On Jul 24, 9:58*am, Harryk wrote:
In article ,
says...



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?

My new yacht has two heads and two showers. It's the best of the best. I
wonder where my lobsta' boat went?

Bugger off for a while.

On 7/24/2011 9:46 AM, John H wrote:
On Sun, 24 Jul 2011 09:32:33 -0400, Florida wrote:

On 7/24/2011 9:12 AM, John H wrote:
On Jul 23, 8:58 pm, 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.
Why not *any* qualified second home?
Why give mortgage interest deductions at all? Before you know it renters
will want deductions too, and section 8, and why just a second home?
some poor folks have multiple homes. What about those folks that have 0
interest loans. It's not fair that they don't get a deduction.
That's not the point of this discussion, but it is a good point. I'd have no problem with taking
away the mortgage interest deduction, if they grandfathered, somehow, those who bought their homes
with that deduction as part of their ability-to-pay calculation. My daughter couldn't afford to stay
in her house without the mortgage interest deduction, for example.

If a person has a zero-interest mortgage, then they weren't planning on the deduction in their
ability-to-pay calculations.

Why just a second home? Maybe even the rich congressfolk that dreamed up the deduction couldn't go
so far as to make it available for their sixth home, or whatever.
For people living near the edge there seems to be a mandatory government
ruling or law that forces mortgage holders to rewrite mortgages at a
more favorable rate. I remember hearing about it but I really don't know
any of the details. Perhaps you could look into it for your daughter.

OhBama really wants to help struggling Americans.

On 7/24/2011 10:03 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!

Geeze man. A 400k loan? That would buy Harry's house. Anyone that can
afford Harry's lifestyle shouldn't be worrying about interest deductions.

A $10000 deduction in the 25% bracket would yield only $2500 reduction
in tax.

On 7/24/11 8:37 AM, Florida Jim wrote:
On 7/24/2011 6:39 AM, Wayne B wrote:
On Sat, 23 Jul 2011 20:01:05 -0700 (PDT), North Star
wrote:

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.
It's not that simple. Actually I think that most people do want to
pay their fair share but it gets complicated when the rules change in
mid-stream. People make long term financial decisions based on the
tax structure in place at that time, and then they have to live with
that decision expecting the rules to stay the same.


It should be that simple. The tax code is a quagmire that needs to be
simplified, not expanded. Same with legislation.

I have always believed the tax code should be set up so those who make
or own property/boat just a little bit more than mine should pay the
bulk of the taxes. They need to pay "their fair share".

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.

On 7/24/2011 10:43 AM, Harryk wrote:
On 7/24/11 8:37 AM, Florida Jim wrote:
On 7/24/2011 6:39 AM, Wayne B wrote:
On Sat, 23 Jul 2011 20:01:05 -0700 (PDT), North Star
wrote:

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.
It's not that simple. Actually I think that most people do want to
pay their fair share but it gets complicated when the rules change in
mid-stream. People make long term financial decisions based on the
tax structure in place at that time, and then they have to live with
that decision expecting the rules to stay the same.


It should be that simple. The tax code is a quagmire that needs to be
simplified, not expanded. Same with legislation.

I have always believed the tax code should be set up so those who make
or own property/boat just a little bit more than mine should pay the
bulk of the taxes. They need to pay "their fair share".

Define " just a little bit more than mine".

On 7/24/2011 10:47 AM, 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.


Home ownership is nothing without equity. Some folks become homeowners
for a short while then walk away. because they couldn't afford the house
in the first place or lost a job. That's not the American dream.
You are usually right on the money, but "tacit reaffirmation" is pure
bull****.

In article 2d56966a-fefa-4011-8a06-
, says...

On Jul 24, 9:58*am, Harryk wrote:
In article ,
says...



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?

My new yacht has two heads and two showers. It's the best of the best. I
wonder where my lobsta' boat went?

Bugger off for a while.

I can't. My Dr. Dr. Dr. wife needs my help. She's studying for her
fourth doctorate, you right wing racist.

In article ,
says...

On Sun, 24 Jul 2011 09:45:25 -0400, Florida Jim 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!

Bugger off for awhile.

In article m,
says...

On 7/24/2011 10:43 AM, Harryk wrote:
On 7/24/11 8:37 AM, Florida Jim wrote:
On 7/24/2011 6:39 AM, Wayne B wrote:
On Sat, 23 Jul 2011 20:01:05 -0700 (PDT), North Star
wrote:

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.
It's not that simple. Actually I think that most people do want to
pay their fair share but it gets complicated when the rules change in
mid-stream. People make long term financial decisions based on the
tax structure in place at that time, and then they have to live with
that decision expecting the rules to stay the same.


It should be that simple. The tax code is a quagmire that needs to be
simplified, not expanded. Same with legislation.

I have always believed the tax code should be set up so those who make
or own property/boat just a little bit more than mine should pay the
bulk of the taxes. They need to pay "their fair share".

Define " just a little bit more than mine".

Suffice it to say I have everything a man could want, and no one else
here can compare to me.