"Harry Krause" wrote in message
...
NOYB wrote:
"Harry Krause" wrote in message
...
NOYB wrote:
wrote in message
ups.com...
wrote:
Yep, they're all about lower taxes.....

Notice the 50% increase in the tax rate for the folks on the bottom
end
of the scale? (Increases from 10% to 15%).

Mortgage deduction: Too bad it can't be saved for inexpensive
"starter"
homes purchased by young families, but a good percentage of folks who
are
allowing the government to subsidize their personal housing expense
(by
enabling them to pay interest on $1mm mortgages with tax-free
dollars)
A tax cut isn't a subsidy!


also fall into a group that gnashes and wails at the very
thought of
any public assistance for low income renters. In reality, the mortgage
interest deduction is probably safe- can you say "Catastrophic real
estate crash", otherwise? It might be reasonable to phase out the
mortgage interest deduction over a period of time, eliminating it
entirely for mortgages dated after XX/XX/XX.

It is long past time for a bi-partisan effort to reduce spending
and/or
raise taxes to restore some fiscal credibilty to our runaway
spendthrift FEDGOV.
I'd support the elimination of itemized deductions...BUT only if they
went to a flat tax across all income levels.




I'd make all income taxable at the current rates



, and increase exemptions for families earning under $50,000, and, of
course, I'd cut b ack drastically on corporate tax breaks. But I would
offer incentives for those corporations building new factories and
facilities in the USA.


So would you cut back the deductibility of home mortgages as proposed?

I didn't say that, did I?

I would, however, eliminate the deduction for a second home.

Yup. Me too.

"P Fritz" wrote in message
...

recognizing the importance of homeownership and charity in American
society;
and (c) promote long-run economic growth and job creation, and better
encourage work effort, saving, and investment, so as to strengthen the
competitiveness of the United States in the global marketplace.


Get rid of my home mortgage interest deduction, and the following happens:

I have less money at the end of the year than I currently have....which will
cause:
1) decreased contributions to charity
2) decreased spending on employees at my business
3) decreased pension plan savings



It sounds to me as if this panel was filled with a bunch of idiots.

On Wed, 19 Oct 2005 18:43:12 GMT, Shortwave Sportfishing
wrote:

On Wed, 19 Oct 2005 18:38:29 GMT, Shortwave Sportfishing
wrote:

On 19 Oct 2005 09:16:34 -0700, wrote:


"The Bush panel's recommendations are a double-barreled blast aimed
squarely at California and the middle class," state Treasurer Phil
Angelides said in a press release. "These recommendations are good for
Texas, but bad for California."

Sen. Charles Schumer, D-N.Y., called it a pernicious proposal and a
"dagger to the heart of the people of New York.

Heh. I find this really amusing. Senator Schumer blasting a tax
increase.

And I just saw none other than Nancy Pelosi, from California, yack
about the mortgage deduction - which amuses me greatly.

Pelosi will tie that in to the poor in New Orleans who lost their homes
(rentals) and now won't be able to claim mortgage interest.
--
John H

"All decisions are the result of binary thinking."

*JimH* wrote:
wrote in message
ups.com...

wrote:
Yep, they're all about lower taxes.....


Notice the 50% increase in the tax rate for the folks on the bottom end
of the scale? (Increases from 10% to 15%).

Mortgage deduction: Too bad it can't be saved for inexpensive "starter"
homes purchased by young families, but a good percentage of folks who
are
allowing the government to subsidize their personal housing expense (by
enabling them to pay interest on $1mm mortgages with tax-free
dollars)also fall into a group that gnashes and wails at the very
thought of
any public assistance for low income renters.

Do you claim a deduction on your home mortgage interest Chuck? If you
really believe what you said you would not. You need to set an example for
the rest of us. ;-)


Actually, I don't claim any mortgage interest deduction at all. (No
mortgage, no interest). As far as an example goes; I hope you don't
have to follow mine. AMT every stinking year. AMT; just another hosing
of the middle class... :-(

"NOYB" wrote in message
hlink.net...

"P Fritz" wrote in message
...

recognizing the importance of homeownership and charity in American
society;
and (c) promote long-run economic growth and job creation, and better
encourage work effort, saving, and investment, so as to strengthen the
competitiveness of the United States in the global marketplace.


Get rid of my home mortgage interest deduction, and the following
happens:

I have less money at the end of the year than I currently have....which
will
cause:
1) decreased contributions to charity
2) decreased spending on employees at my business
3) decreased pension plan savings



It sounds to me as if this panel was filled with a bunch of idiots.

Yeah......they obviously do not know the difference between simplifying
taxes and raising them.

"P Fritz" wrote in message
...

"NOYB" wrote in message
hlink.net...

wrote in message
ups.com...

wrote:
Yep, they're all about lower taxes.....


Notice the 50% increase in the tax rate for the folks on the bottom end
of the scale? (Increases from 10% to 15%).

Mortgage deduction: Too bad it can't be saved for inexpensive "starter"
homes purchased by young families, but a good percentage of folks who
are
allowing the government to subsidize their personal housing expense (by
enabling them to pay interest on $1mm mortgages with tax-free
dollars)

A tax cut isn't a subsidy!


also fall into a group that gnashes and wails at the very
thought of
any public assistance for low income renters. In reality, the mortgage
interest deduction is probably safe- can you say "Catastrophic real
estate crash", otherwise? It might be reasonable to phase out the
mortgage interest deduction over a period of time, eliminating it
entirely for mortgages dated after XX/XX/XX.

It is long past time for a bi-partisan effort to reduce spending and/or
raise taxes to restore some fiscal credibilty to our runaway
spendthrift FEDGOV.

I'd support the elimination of itemized deductions...BUT only if they
went
to a flat tax across all income levels.

Agreed


THERE WILL NEVER BE A FLAT TAX!!!! The ultimate control the government
has over the people is taxation. Boost one group, bring down another group.

"NOYB" wrote in message
hlink.net...

"P Fritz" wrote in message
...

recognizing the importance of homeownership and charity in American
society;
and (c) promote long-run economic growth and job creation, and better
encourage work effort, saving, and investment, so as to strengthen the
competitiveness of the United States in the global marketplace.


Get rid of my home mortgage interest deduction, and the following happens:

I have less money at the end of the year than I currently have....which
will cause:
1) decreased contributions to charity
2) decreased spending on employees at my business
3) decreased pension plan savings



It sounds to me as if this panel was filled with a bunch of idiots.



Maybe you would have to live within your income. Not bet on the come as to
rising home prices to save you from an interest only loan. Why should the
rest of the people support your real estate speculation?

"OlBlueEyes" wrote in message
...
Harry Krause wrote in
:

NOYB wrote:
"Harry Krause" wrote in message
...
NOYB wrote:
wrote in message
ups.com...
wrote:
Yep, they're all about lower taxes.....

Notice the 50% increase in the tax rate for the folks on the
bottom end of the scale? (Increases from 10% to 15%).

Mortgage deduction: Too bad it can't be saved for inexpensive
"starter" homes purchased by young families, but a good percentage
of folks who are
allowing the government to subsidize their personal housing
expense (by enabling them to pay interest on $1mm mortgages with
tax-free dollars)
A tax cut isn't a subsidy!


also fall into a group that gnashes and wails at the very
thought of
any public assistance for low income renters. In reality, the
mortgage interest deduction is probably safe- can you say
"Catastrophic real estate crash", otherwise? It might be
reasonable to phase out the mortgage interest deduction over a
period of time, eliminating it entirely for mortgages dated after
XX/XX/XX.

It is long past time for a bi-partisan effort to reduce spending
and/or raise taxes to restore some fiscal credibilty to our
runaway spendthrift FEDGOV.
I'd support the elimination of itemized deductions...BUT only if
they went to a flat tax across all income levels.




I'd make all income taxable at the current rates



, and increase exemptions for families earning under $50,000, and,
of course, I'd cut b ack drastically on corporate tax breaks. But I
would offer incentives for those corporations building new factories
and facilities in the USA.


So would you cut back the deductibility of home mortgages as
proposed?



I didn't say that, did I?

I would, however, eliminate the deduction for a second home.

What non-defense spending would you cut?

why stick with non-defense? 42% of the budget,approximately, goes to
military either past spending (i.e. Reagan's deficit) or current spending
The military LOST, as in misplaced, one TRILLION dollars last year. If that
was corporation all upper management would be in jail, because it is the
military it barely made the news....... The military needs to be made
accountable!

http://www.ccmep.org/2004_articles/i...t_military.htm

"OlBlueEyes" wrote in message
...
Harry Krause wrote in
:

I'd make all income taxable at the current rates, and increase
exemptions for families earning under $50,000, and, of course, I'd cut b
ack drastically on corporate tax breaks.

What non-defense spending would you cut?

why stick with non-defense? 42% of the budget,approximately, goes to
military either past spending (i.e. Reagan's deficit) or current spending
The military LOST, as in misplaced, one TRILLION dollars last year. If that
was corporation all upper management would be in jail, because it is the
military it barely made the news....... The military needs to be made
accountable!

http://www.ccmep.org/2004_articles/i...t_military.htm

"NOYB" wrote in message news:jpx5f.17098


I'm all for eliminating the home mortgage deduction...BUT only if they
first
lower my marginal rate, and create a flat tax across the board for all
income levels.



I'm all for a flat tax IF ALL money that a person makes is counted as
income. Of course I am talking about no special treatment for dividend
income or capital gains. The only exception would be the profit on the sale
of your home, after all a lot of retirees are counting on that money for
their security.