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Bipartisain Budget Panel Suggests an End to The Mortgage Deduction!
invite response
2010 Nov 10, 7:37pm 17,517 views 72 comments
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I was going to say just get rid of the MID entirely but I like the idea of $100k also....that way, those more likely to truly need the MID will get it.
Whatever the number, this needs to be done. I'm benefiting from the MID and I would definitely feel it in the event it vanished. However, I really do believe the deficit is so serious that it will require an "all hands on deck" approach. It is long overdue.
Wouldn't it be refreshing to see politicians on both sides embracing the seriousness of the issue and uniformly getting the message out there to the public that sacrifices will need to occur. All the recommendations of the panel should be enacted, starting with severe cuts to the obscenely bloated defense budget and going from there. But, the politicians won't because they act with the short term in mind and concern themselves more with reelections than governing. I vote democratic but was disappointed to see Pelosi react to the panel's findings by declaring that SS and Medicare are off limits. Unfortunately, we must address them. People don't like rationing benefits or losing benefits. I understand that. I have paid into the system too. Yet, bottom line, there is not enough to go around. Our society is going to have to look at things with a new perspective and begin to accept that some of the benefits that have been promised have exceeded our ability to provide. I'm not suggesting the disadvantaged by abandoned but the current situation puts the majority at risk. And, yes, taxes need to go up across the board but with progressively higher contributions demanded of those at the highest and most comfortable end of society.
EightBall
2010 Dec 2, 4:26am
Here in California, state withholding is a bitch. Anybody making programmer money will pay more in state income tax than the standard deduction.
Ouch - that's gotta hurt! How does a regular person afford to eat in California?
Is this the way taxes work out there?
How California State income tax rates are structured
The tax table below will show in detail the California state income tax rates by income tax bracket(s). There are 7 income tax brackets for California.
If your income range is between $0 and $7,168, your tax rate on every dollar of income earned is 1%.
If your income range is between $7,169 and $16,994, your tax rate on every dollar of income earned is 2%.
If your income range is between $16,995 and $26,821, your tax rate on every dollar of income earned is 4%.
If your income range is between $26,822 and $37,233, your tax rate on every dollar of income earned is 6%.
If your income range is between $37,234 and $47,055, your tax rate on every dollar of income earned is 8%.
If your income range is between $47,056 and $1,000,000, your tax rate on every dollar of income earned is 9.3%.
If your income range is $1,000,001 and over, your tax rate on every dollar of income earned is 10.3%.
Income tax brackets data last updated March 3rd, 2009.
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http://www.bloomberg.com/news/2010-11-10/deficit-reduction-panel-s-plan-would-seek-to-cut-social-security-medicare.html
The news is in. All we have to do is upset everybody.As I was reading this I was all "yeah!, yeah! that's a great idea" untill they got to the part about ending the mortgage interest deduction. Then I'm all like "well I don't like that part of it!"
What choices do we really have? My favorite parts are hunting for the responses of the congressmen who declare this course of action is not an option. These people have no right to lead us.
#housing