On Sun, 24 Jul 2011 09:07:20 -0700 (PDT), North Star
wrote:

Donnie, how do you define 'fair share'. Remember, we have about 47% of
our population who pay *no* federal income taxes.- Hide quoted text -

- Show quoted text -

I would say that anyone earning above the 'poverty level', as defined
by the gov't, should start paying taxes. even if at a minimal rate.

======

Good plan Don. You should move down here and start chipping in.

On 7/24/2011 12:07 PM, North Star wrote:
On Jul 24, 10:24 am, John wrote:
On Jul 23, 11:01 pm, North wrote:





On Jul 23, 8:45 pm, John wrote:
http://tinyurl.com/3r5l8ur
I wonder if the Democrats realize that it doesn't take a 'yacht' to have a head, stove, and bed.
Hell, I had that in my 21' Proline.
If they want to do away with a second home mortgage interest deduction, then do it for *all* second
homes.
Why do they pick only on boat owners?
What the 'ell are you whining about??
We don't get a mortgage interest deduction on our income taxes for our
principal home.. let alone cottages or boats.
No wonder the USA is in such deep debt.... no one wants to pay their
fair share of taxes.
Donnie, how do you define 'fair share'. Remember, we have about 47% of
our population who pay *no* federal income taxes.- Hide quoted text -

- Show quoted text -
I would say that anyone earning above the 'poverty level', as defined
by the gov't, should start paying taxes. even if at a minimal rate.
Govt. defined poverty level or real poverty level?

On Jul 24, 1:03*pm, wrote:
On Sun, 24 Jul 2011 10:03:03 -0400, John H
wrote:

Now, $400,000 divided by 360 payments gives $1111 as the amount towards principal, which would leave
$856 of interest paid each month. That would give me a deduction of $10,272. That's a pretty
significant deduction.

That is not how interest works.
You will be paying more like $1417 the first month and it will go down
slightly from there over the loan because you are paying the interest
on the unpaid balance.
Your first year's interest will be more like $17000.

I have a spread sheet I could run to give you the monthly
interest/principle amount for each payment that I put together for a
friend that I loaned the money to buy their first house.

That's OK. I think I was calculating average interest, not front
loaded.

On Jul 24, 12:34*pm, wrote:
On Sun, 24 Jul 2011 06:15:23 -0700 (PDT), John H









wrote:
On Jul 23, 9:44 pm, Florida Jim wrote:
On 7/23/2011 9:35 PM, wrote:

On Sat, 23 Jul 2011 20:58:14 -0400,
wrote:

On 7/23/11 7:55 PM, LilAbner wrote:
On 7/23/2011 7:45 PM, John H wrote:
http://tinyurl.com/3r5l8ur

I wonder if the Democrats realize that it doesn't take a 'yacht' to
have a head, stove, and bed.
Hell, I had that in my 21' Proline.

If they want to do away with a second home mortgage interest
deduction, then do it for *all* second
homes.
All boats and all second homes over a certain value...that'll do it..
What if you travel around in an RV and trailer a boat?

What if you live on your large yacht and have a very big dinghy?

LOL

Eliminate all mortgage interest deductions. That'll do it better.

At least it would be fair across the board. Might not be popular and
might have a somewhat detrimental impact on the housing market. It
would probably help the rental market though.

Somewhat detrimental? Gee, you think? I think it would be fine to
eliminate it, but not now. It is yet again one of those things that
have a great deal of impact on the middle class and virtually no
effect on the rich.

Gosh, you think?

Doing away with the deduction for boat owners does the same. But the
Democrats have never had a problem screwing with the middle class.

On Jul 24, 12:40*pm, wrote:
On Sun, 24 Jul 2011 09:47:37 -0400, John H
wrote:









On Sun, 24 Jul 2011 09:35:45 -0400, I_am_Tosk wrote:

In article 755e3f2f-d08f-4c7d-a527-
, says....

On Jul 23, 11:01 pm, North Star wrote:
On Jul 23, 8:45 pm, John H wrote:

http://tinyurl.com/3r5l8ur

I wonder if the Democrats realize that it doesn't take a 'yacht' to have a head, stove, and bed.
Hell, I had that in my 21' Proline.

If they want to do away with a second home mortgage interest deduction, then do it for *all* second
homes.

Why do they pick only on boat owners?

What the 'ell are you whining about??
We don't get a mortgage interest deduction on our income taxes for our
principal home.. let alone cottages or boats.
No wonder the USA is in such deep debt.... no one wants to pay their
fair share of taxes.

Donnie, how do you define 'fair share'. Remember, we have about 47% of
our population who pay *no* federal income taxes.

He defines it exactly as he thinks Harry would...

Actually, I was trying to avoid a **** storm.

You _are_ a **** storm. Well, actually just a little ****.

Just can't stay away from the name-calling, can you?

Does it satisfy some inner need? Does it make you feel more
intelligent?

On Jul 24, 12:07*pm, North Star wrote:
On Jul 24, 10:24*am, John H wrote:









On Jul 23, 11:01*pm, North Star wrote:

On Jul 23, 8:45*pm, John H wrote:

http://tinyurl.com/3r5l8ur

I wonder if the Democrats realize that it doesn't take a 'yacht' to have a head, stove, and bed.
Hell, I had that in my 21' Proline.

If they want to do away with a second home mortgage interest deduction, then do it for *all* second
homes.

Why do they pick only on boat owners?

What the 'ell are you whining about??
We don't get a mortgage interest deduction on our income taxes for our
principal home.. let alone cottages or boats.
No wonder the USA is in such deep debt.... no one wants to pay their
fair share of taxes.

Donnie, how do you define 'fair share'. Remember, we have about 47% of
our population who pay *no* federal income taxes.- Hide quoted text -

- Show quoted text -

I would say that anyone earning above the 'poverty level', as defined
by the gov't, should start paying taxes. even if at a minimal rate.

Well, if I were wanting lots of votes, I'd define 'poverty level' in
such a way that at least 47$ of the population didn't pay taxes and
was beholden to me.

In article e7abb17c-a5e5-4770-83ac-4a2d683a2b03
@bl1g2000vbb.googlegroups.com, says...

On Jul 24, 10:24*am, John H wrote:
On Jul 23, 11:01*pm, North Star wrote:





On Jul 23, 8:45*pm, John H wrote:

http://tinyurl.com/3r5l8ur

I wonder if the Democrats realize that it doesn't take a 'yacht' to have a head, stove, and bed.
Hell, I had that in my 21' Proline.

If they want to do away with a second home mortgage interest deduction, then do it for *all* second
homes.

Why do they pick only on boat owners?

What the 'ell are you whining about??
We don't get a mortgage interest deduction on our income taxes for our
principal home.. let alone cottages or boats.
No wonder the USA is in such deep debt.... no one wants to pay their
fair share of taxes.

Donnie, how do you define 'fair share'. Remember, we have about 47% of
our population who pay *no* federal income taxes.- Hide quoted text -

- Show quoted text -

I would say that anyone earning above the 'poverty level', as defined
by the gov't, should start paying taxes. even if at a minimal rate.

Don, you have me intrigued. Please show me, fiscally how this would
work.

On Sun, 24 Jul 2011 10:47:58 -0400, Wayne B wrote:

On Sun, 24 Jul 2011 06:15:23 -0700 (PDT), John H
wrote:

Eliminate all mortgage interest deductions. That'll do it better.



At least it would be fair across the board. Might not be popular and
might have a somewhat detrimental impact on the housing market. It
would probably help the rental market though.

===========

Home ownership has always been part of the American dream and the
interest rate deduction is a tacit reaffirmation of that goal.
Without question home ownership leads to a more stable citizenship and
increased two parent family formation. Those were worthwhile goals at
the time and still are.

I'm not knocking home ownership. I think it's great. But, if the mortgage interest deduction were
removed, I still think people would want to buy a home. I don't think that would change. However,
for many people, the cost would have to come down far enough to offset the lack of the interest
deduction.

On Sun, 24 Jul 2011 10:55:10 -0700 (PDT), John H wrote:

On Jul 24, 12:07*pm, North Star wrote:
On Jul 24, 10:24*am, John H wrote:









On Jul 23, 11:01*pm, North Star wrote:

On Jul 23, 8:45*pm, John H wrote:

http://tinyurl.com/3r5l8ur

I wonder if the Democrats realize that it doesn't take a 'yacht' to have a head, stove, and bed.
Hell, I had that in my 21' Proline.

If they want to do away with a second home mortgage interest deduction, then do it for *all* second
homes.

Why do they pick only on boat owners?

What the 'ell are you whining about??
We don't get a mortgage interest deduction on our income taxes for our
principal home.. let alone cottages or boats.
No wonder the USA is in such deep debt.... no one wants to pay their
fair share of taxes.

Donnie, how do you define 'fair share'. Remember, we have about 47% of
our population who pay *no* federal income taxes.- Hide quoted text -

- Show quoted text -

I would say that anyone earning above the 'poverty level', as defined
by the gov't, should start paying taxes. even if at a minimal rate.

Well, if I were wanting lots of votes, I'd define 'poverty level' in
such a way that at least 47$ of the population didn't pay taxes and
was beholden to me.

Please change $ to %.

On Sun, 24 Jul 2011 14:35:53 -0400, Disgusted wrote:

On 7/24/2011 1:44 PM, John H wrote:
On Jul 24, 1:03 pm, wrote:
On Sun, 24 Jul 2011 10:03:03 -0400, John
wrote:

Now, $400,000 divided by 360 payments gives $1111 as the amount towards principal, which would leave
$856 of interest paid each month. That would give me a deduction of $10,272. That's a pretty
significant deduction.

That is not how interest works.
You will be paying more like $1417 the first month and it will go down
slightly from there over the loan because you are paying the interest
on the unpaid balance.
Your first year's interest will be more like $17000.

I have a spread sheet I could run to give you the monthly
interest/principle amount for each payment that I put together for a
friend that I loaned the money to buy their first house.

That's OK. I think I was calculating average interest, not front
loaded.


Here's a good amortization table generator:

http://www.bretwhissel.net/cgi-bin/amortize

That could answer Fl Jim's question about mortgage interest.