Moderator: Nicole Marie
Giant Communist Robot wrote: Unusual coming from a Republican. Correct me if I'm wrong.
as if having a mortgage is some sort of patriotic duty, and getting a tax break on the interest is some sort of right.
jamiebk wrote:999 is clearly bad in so many ways. Tax consumer spending instead of income and you will gut retail sales. it also burdens states with collection and many states already have a sales tax. Bottom line, be prepared to pay a whole hell of a lot more in aggregate taxes if this lame idea gets traction.
If the consumers have more money in their pockets due to the lower income tax rate, they may feel richer and spend more anyhow.
Shapley wrote:That's why I think it will never gain favour among conservatives. Most have always favoured the income/consumption tax ideas as an either/or concept. They do not favour federal consumption tax unless we get rid of the 16th Amendment. We do not favour expanding the federal government's authority to tax us on both ends.
jamiebk wrote:If the consumers have more money in their pockets due to the lower income tax rate, they may feel richer and spend more anyhow.
More money in their pockets??? Uh...not really. Under this plan in CA for instance, where we already have a 7-8% sales tax (and an income tax) consumers will see taxes on for instance, necessities like appliances etc. go from 7% to 16%+. That does not count the "other" "9's". Hardly any Americans are at that marginal rate.
jamiebk wrote:Some people don't have a choice of behavior...they are the poor or under-employed who currently pay very little if any tax (and rightfully so). Under 999, they will pay just like everyone else. 9-36% of their income is a whole lot more significant to them.
piqaboo wrote:Remove it from existing loans and we'll get default crisis round III. Not from foolish, greedy or folks who hoped to flip but had bad timing, but from careful people who had the rules changed on them mid-game.
piqaboo wrote:Most mortgages are 30 years. Putting in a 10-year expiry clause doesnt sound thoughtful.
In effect that makes it a gov't imposed adjustable rate mortgage, imposed on people who paid the higher costs of having a fixed rate mortgage.
The call for higher corporate taxes is no different
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