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Tue Oct 2, 2012, 09:31 PM

Mitt Romney suggests cutting mortgage interest deduction on eve of presidential debate

Source: Newsday

DENVER - Offering deficit-cutting ideas before his first debate with President Barack Obama, Mitt Romney says he might be willing to reduce income tax deductions used by millions of families for home mortgage interest and health care costs.

He suggested the changes could be part of a plan that includes a 20 percent cut in tax rates across the board, continuation of upper income tax cuts that Obama wants to end and a comprehensive tax overhaul plan that the Republican presidential contender has so far declined to flesh out in detail. Romney says his overall plans would invigorate the slowly recovering U.S. economy. . .

. . . In an interview Monday night with Denver TV station KDVR, Romney said, "As an option you could say everybody's going to get up to a $17,000 deduction. And you could use your charitable deduction, your home mortgage deduction, or others your health care deduction, and you can fill that bucket, if you will, that $17,000 bucket that way. And higher income people might have a lower number." . . .

Read more: http://www.newsday.com/news/nation/mitt-romney-suggests-cutting-mortgage-interest-deduction-on-eve-of-presidential-debate-1.4066809



Got to have that 20 percent tax cut for the Koch brothers, after all. As Ryan said, that's the most important thing of all.

So long, Mittens, and good riddance.

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Reply Mitt Romney suggests cutting mortgage interest deduction on eve of presidential debate (Original post)
Faygo Kid Oct 2012 OP
yourout Oct 2012 #1
CthulhusEvilCousin Oct 2012 #29
fasttense Oct 2012 #47
KansDem Oct 2012 #77
Kablooie Oct 2012 #95
Rosa Luxemburg Oct 2012 #85
tk2kewl Oct 2012 #2
Journeyman Oct 2012 #3
Salviati Oct 2012 #11
WestWisconsinDem Oct 2012 #15
roguevalley Oct 2012 #4
Heather MC Oct 2012 #13
janx Oct 2012 #40
hfojvt Oct 2012 #90
rob whitey Oct 2012 #92
hfojvt Oct 2012 #96
Frank Cannon Oct 2012 #50
OldDem2012 Oct 2012 #70
sarcasmo Oct 2012 #88
Flatpicker Oct 2012 #5
Kelvin Mace Oct 2012 #16
CthulhusEvilCousin Oct 2012 #31
KatyMan Oct 2012 #55
PopeOxycontinI Oct 2012 #6
Faygo Kid Oct 2012 #8
Kingofalldems Oct 2012 #22
Corgigal Oct 2012 #72
Frustratedlady Oct 2012 #79
Sidnerd Oct 2012 #86
WCGreen Oct 2012 #46
Hassin Bin Sober Oct 2012 #69
redwitch Oct 2012 #89
spinbaby Oct 2012 #7
awoke_in_2003 Oct 2012 #25
primavera Oct 2012 #9
bluemarkers Oct 2012 #10
wordpix Oct 2012 #27
Brigid Oct 2012 #12
lunasun Oct 2012 #35
Heather MC Oct 2012 #14
Wednesdays Oct 2012 #18
Heather MC Oct 2012 #21
klook Oct 2012 #30
Heather MC Oct 2012 #34
klook Oct 2012 #73
Heather MC Oct 2012 #75
Heather MC Oct 2012 #76
rob whitey Oct 2012 #84
NotThisTime Oct 2012 #83
janx Oct 2012 #45
Heather MC Oct 2012 #56
Ash_F Oct 2012 #17
jmowreader Oct 2012 #32
muriel_volestrangler Oct 2012 #48
jmowreader Oct 2012 #71
reformist2 Oct 2012 #19
Kelvin Mace Oct 2012 #20
central scrutinizer Oct 2012 #23
graham4anything Oct 2012 #24
Mojambo Oct 2012 #26
wordpix Oct 2012 #28
MrSlayer Oct 2012 #33
wordpix Oct 2012 #61
rob whitey Oct 2012 #97
King_Klonopin Oct 2012 #36
0rganism Oct 2012 #37
jmowreader Oct 2012 #38
Beowulf Oct 2012 #39
muriel_volestrangler Oct 2012 #49
progressivebydesign Oct 2012 #41
SleeplessinSoCal Oct 2012 #42
mckara Oct 2012 #43
Historic NY Oct 2012 #44
RKP5637 Oct 2012 #51
mindfulNJ Oct 2012 #52
RKP5637 Oct 2012 #53
HereSince1628 Oct 2012 #54
eringer Oct 2012 #57
wordpix Oct 2012 #60
Hugin Oct 2012 #58
On the Road Oct 2012 #59
RoccoR5955 Oct 2012 #62
bemildred Oct 2012 #63
NICO9000 Oct 2012 #64
truthisfreedom Oct 2012 #65
Sunlei Oct 2012 #66
Spitfire of ATJ Oct 2012 #67
renate Oct 2012 #68
DallasNE Oct 2012 #74
hedgehog Oct 2012 #78
McCamy Taylor Oct 2012 #80
Frisbee Oct 2012 #81
LittlestStar Oct 2012 #82
Ilsa Oct 2012 #87
Mellow56 Oct 2012 #91
TexasBushwhacker Oct 2012 #93
Kablooie Oct 2012 #94

Response to Faygo Kid (Original post)

Tue Oct 2, 2012, 09:35 PM

1. Probably the single stupidist idea to date.....the housing market would...

completely bottom out in less than a year.

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Response to yourout (Reply #1)

Tue Oct 2, 2012, 10:36 PM

29. I heard the same opinion

from a conservative a few months ago when Romney first said this. It came out in some "secret" donor meeting and is not news to me since I read it, though this is the first time Romney has said it publicly.

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Response to yourout (Reply #1)

Wed Oct 3, 2012, 04:21 AM

47. Not to worry, it's only the deduction for your 1st house

That will be eliminated in the Romney - Ryan tax plan

The mortgage interest deductions for 2nd, 3rd, 4th......11th will still apply.

So, the filthy rich will still be able to buy houses on the cheap.

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Response to fasttense (Reply #47)

Wed Oct 3, 2012, 03:30 PM

77. What happens if you don't know how many houses you own?

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Response to KansDem (Reply #77)

Fri Oct 5, 2012, 01:29 AM

95. They won't be taxed because if you don't know about them you won't report them.

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Response to fasttense (Reply #47)

Wed Oct 3, 2012, 08:11 PM

85. McMansions will be able to buy several large properties

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Response to Faygo Kid (Original post)

Tue Oct 2, 2012, 09:38 PM

2. the housing market will crater and foreclosures will skyrocket

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Response to Faygo Kid (Original post)

Tue Oct 2, 2012, 09:39 PM

3. "Hey, Rocky! Watch me pull an Election Fail out of my hat!". . .

~ Mittwinkle Mormoose

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Response to Journeyman (Reply #3)

Tue Oct 2, 2012, 09:50 PM

11. But Mittwinkle, That trick ALWAYS works!

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Response to Salviati (Reply #11)

Tue Oct 2, 2012, 09:58 PM

15. Mittwinkle! Another to add to the list!

 

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Response to Faygo Kid (Original post)

Tue Oct 2, 2012, 09:41 PM

4. that deduction keeps me in my house

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Response to roguevalley (Reply #4)

Tue Oct 2, 2012, 09:53 PM

13. Us too, we would be screwed without it.

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Response to roguevalley (Reply #4)

Tue Oct 2, 2012, 11:30 PM

40. It keeps many of us in our homes, or at least

Last edited Wed Oct 3, 2012, 12:26 AM - Edit history (1)

helps us to survive as we pay for them. This guy is so out of touch as to be crazy! Does he want even more people to lose their homes?!

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Response to janx (Reply #40)

Wed Oct 3, 2012, 11:30 PM

90. I find that hard to believe

I wish those making the claim would provide some numbers.

The mortgage interest deduction largely benefits the rich.

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Response to hfojvt (Reply #90)

Fri Oct 5, 2012, 12:39 AM

92. Exactly!

Exactly! Those who don't understand that are not paying attention. The average middle class person is getting less than $200. Many people think that the amount of interest they paid comes off their tax bill. Not so. Your taxable income is reduced by the amount of interest you paid, that's all.

So someone making $75,000 living in a $200,000 house is not getting jack (on average $179). But the guy making $250,000 living in a $1,000,000 house is getting a couple grand off his tax bill.

Of course the real estate lobby wants us to believe that the MID promotes home ownership. But the Canadians, British, and Austrailians don't have it and their home ownership rates are about the same as the US. But they have an incentive to propogate this myth because the MID is most beneficial in the first few years of home ownership. Being halfway done paying my mortgage, I've paid almost all of the interest and the rest is principal. Therfore I have a tiny deduction. My realtor friends remind me of this all the time in an attempt to get me to buy a new house.

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Response to rob whitey (Reply #92)

Fri Oct 5, 2012, 11:47 AM

96. it's worse than that though

you don't even get to deduct interest.

What happens is

itemized deductions
mortgage interest
property (or sales) taxes
other deductions
other deductions
___________
total itemized deductions = X

but your gain is only X - standard deduction.

So in order to gain, you not only have to be paying a lot of interest, but a lot of real estate taxes and other itemizable expenses.

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Response to roguevalley (Reply #4)

Wed Oct 3, 2012, 08:02 AM

50. Same here. Same for a lot of homeowners I know.

This guy really is either the dumbest motherfucker on the planet, or he's trolling us all.

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Response to roguevalley (Reply #4)

Wed Oct 3, 2012, 01:07 PM

70. Add us to the list, too...

...and it has been a REAL struggle, believe me.

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Response to roguevalley (Reply #4)

Wed Oct 3, 2012, 08:31 PM

88. Bingo! Which is all part of DR Evils plan.

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Response to Faygo Kid (Original post)

Tue Oct 2, 2012, 09:42 PM

5. No

I liked Gul Dukat.

He had more depth and empathy than the Money Man.

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Response to Flatpicker (Reply #5)

Tue Oct 2, 2012, 10:07 PM

16. Yes, that was my first thought

Dukat had some scruples.

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Response to Flatpicker (Reply #5)

Tue Oct 2, 2012, 10:38 PM

31. Dukat

had a greater ability to relate to human beings.

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Response to Flatpicker (Reply #5)

Wed Oct 3, 2012, 08:45 AM

55. My wife agrees with you....

She thinks Dukat is one of the sexiest characters around!

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Response to Faygo Kid (Original post)

Tue Oct 2, 2012, 09:42 PM

6. That takes some balls...

after taking a 70k deduction for his goddamn HORSE!

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Response to PopeOxycontinI (Reply #6)

Tue Oct 2, 2012, 09:45 PM

8. Good point: He took $77,000 deduction for his show horse.

But God forbid a middle class family take a deduction for their home - likely their only one, too.

Obvious moochers to Romney and Ryan.

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Response to Faygo Kid (Reply #8)

Tue Oct 2, 2012, 10:16 PM

22. Well that deduction would stay of course.

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Response to Faygo Kid (Reply #8)

Wed Oct 3, 2012, 02:45 PM

72. and that's the answer

President Obama should say at the debate. It's outrageous.

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Response to Faygo Kid (Reply #8)

Wed Oct 3, 2012, 03:41 PM

79. What would he have taken if he thought no one was watching?

I wouldn't trust Romney (or, Ryan) any further than I could see them.

I think Mitt is trying to lose. He knows he's not going to win without cheating and this work is harder than he thought. Why before the debate? Too obvious.

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Response to Faygo Kid (Reply #8)

Wed Oct 3, 2012, 08:13 PM

86. Don't think it's a deduction ...

It's probably considered an expense, so yes, it would stay.

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Response to PopeOxycontinI (Reply #6)

Wed Oct 3, 2012, 12:38 AM

46. There is a big difference because the horse was a "business" while

Mortgage is a "personal" deductions...

The deductibility of mortgage interest keeps the values of homes high, allowing a whole mess of people to build up equity in order to leverage their assets for things such as education.

Well, business is so much more important to the GOP. What else should we expect.

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Response to WCGreen (Reply #46)

Wed Oct 3, 2012, 12:52 PM

69. Correction: That horse is a "hobby" under the IRS rules.

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Response to PopeOxycontinI (Reply #6)

Wed Oct 3, 2012, 10:30 PM

89. Yes it sure does.

Grrr...........

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Response to Faygo Kid (Original post)

Tue Oct 2, 2012, 09:44 PM

7. The health insurance thing scares me

We're already paying astronomical premiums, co-pays, and deductibles and now they want to take away the deduction for health insurance. That and the loss of the home-mortgage deduction will be crippling for the middle class.

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Response to spinbaby (Reply #7)

Tue Oct 2, 2012, 10:22 PM

25. Crippling the middle class...

has been the goal since Nixon flew to China. And most presidents since have played a part (including Clinton with NAFTA)

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Response to Faygo Kid (Original post)

Tue Oct 2, 2012, 09:45 PM

9. Keep it up, Mittwit, you're doing great!

At the rate you're going, only 1% of the electorate will end up voting for you!

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Response to Faygo Kid (Original post)

Tue Oct 2, 2012, 09:45 PM

10. does he even want to win?

cut social security
cut medicare
raise taxes on the middle class
slap women in the you know what
calls veterans and current troops a laundry list ...

seriously?

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Response to bluemarkers (Reply #10)

Tue Oct 2, 2012, 10:28 PM

27. hey all those items are RW wet dreams

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Response to Faygo Kid (Original post)

Tue Oct 2, 2012, 09:52 PM

12. OK, this does it.

Mitty does not want to win this election. I am sure of it now.

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Response to Brigid (Reply #12)

Tue Oct 2, 2012, 11:09 PM

35. but if he does he will have one hell of a "mandate"

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Response to Faygo Kid (Original post)

Tue Oct 2, 2012, 09:54 PM

14. is this interview on video?

I know a wing nut, that went off on me last week when I said Mittens would eliminate the Mortgage deduction. He said prove it, show me where he said that.

I hope this is on Video somewhere

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Response to Heather MC (Reply #14)

Tue Oct 2, 2012, 10:10 PM

18. Call KDVR-tv in Denver

I'm sure they'd provide you the proof.

They may even have the video up on their website. (I'm texting this from my phone, otherwise I'd see for myself.)

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Response to Heather MC (Reply #21)

Tue Oct 2, 2012, 10:36 PM

30. Rmoney says he would consider a "bucket" of deductions that would be capped

So if you paid $20k of mortgage interest, medical expenses, etc., you'd get -- for example -- only $17k in deductions.

In case there was any doubt, yes -- he intends to screw almost every American. This is just the latest example.

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Response to klook (Reply #30)

Tue Oct 2, 2012, 10:50 PM

34. Once again he doesn't get it.

If you have a 300k mortgage with 5% rate. you are paying. 16k in interest. in NoVa 300k is a cheap mortgage. I think mitt Romney doesn't know this. And he thinks we will hear 17k cap and think wow that's alot!!! but it isn't, it's pittance .

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Response to Heather MC (Reply #34)

Wed Oct 3, 2012, 03:00 PM

73. Exactly

And if that's what you're paying in mtg. interest, you've used up your bucket -- so charitable contributions, out-of-pocket medical costs, unreimbursed business expenses, etc. etc. do nothing to reduce your taxable income.

Rmoney would truly be dangerous for the country. I can't believe he has a ghost of a chance of winning.

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Response to klook (Reply #73)

Wed Oct 3, 2012, 03:23 PM

75. I was just explaining to my DH

That Mitt is going after only Income earners. My DH said all money made is income. I had to explain in Mitts World Money made in the stock market is not income and therefore taxed differently and would not be subject to deduction limitations. My DH thought our deductions didn't come anywhere near 17k. until I explain Mitt intends to include the Mort Int. deduction. Then he said but wait a minute we wouldn't be able to write off any of our charitable donations, or business expenses. then it hit him. he said oh no this Guy would really screw us over.


It took a second but my DH got it. This deduction limitation is a very very very bad plan, for those of us living just above the bottom and barely hitting the middle

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Response to klook (Reply #73)

Wed Oct 3, 2012, 03:25 PM

76. I was just explaining to my DH

That Mitt is going after only Income earners. My DH said all money made is income. I had to explain in Mitts World Money made in the stock market is not income and therefore taxed differently and would not be subject to deduction limitations. My DH thought our deductions didn't come anywhere near 17k. until I explain Mitt intends to include the Mort Int. deduction. Then he said but wait a minute we wouldn't be able to write off any of our charitable donations, or business expenses. then it hit him. he said oh no this Guy would really screw us over.


It took a second but my DH got it. This deduction limitation is a very very very bad plan, for those of us living just above the bottom and barely hitting the middle

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Response to Heather MC (Reply #34)

Wed Oct 3, 2012, 07:46 PM

84. almost...

That's overstating it a bit. If you are in the 25% income bracket that $16k is a $4000 deduction. And that's only the first year. It drops dramatically every year because you pay the interest first.

The fact is that the rich benefit a lot more from the mortgage interest deduction than the poor or middle class. It's a $100 billion per year tax cut that benefits the poor not at all, the middle class a little bit, and the upper middle class and rich get almost all of this cut. We can't argue about tax cuts for the rich and argue for the mortgage interest deduction in the same breath.

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Response to klook (Reply #30)

Wed Oct 3, 2012, 07:24 PM

83. I feel like throwing up... I'm sorry, this is devastating to middle income people....

I have ten grand in medical this year, a mortgage deduction, state income taxes, property taxes, my children are deductions. I have no money LEFT. I don't want to complain, others have it worse, but if you want to crater this country, this is the way to do it.

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Response to Heather MC (Reply #21)

Wed Oct 3, 2012, 12:09 AM

45. Look at this quote from your link!

"With a small plane circling above trailing a sign that read, 'Hey Mitt, How do you like us now? The 47 Percent', FOX31 also asked Romney if he wishes he could take back his controversial..."


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Response to janx (Reply #45)

Wed Oct 3, 2012, 08:47 AM

56. Mitt is Dangerous

He says he will take away deductions from "High income people" but Mitt doesn't consider the money he makes as "income" it's Dividens
so He is not talking about himself or his rich friends his talking about employees who make a high income.

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Response to Faygo Kid (Original post)

Tue Oct 2, 2012, 10:08 PM

17. Romney's people buy houses with cash. /nt

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Response to Ash_F (Reply #17)

Tue Oct 2, 2012, 10:38 PM

32. Not if they have any brains in their heads, they don't

People like my parents, who are in the "have some money but are not rich" class, buy houses with cash.

Romney's people don't. They are who the "interest only" mortgage was invented for. These guys take out an interest-only mortgage at...oh, let's say five percent...that resets in five years to buy the house, and at the same time they buy a bond that pays 20 percent. If the bond is enough larger than the mortgage, it will throw off enough income to pay the principal on the mortgage at time of reset. They also buy smaller bonds that will pay enough interest to make their house payments. In this way, a Romney-type can buy a house and never pay a cent of their own money.

OTOH, if a Romney type bought a house with cash he would lose the use of that money until the house was sold.

The problem with the interest-only mortgage is it became a handy tool for guys like Romney to put people in houses they couldn't afford, so they'd have mortgages to tranche and write credit default swaps against...all of which were used to fund corporate takeovers.

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Response to jmowreader (Reply #32)

Wed Oct 3, 2012, 07:03 AM

48. "a bond that pays 20%"?

No, if such things existed, the financial world would be a different place. They could invest in a hedge fund, that might pay 20%, but bonds are agreements, and they don't pay 20%. Not even junk bonds. If a bond is paying 20%, it means most people expect the holder to go bankrupt, and the bond will become worthless.

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Response to muriel_volestrangler (Reply #48)

Wed Oct 3, 2012, 02:31 PM

71. Hedge fund shares are legally bonds

As are credit derivatives. I could have said 'financial instrument' and probably should, but the point is clear: the rich get rich and stay that way by spending OPM.

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Response to Faygo Kid (Original post)

Tue Oct 2, 2012, 10:11 PM

19. A $17,000 cap? Mitt, you just po'ed a good chunk of your own voters!!!

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Response to Faygo Kid (Original post)

Tue Oct 2, 2012, 10:12 PM

20. OK, the new Romney/Ryan campaign slogan apparently is:

"Hold my beer and watch this!"

Seriously? Cut the mortgage deduction?

Be my guest and shout that proposal from the highest mountain top. I wonder if any reporter will be smart enough to ask "So, he'll be cutting the mortgage deduction for everyone? Isn't that a massive tax increase on business?

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Response to Faygo Kid (Original post)

Tue Oct 2, 2012, 10:16 PM

23. Here is Willard's compromise

he just wants to cancel the mortgage deduction on first homes. You can still take the full deduction on your second home, your Aspen chalet, and your beach home. Now are you happy?

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Response to Faygo Kid (Original post)

Tue Oct 2, 2012, 10:18 PM

24. for those self employed- even more devastating is his cutting the health care deduction

 

$17,000 for anyone with a family and their self group insurance and medical bills on top of that, know that is nothing.

It would be an extreme increase in those making from zero to under $200,000 tax bill.


but then it would save Mitt millions and millions.

I myself would give everyone an $80,000 or under don't pay taxes, then tax anything over that at higher and higher rates, with those making more than a million say pay 75% of every profit dollar over a million.

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Response to Faygo Kid (Original post)

Tue Oct 2, 2012, 10:27 PM

26. Even coming from a robber baron like Romney, this is just remarkably stupid.

I'm floored. I really am.

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Response to Faygo Kid (Original post)

Tue Oct 2, 2012, 10:31 PM

28. more proof Mittens is off his rocker - seemed that way when he went off on his boat on Labor Day



Keep talking, Mitt, we're loving your ideas! At least the fact that they're helping us win this election.

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Response to Faygo Kid (Original post)

Tue Oct 2, 2012, 10:46 PM

33. I want to know why I should be upset by this.

 

I'm confused about the whole thing. What is the $17,000 bucket? How much does one usually get for these deductions?

I don't do deductions and shit so I don't know how any of this works.

I'd like to blast the guy about it but I don't know if I'd be right in doing so.

Any help?

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Response to MrSlayer (Reply #33)

Wed Oct 3, 2012, 09:36 AM

61. if you are purchasing a home, you get a deduction for your mortgage interest but the "bucket" thing

is pretty obscure and I don't get it either.

Must be a Rmoney "zinger" to talk about a "bucket."

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Response to MrSlayer (Reply #33)

Tue Oct 9, 2012, 02:42 AM

97. good question!

Good question! Why should you be upset by this? Apparantly you should be upset by it because it came from a Republican. Eliminating the mortgage interest deductions should be a Democrat ideal, but for some reason those who write the party line prefer the deal.

The top tax rate is 35%. It's for people making the big bucks. But almost nobody pays 35%. The reduce their taxable income by all kinds of deductions, and the biggest deductions go to the richest Americans.

You said it yourself, you don't do deductions so it benefits you not at all. You are like many in the middle class, and almost all of the poor. So it's no surprise that of the $100 billion (yes, billion with a "B") most of it goes to the upper middle class and rich. Folks making over $200,000.

When people complain about the rich getting tax breaks, this is one of the biggest. The average MID for middle class people is $179. It's well over $2,000 for the people making over $200,000.

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Response to Faygo Kid (Original post)

Tue Oct 2, 2012, 11:14 PM

36. OF COURSE HE IS

absolutely, 100% sure he's going to do this.

In order to GIVE millionaires a tax break,
he must TAKE from those at the bottom.

He will eliminate the mortgage interest deduction,
robbing millions of middle class homeowners of
money they were counting on. For me, that equals
$5,000 - $7,000 for the first 8 or 9 years of my
mortgage. We are talking about billions of dollars
going into rich folks pockets that would otherwise
go into local economies. It's just like Reagan did
when he eliminated credit card interest deductions.
Mitt calls this plan "eliminating tax loopholes" -- and he's
not referring to his Cayman Island accounts.

He also intends to force people living below the
poverty level to pay federal income tax by
eliminating the earned income tax deduction.
He calls it "broadening the tax base."

He is not human; he is a cyborg who makes
Ronald Reagan look like St. Vincent.

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Response to Faygo Kid (Original post)

Tue Oct 2, 2012, 11:14 PM

37. would that be the same bucket where he keeps his campaign?

Seriously, this guy doesn't even act like he wants the job. Why would anyone hire him?

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Response to Faygo Kid (Original post)

Tue Oct 2, 2012, 11:19 PM

38. Told ya!

The scary thing here is: take your average teabagger or freeper, cut his tax rate but eliminate all his deductions, cause his tax bill to go up, and 99 percent of them will tell you they got a tax cut. The ONLY thing those assholes care about is the rate, and the rate is only half of what you pay.

I have been saying here on this forum that the only way Romney can possibly make his economics work (the rate cut, defense spending hike and balancing the budget all at the same time) is to eliminate every deduction except charitable contributions...and they have to keep that one to keep the churches happy. If things get tight after that he will probably try to restrict the charitable deduction to religious institutions, which is extremely unconstitutional but I won't be surprised if he thinks of it.

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Response to Faygo Kid (Original post)

Tue Oct 2, 2012, 11:22 PM

39. Besides cratering the housing market,

wouldn't this be devastating to charities, museums, non-profits of all stripes?

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Response to Beowulf (Reply #39)

Wed Oct 3, 2012, 07:11 AM

49. You'd think so

The UK Tories proposed a limit (specifically on charitable donations, and at a higher rate) in the budget this year, but were forced to back down when charities said it would hit them too much:

Chancellor George Osborne has dropped plans to limit tax relief on charitable giving, after protests from charities.

He announced in the Budget a limit of 50,000 or 25% of income, whichever was higher, on the amount a person could donate instead of paying it in tax.
...
The chancellor said in a newspaper interview he had been "shocked" by the scale of legal tax avoidance by the very rich, after seeing the result of a confidential study by HM Revenue and Customs and this was a "specific" loophole he wanted to close.
...
Sir Stuart Etherington, chief executive of the National Council for Voluntary Organisations, said: "This is a victory for common sense and validates the strength of feeling from the thousands of organisations who lent their weight to the 'Give it Back, George' campaign. This is a great day for philanthropy."

http://www.bbc.co.uk/news/uk-politics-18278253

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Response to Faygo Kid (Original post)

Tue Oct 2, 2012, 11:49 PM

41. bad enough the repubs hosed us by taking our Consumer Interest deduction away...

now this???

I rely on the deductions that we get.. what an asshole.

I hope all the right wing Realtors see this.. i left the industry because I was so sick of their blatant pandering to the right, even tho it was always against their best interests.

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Response to Faygo Kid (Original post)

Tue Oct 2, 2012, 11:50 PM

42. Tone deaf as always. We in the bottom of the middle need to keep above water.

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Response to Faygo Kid (Original post)

Tue Oct 2, 2012, 11:54 PM

43. Cutting Interest Paid Deductions Would Put Bain Out of Business!

The is a cunard designed to reinforce a notion making Thatcherism possible when taking over businesses with small down payments and piles of borrowed money. Interest deductions make the whole process affordable for Bain and their ilk of immoral scalpers who destroy businesses and jobs. Without interest deductions, hostile takeovers would require more skin in the game and prevent most schemes from reaching fruition!

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Response to Faygo Kid (Original post)

Wed Oct 3, 2012, 12:00 AM

44. Mitts plan fill your bucket if your can.

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Response to Faygo Kid (Original post)

Wed Oct 3, 2012, 08:07 AM

51. Move over Spain, here comes America. We want the worst economy and most de-funded people so we

can get right on to USA Dystopia, leading the world at the bottom of the heap. Reagan started it, Romney/Ryan want to finish the job.

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Response to Faygo Kid (Original post)

Wed Oct 3, 2012, 08:08 AM

52. Kinda knew this was his plan

...but I didn't think he'd say it!

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Response to Faygo Kid (Original post)

Wed Oct 3, 2012, 08:10 AM

53. What makes this concerning is about 50 million Americans are dumber than a

bag of rocks. They will think this is a great idea if told to think so ...

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Response to Faygo Kid (Original post)

Wed Oct 3, 2012, 08:29 AM

54. Guy with wife with deductible horse hobby, wants to screw the large families holding mortgages

I think the suspenders holding up Mitt's family values have popped.

His wife's hobby takes deductions that exceed working class families entire incomes.

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Response to Faygo Kid (Original post)

Wed Oct 3, 2012, 09:03 AM

57. IN ROMNEY"S WORLD, DC BECOMES THE NEW DETROIT

First, the Republicans will decimate the Federal workforce (its in their platform) and then Romney will take away the tax deduction for their biggest invertment. Added together, DC area homeowners will realize a 25 to 30 percent drop in the value of their homes while resales will rival those in Detroit. Amazing how many homes in the DC area have yard signs for Romney. They can't all be renters.

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Response to eringer (Reply #57)

Wed Oct 3, 2012, 09:33 AM

60. all those Rmoney yard signs are "residents" from Congress, who can't vote in the District

DC residents are overwhelmingly for O

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Response to Faygo Kid (Original post)

Wed Oct 3, 2012, 09:11 AM

58. Way to go, Willard.

Keep this up and people won't vote Republican for the next 3 elections.

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Response to Faygo Kid (Original post)

Wed Oct 3, 2012, 09:24 AM

59. He Would Have Been Better Off

just keeping his plan a secret.

Social Security is the third rails of American politics, and the mortgage deduction isn't too far behind. Romney has taken one in each hand.

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Response to Faygo Kid (Original post)

Wed Oct 3, 2012, 10:23 AM

62. And here I've thought he was Romulan

Actually he's more than likely Ferrengi.

He's got to be kidding about the mortgage tax credit, Unless he's trying to lose.

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Response to Faygo Kid (Original post)

Wed Oct 3, 2012, 10:29 AM

63. Yes! He keeps the streak alive! nt

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Response to Faygo Kid (Original post)

Wed Oct 3, 2012, 12:28 PM

64. And this would help home sales how?

As a homeowner for 15 years, that mortgage deduction is HUGE for us. Mittens is a dick, plain and simple.

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Response to Faygo Kid (Original post)

Wed Oct 3, 2012, 12:36 PM

65. Hmm. He doesn't even let that foot heal up before he shoots it again.

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Response to Faygo Kid (Original post)

Wed Oct 3, 2012, 12:39 PM

66. how about we cut the dancing, race horse, business trip deductions for a start?

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Response to Faygo Kid (Original post)

Wed Oct 3, 2012, 12:48 PM

67. A last ditch appeal to GREED.

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Response to Faygo Kid (Original post)

Wed Oct 3, 2012, 12:48 PM

68. I just can't believe this is true

I mean, I do believe it, but... this guy could not be trying any harder to lose this election.

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Response to Faygo Kid (Original post)

Wed Oct 3, 2012, 03:20 PM

74. "As An Option"

We don't want you talking out loud about options Mitt. We want to hear the details of what is in your plans. This just sounds like some kind of deflection away from what the real issues are. It is common practice to present your worst option first so when you do announce your best option it looks very good in comparison -- classic straw man argument. I don't buy a word of this. Is sucks and even Romney knows this.

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Response to Faygo Kid (Original post)

Wed Oct 3, 2012, 03:34 PM

78. How much overlap is there between the high tax states such as New York

and the states that are net losers in the re-distribution of Federal tax money? I've always thought that New York taxes itself to provide services that other states rely on the Federal government to provide. That deal works only as long as New Yorkers can deduct their state and local taxes.

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Response to Faygo Kid (Original post)

Wed Oct 3, 2012, 05:28 PM

80. Mittens is going for the renters vote. Classic GOP Divide and Conquer.

By tomorrow talk radio will be all about "Why should ordinary white working stiffs who can not afford to buy a home subsidize houses bought by Blacks and Mexicans?" Never mind that a lot of the renters are either in the housing industry or have jobs made possible by the housing industry and this change in the tax codes will cost them their jobs.

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Response to Faygo Kid (Original post)

Wed Oct 3, 2012, 05:36 PM

81. As if...



"Got to have that 20 percent tax cut for the Koch brothers, after all. As Ryan said, that's the most important thing of all."

As if the Koch brothers would be satisfied at 20%. The day it became 20% they'd start maneuvering for 10% or less. The greedy bastards will never be satisfied.

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Response to Faygo Kid (Original post)

Wed Oct 3, 2012, 05:50 PM

82. The housing market will CRASH again if he does this. What a moron!!!!

One of the best incentives to owning is the deductible interest. Not only will primary home sales tank, what would be the point of owning income property? I swear watching Romney is like watching a 3 year old with a lighter next to a can of gasoline.

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Response to Faygo Kid (Original post)

Wed Oct 3, 2012, 08:17 PM

87. Maybe the National Association of Realtors

will start funding ads against this slimey greedy bastard.

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Response to Faygo Kid (Original post)

Thu Oct 4, 2012, 01:29 AM

91. What mortgage interest?

We have not been able to claim mortgage interest on our small house in years. We're told we don't pay enough interest.

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Response to Mellow56 (Reply #91)

Fri Oct 5, 2012, 01:20 AM

93. And what about the renters?

I'm a renter. I don't itemize deductions and my guess is most poor people don't either. Romney says he's going to cut the rates by 20%, which will be a bigger cut for the wealthy, and reduce deductions and exemptions. The poor and middle class could end up paying MORE tax.

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Response to Faygo Kid (Original post)

Fri Oct 5, 2012, 01:28 AM

94. Well, THAT will certainly solve the housing crisis, won't it?

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