Let's get them damn rich yacht owners!!
 

On Sat, 23 Jul 2011 19:55:06 -0400, 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.

Why do they pick only on boat owners?
It's all sinners that own RVs, a little shack, in the woods, or any
place other than your home.
I'm far from rich.
If they take away the Mortgage Deduction it will cost cost another
thousand a year, in taxes. that with increased cost of health care, if
they cut Medicare, and no COLAs and or reduced Social Security, would
pretty much put us in the poor house.

the GOP is pushing medicare cuts to finance the tax cuts for the
wealthy. they say it will create jobs

problem is, THIS is the economy AFTER pushing massive tax cuts for the
rich.

Let's get them damn rich yacht owners!!
 

On 23/07/2011 7:44 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.

That would in the long term be an excellent idea for many reasons.
First is that the system encourages too much debt. And if 1/2 the homes
were clear title, a melt down in real-estate prices would have never
occurred. There are also other benefits to it, this is just one biggie.
You can't force or bargain much with a home owner that has clear title
and no pressures from the banking.

I know a 62 year old in the US out of work with a mortgage, sad....and
grossly stupid. Desperately seeking work when he could be retired. The
sooner you are out of debt for your home, the sooner you pay yourself to
live there.

People underestimate how much slavery comes with debt.

--
Obama, enslaving Americans with debt-tax slavery for a spending binge.
Doesn't even borrow real money, Bernanke just creates it like a
counterfeiter. .

Let's get them damn rich yacht owners!!
 

On 24/07/2011 8:03 AM, John H wrote:
On Sun, 24 Jul 2011 09:45:25 -0400, Florida wrote:

On 7/24/2011 9:15 AM, John H wrote:
On Jul 23, 9:44 pm, Florida 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.
Fair would be nice.

Agreed.

There is no housing market currently.

Actually there is, but it would get a hell of a lot worse without the interest deduction.

Why should the IRS be involved in giving perks for taxpayers receiving
loans?

Already discussed. The IRS didn't do it, our presidents and congressfolk did it.

At current loan rates, are we talking a lot of money in interest deductions?

Well, look at this:

Basic info
Interest rate [?] 4.250%
APR (annual percentage rate) [?] 4.560%
Loan type [?] 30-year fixed
Points [?] 0.500
Loan amount [?] $400,000
Pre-payment penalty [?] None
Lock period [?] 30 days
Monthly payment
Principal& interest [?] $1,967

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.

The IRS is trying to manipulate our lives with deductions, exemptions,
and credits.

Not the IRS, your president and congressfolk.

*It's not fair*

That's what I said up front!

Not really quite correct. $400K mortgage @ 4.5% over 30 years is about
$329.6K in interest plus the principle of $400K. A financial commitment
of $730K.

Your mortgage deductibility is determined by the interest portion of the
$2027 monthly payment, which is almost $17.9K deductibility the first
year and $582 the last year.

People bitch about not being rich need to know you can't be truly rich
and in debt. Debt costs money for no other value than the advance of money.

But how many would guess if in the 2nd year of the mortgage, you put
just $10K extra down on the principle, keep the payments the same, you
would save $26K? Easiest money you would ever save. As it is all that
interest that makes you poor and banks rich.

--
Obama, enslaving Americans with debt-tax slavery for a spending binge.
Doesn't even borrow real money, Bernanke just creates it like a
counterfeiter. .

Let's get them damn rich yacht owners!!
 

On Jul 24, 1:40*pm, Harryk wrote:
On 7/24/11 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.

Well isn't that convenient, that would make sure you didn't pay any taxes..- Hide quoted text -

- Show quoted text -

I don't pay any taxes???
I bet I pay as much federal/provincial/municipal taxes as some of the
so called high flyers in here.

Let's get them damn rich yacht owners!!
 

On Jul 24, 1:55*pm, Wayne B wrote:
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.

I'd probably feel rich down there. I could afford to hire
FlatulentJim to mow my lawn! ;-)

Let's get them damn rich yacht owners!!
 

On 7/24/2011 2:43 PM, John H wrote:
On Sun, 24 Jul 2011 10:47:58 -0400, Wayne 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.
Either that or buy less house.There is no law that says you must buy the
most expensive house you qualify for. People and governments should live
within their means. After the dot com bubble burst, a lot of folks
American Dream went up in smoke. Similar thing is happening now except
the government is to blame this time. Allow jobs to go off shore. That
ain't good. Encourage people to spend what they don't have. That ain't
good. Force banks to write shaky loans. That ain't good. Believing
Senator Barney when he says everything is fine with Fanny and Freddy.
That ain't good. Bailing out the banks and letting them horde the money.
That ain't good. Paying out ridiculous bonuses to Wall St. execs. That
ain't good. Starting wars without even informing Congress. That really
ain't good.
The only ray of sunshine I see is the election isn't too far away. I
hope we've learned from our mistakes

Let's get them damn rich yacht owners!!
 

On 7/24/2011 3:22 PM, North Star wrote:
On Jul 24, 1:55 pm, Wayne wrote:
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.
I'd probably feel rich down there. I could afford to hire
FlatulentJim to mow my lawn! ;-)
I'm not too proud to offer my lawn mowing services. Problem is you
couldn't afford to make it worth my while.

Let's get them damn rich yacht owners!!
 

On Sun, 24 Jul 2011 14:43:29 -0400, John H
wrote:

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.

I don't disagree. One thing in favor of the current policy is that
because interest payments front load into the early years of the
mortgage, buyers receive the greatest benefit from the deduction when
they need it most. Boats are a little different since they are
typically financed over a much shorter period of time and are a luxury
item with no overall benefit to society much as I hate to say it.
Still, it's not fair to people who financed a boat with the
expectation of deductible interest to have the rug yanked out from
under them.

Let's get them damn rich yacht owners!!
 

On 7/24/11 3:34 PM, Florida Jim wrote:
On 7/24/2011 3:22 PM, North Star wrote:
On Jul 24, 1:55 pm, Wayne wrote:
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.
I'd probably feel rich down there. I could afford to hire
FlatulentJim to mow my lawn! ;-)

I'm not too proud to offer my lawn mowing services. Problem is you
couldn't afford to make it worth my while.

As if there aren't 100 Latinos who are smarter and harder working than
you are, and ready, willing and able to do landscaping and yard work.
You can't compete for work with decent, hard-working folk like that.

Let's get them damn rich yacht owners!!
 

On Sun, 24 Jul 2011 15:37:38 -0400, Wayne B wrote:

On Sun, 24 Jul 2011 14:43:29 -0400, John H
wrote:

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.

I don't disagree. One thing in favor of the current policy is that
because interest payments front load into the early years of the
mortgage, buyers receive the greatest benefit from the deduction when
they need it most. Boats are a little different since they are
typically financed over a much shorter period of time and are a luxury
item with no overall benefit to society much as I hate to say it.
Still, it's not fair to people who financed a boat with the
expectation of deductible interest to have the rug yanked out from
under them.

Amen, especially if, as in your case, the boat really *is* used as a second home.