenses, office supplies, depreciation on your automobile. etc. Don't make everyone else pay for it.

Simple stuff really.

What's so hard to understand?

[johnforbes]

I agree with Brandon that, in a logical sense, there should be no mortgage interest deduction. And it isn't difficult to find foreign lands which don't have that.

But one might also argue that home ownership is good for society. Both Dems and Repubs favored that, which was one reason (not the whole by any means) for the Crash of 08.

[RealJustme]

There is simple way end the corruption in the IRS, tax cheats and the unfair tax system. Flat tax, offer IRS workers jobs in the military as the IRS is shut down.

The only problem with my suggestion is 90% of IRS workers wouldn't qualify for military service due to physical, mental or criminal records so would be rejected so I guess the IRS workers would have to find their own jobs.

[elklindo69]

Buy your own screwdriver for your own business. Pay your own costs of your own business loan.
Pay for your own travel expenses, office supplies, depreciation on your automobile. etc. Don't make everyone else pay for it.

Simple stuff really.

What's so hard to understand?

I've read some dumb shit, so I'm going to save ^^this post^^ for my posterity.

Lending activity has been used to finance business activity since prebiblical times. So now we are supposed to eliminate modern financial instruments; stocks, bonds, currencies, etc because some tool on the internet says so...

I want to Brandon tell everybody how he never had a bank account, or a credit card, bought his POS drag racer, and dream home in cash because he never took out a loan.

Fucking clown...

:lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol:

[elklindo69]

There is simple way end the corruption in the IRS, tax cheats and the unfair tax system. Flat tax, offer IRS workers jobs in the military as the IRS is shut down.

The only problem with my suggestion is 90% of IRS workers wouldn't qualify for military service due to physical, mental or criminal records so would be rejected so I guess the IRS workers would have to find their own jobs.

POed because you didn't get hired for that high paying guvmint job?

:lol:

[RealJustme]

POed because you didn't get hired for that high paying guvmint job?

You can even spell Gov't. :lol: :lol: :lol:

[BilboBagend]

There is a simple way to take away tax incentives, preserve proper operational incentives, keep an equal playing fied for all business entities and private people. and still support everyone equably. Tax businesses and corporations on revenues. Let the free market take care of non-profitable businesses. Keep tax consideration out of business decision and tax incentives as perks for the wealthy. By taxing revenues, interest dividends, and capital gains and leaving profits out of the equation businesses will be much more focused on operations, profit, and less on executives perks and tax evasion. Let the owners push the businesses for profits.

[RealJustme]

By taxing revenues, interest dividends, and capital gains and leaving profits out of the equation businesses will be much more focused on operations, profit, and less on executives perks and tax evasion

Why should one be forces to pay taxes twice on their money... just because you invested it well? Does that mean if you invest poorly or run a business poorly the government pay for your loses? :roll:

What do liberals have against a flat tax?

[BilboBagend]

Do you have any idea what you are talking about justupid.?

[brandon]

Elklindo, I think you need to slow down and re read what we are talking about. Several times if you need to.

Or do you not understand?


And when your done, please...share your opinion.

[elklindo69]

By taxing revenues, interest dividends, and capital gains and leaving profits out of the equation businesses will be much more focused on operations, profit, and less on executives perks and tax evasion

Why should one be forces to pay taxes twice on their money... just because you invested it well? Does that mean if you invest poorly or run a business poorly the government pay for your loses? :roll:

What do liberals have against a flat tax?

Flat taxes are regressive, plain and simple.

If you don't like double taxation of dividends, then change corporate tax structure to MLP status to where 90% earnings or whatever it is are paid out by federal law.

And if you don't like that then have a progressive tax code with no deductions. It's much more palatable than the flat tax. The flat tax idea has seen more circulation then the hookers on 42nd St.

As far as government intervention in the private sector goes. I have no issue with the government issuing debt to private entities. TARP was a fantastic investment by the government into the banking system. They extracted usurious rates from screwed up banks and made money hand over fist while stabilizing the financial system. The federal government for better or worse happens to be the lender of last resort. No private organization can leverage up like the government. Repugnant to some, it was the right thing to do. If not we would have been in another depression.

[BilboBagend]

Tax rates are the subterfuge.

The greatest fraud is that businesses pay taxes on. profits and people pay taxes on .revenues (wages)

That makes the corporate maximum tax rate of 35% equivalent to a 4% tax rate on wages.

So tax us all at 4% and be done with all the complexities in the tax code and all the many areas where businesses can game the system.

[RealJustme]

The greatest fraud is that businesses pay taxes...

I totally agree.

When a company pays an employee they pay a ton of taxes and then that same employee pays a ton of taxes. So why shouldn't the goal be to allow the company to grow off of it's profits so they can hire more people and pay higher salaries which = more revenue for the Government?

Even when they pay their CEO tons of money, both the company and the CEO ends up paying tons of taxes...isn't that a good thing for revenue?

[BilboBagend]

You make no sense and make no proposals. You have no coherent statements, justupid.. Just simple plain incoherent whining malice is all you have.