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Pick one: Budget Plans listed


Thiebear

What do you think of the new site?  

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  1. 1. What do you think of the new site?

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I would chose that panels due to the amount of time they've spend on it and the brief overview of it.

it was 3 votes short of going before Congress (You'd think they could have looked it up online though) and Andy Stern voted against it and then said it should go before Congress anyway.

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Observing that I think all of them are too long to read.

Looking at the debt commission report, and I'm looking at 67 pages. (Although I just skimmed, and got to their first picture, which is a graph od total debt as a percentage of GDP, under three scenarios. One is the "CBO forecast If all current laws remain exactly unchanged", another is "CBO forecast, if several changes to current law, which are expected to happen, actually happen". (things like assuming that the Bush tax cuts get extended for everybody but the rich, and that Congress keeps overriding the automatic cuts that are built into the Medicare budget, but Congress has been overriding them for years, keep getting overridden.) And the third is if their recommendations get approved.

It's a pretty interesting graph.

I'll once again put in a plug for a thread that I started a while back, where I pointed people at the NYT "balance the budget tool", and asked ES members to vote for which deficit-reduction options they think were good ideas, to see if we could come to a consensus. Frankly, I'm really disappointed in the really tiny numbers of ESers who were willing to actually vote for or against any plans to reduce the deficit.

Call it "the ES Consensus proposal". The (very few) ES members who've voted, seem to have come up with several items that they mostly agree on. Those proposals don't eliminate the deficit. But they do cut the deficit in half. Both in the short run (the NYT tool predicts what the deficit in, I think 2015), and in the long term (which the tool defines as 2035.)

(I'll also observe that many of our board's most vocal "we must balance the budget, or our nation is doomed" posters seem to have chosen not to have responded with any specific proposals for how to accomplish this goal.) (This causes me to think cynical thoughts about people who, for example, claim that they want a Constitutional Amendment mandating a balanced budget, but who will avoid making any specific suggestions about how to even reduce it.)

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Yeah, based just on how I feel about the tiny amount of information I have on the differing proposals, the budget commission sounds like a good place to start.

If for no other reason than because both parties don't like it. :)

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Whichever one doesn't pitch the mortgage interest deduction. If it does happen, and my taxes *do* go up, I'll take it with a smile and know I'm doing my part.

1) I don't think anyone has ever proposed that. Closest I've seen are people proposing to put a cap of one kind or another on it, or to replace it with a tax credit.

2) And I'll point out that one reason you're seeing that being mentioned is because the mortgage deduction, the way it's done now, favors "the rich"..

Joe the Plumber has a $150K mortgage, and because of the deduction, the federal government "pays" 10% of his mortgage. (Actually, 10% of the interest).

Dan Snyder, Evil Rich Guy, has a $25M mortgage, and the federal government "pays" 35% of his mortgage.

(All tax deductions work that way. The government is also "paying" 35% of Dan Snyder's health care bills. And his property taxes. And anything else that's tax deductible.)

I've seen proposals to replace the mortgage deduction with a tax
credit
. (A credit means that the feds "pay" 100% of whatever the credit is, for everybody. (Unless the credit reduces your taxes to zero, at which point the credit stops paying, unless it's a special kind of credit.)) I think the option I've seen proposed would be for the government to "pay" 20% of the mortgage interest, up to some limit (like a $250K mortgage.)

Under that plan, the government would be "paying" 20% of the mortgage (not 10% for some folks, and 35% for others), for everybody (until their home got to the point where the government doesn't want/need to subsidize your mortgage any more.)

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Any of the people endorsing the budget commission proposal feel like listing things you like about the thing?

I admit that I have a favorable impression of the thing, because it came from a supposedly bipartisan group, and because it seems like both parties hate it.

But I really don't know much about it.

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I'll play.

Why shouldn't the interest paid on a mortgage be tax deductable?

Why should there be any tax deductions?

You can go all over the place with this game :ols:

Manyy counties do not offer it at all or on personal home mortgages

If people have a problem with freddy and fanny and the government having a skin in the mortgage game then this be viewed as the same it is socializing the cost of home ownership

Also if I take out a mortgage to get rid of debt now I am deducting interest paid on debt and am not getting housing starts up

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Manyy counties do not offer it at all or on personal home mortgages

"Many" countries don't offer tax deductions on charities or a lot of things??? Your point???

If people have a problem with freddy and fanny and the government having a skin in the mortgage game then this be viewed as the same it is socializing the cost of home ownership

Also if I take out a mortgage to get rid of debt now I am deducting interest paid on debt and am not getting housing starts up

Well if you are referring to home equity loans to buy other things or pay off debt, then get the tax deduction...I don't think that is a common occurrence anymore since the crash of the real estate market.

Why would you take away a tax deduction amidst a real estate crisis?

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Maybe it is time to get to terms with reality if raising taxes on the rich and health care are examples of that which people are against which is wealth restribution than maybe they should either be against it all or support going all in

Allow the government to lend money at low rates and make money to pay off the debts that way

Instead of paying more and more money into supporting private insurance plans for healthcare why not go all in run a single payer to cut costs and lower government health care spending

Before taxes should be raised all deductions should be looked at

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Why should i pay 14,000$ a year in interest? I don't remember a Saprano being in the room helping with the paperwork. Getting 1400 back with taxes is not a giant burden.

When you have a convoluted Tax system that IRS agents are unable to consistently manage, I prefer we simplify it before we go after the people paying money into it and punishing them as step 1 if we could.

Before deductions become instant tax increases of 1400+ per person living in upside down housing, Taxes should be looked at. (Think of the lil people).

Millions of regular people are stuck in upside down housing with no chance of getting out. Could we not light the quagmire on fire and then throw out lifelines?

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Going forward?

Or change the rules after the worst housing failure and then blame the victims for being poor.

Smoooooth.

Going forward it is bad enough folks are paying artificial prices now

If they want to keep then tax the banks at a higher rate on the money they make that way it balances out.

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