Cycloptichorn
 
  1  
Reply Wed 21 Nov, 2012 01:22 pm
@JPB,
JPB wrote:

And, mortgage interest deductions ------> tax credit with limits gaining support.

http://public.cq.com/docs/weeklyreport/weeklyreport-000004177540.html


There's no actual evidence in that article that the idea is indeed 'gaining support.'

Here's the first line -

Quote:
Momentum for revising the tax code by reducing rates and cutting back deductions is rising on Capitol Hill.


That's Romney's tax plan. It isn't going to happen.

Cycloptichorn
cicerone imposter
 
  1  
Reply Wed 21 Nov, 2012 01:23 pm
@JPB,
Boehner is insane! Doesn't he know Obama won a second term?

They throw anything into the pot to see if they can make stew. What they actually produce is crap! They'll never learn to compromise, and it's up to the American people to get rid of these jokers. Otherwise, they'll live with this crappola forever.
0 Replies
 
JPB
 
  1  
Reply Wed 21 Nov, 2012 01:25 pm
@Cycloptichorn,
I was referring to the following paragraphs re "gaining support"

Quote:
But a coalition of left-leaning groups is trying to show Congress that there is a constituency for an overhaul. And the builders lobby, while defending the deduction, nonetheless concedes some negotiating room. Builders say they’re studying the credit option and say that if it’s generous enough it might help builders who cater to first-time buyers.

“What we learned is that the public thinks the mortgage interest deduction is a wonderful thing and likes it, and eliminating it does not get public support,” says Sheila Crowley, president of the National Low Income Housing Coalition. “But when we talked about modernizing it, people supported that.”
Cycloptichorn
 
  1  
Reply Wed 21 Nov, 2012 01:28 pm
@JPB,
JPB wrote:

I was referring to the following paragraphs re "gaining support"

Quote:
But a coalition of left-leaning groups is trying to show Congress that there is a constituency for an overhaul. And the builders lobby, while defending the deduction, nonetheless concedes some negotiating room. Builders say they’re studying the credit option and say that if it’s generous enough it might help builders who cater to first-time buyers.

“What we learned is that the public thinks the mortgage interest deduction is a wonderful thing and likes it, and eliminating it does not get public support,” says Sheila Crowley, president of the National Low Income Housing Coalition. “But when we talked about modernizing it, people supported that.”


That part I saw. But where's the support for 'rate reduction?'

Cycloptichorn
cicerone imposter
 
  1  
Reply Wed 21 Nov, 2012 01:30 pm
@JPB,
If they remove the tax deduction on mortgage interest, that's going to put many families into a fiscal cliff.

Why are they talking about this issue when the real issue is taxing the rich at higher rates?

JPB
 
  1  
Reply Wed 21 Nov, 2012 01:33 pm
@Cycloptichorn,
In the author's imagination? He covered the subject of his title "Tweaking the Sacred Mortgage Tax Break" but never referenced lowering tax rates other than in that opening sentence.
0 Replies
 
JPB
 
  1  
Reply Wed 21 Nov, 2012 01:37 pm
@cicerone imposter,
They're talking about replacing the deduction with a non-refundable credit so that homeowners who don't itemize (lower income home owners mostly) get the tax advantage of paying mortgage interest. If you cap the credit on the first $$$$$ (pick a number) then those with multiple houses and $$$$$$$$$$$ in mortgages don't get to take the deduction or receive the credit on anything above the cap. If the cap is set at 500,000 then the IRS expects to save about half of what it looses in allowing the deduction.

Quote:
$40 billion a year — almost half the roughly $100 billion a year estimated in forgone revenue that results from the current deduction.
cicerone imposter
 
  1  
Reply Wed 21 Nov, 2012 01:49 pm
@JPB,
The only problem I see with that cap is that home prices differ from location to location - even ZIP code to ZIP code.

A good example is in our town of Sunnyvale where our ZIP code has homes for over $1 million, but the other ZIP codes have homes for $200k, and we're just a few miles apart.

I'm sure there are other issues that I can't think of now, but it's somewhat similar to what happened in the case of PROP 13 in California where our property tax is perhaps one of the lowest in our area, because we've lived here the longest.

Our neighbors living in the same style home can be paying thousands in property tax every month, while we pay that for the whole year.

There needs to be some sort of fairness to these long-term tax codes.
0 Replies
 
JPB
 
  4  
Reply Thu 22 Nov, 2012 07:15 am
Today's message from the newly elected chairwoman of the House Republican conference McMorris Rodgers.

Quote:
today, we will honor the Thanksgiving tradition with wishes of peace and grace,” she continued. “We’ll pray for those less fortunate. We’ll think of servicemembers away from home, and give thanks for them and their families. Our hearts will go out to families still without power after Hurricane Sandy.”


...


“At a time of so much economic suffering, raising taxes would have a devastating impact on small businesses and our economy,” said McMorris Rodgers, in her address. “We can’t let this happen.”
emphasis mine

Translation: "God help them because we aren't going to.
H2O MAN
 
  -1  
Reply Thu 22 Nov, 2012 09:50 am
God help them because Obama isn't going to
0 Replies
 
JPB
 
  1  
Reply Thu 22 Nov, 2012 10:26 am
And this I fully agree with -- Grover calls for televising fiscal cliff negotiations on CSPAN.

http://www.huffingtonpost.com/grover-norquist/fiscal-cliff_b_2173978.html?ncid=edlinkusaolp00000003
0 Replies
 
cicerone imposter
 
  1  
Reply Thu 22 Nov, 2012 12:19 pm
@JPB,
They just love to be contrarions no matter what their environment is really like.

They still don't believe they lost the election - and never will.
0 Replies
 
JPB
 
  2  
Reply Thu 22 Nov, 2012 08:46 pm
Saxby Chambliss (R-GA) is ready to vote for a tax increase in violation of his pledge to Grover. He expects to be primaried (possibly by Karen Handel of SGKomen/PP fame) but says he's "willing to do the right thing and let the politic consequences take care of themselves." More
JPB
 
  1  
Reply Thu 22 Nov, 2012 08:56 pm
@JPB,
Here's the reference to Karen Handel considering going up against Chambliss in 2014. He's considered vulnerable because he's willing to work cooperatively with the other side. Vulnerable to someone like Karen Handel. Ugh! http://www.huffingtonpost.com/2012/11/21/karen-handel-senate_n_2171170.html
hawkeye10
 
  1  
Reply Thu 22 Nov, 2012 09:40 pm
@JPB,
I find it difficult to believe that Handel can get elected to anything after her disastrous tenure at Komen, from which they have yet to recover, and probably will not.
0 Replies
 
JPB
 
  1  
Reply Sun 25 Nov, 2012 08:52 am
Lindsey Graham speaks out against Grover's pledge

Quote:
Sen. Lindsey Graham, R-S.C., bucked Americans for Tax Reform President Grover Norquist and his anti-tax pledge on Sunday, the second Republican senator to do so in less than a week.
Although Graham will not give way to raising tax rates, he said Republicans need to be open to increasing government revenues.
“I think Grover is wrong,” Graham said on ABC’s This Week. “I will violate the pledge … for the good of the country.”

Last week, Sen. Saxby Chambliss, R-Ga., told a local television station that he is more worried about the fiscal cliff than he is about adhering to the no-new-taxes pledge, prompting a response from Norquist, Politico reported. More
0 Replies
 
JPB
 
  1  
Reply Sun 25 Nov, 2012 02:38 pm
Add Peter King to the growing list of Republican Senators saying they're going to buck Grover's pledge. No one from the House yet that I've seen.

Quote:
Rep. Peter King, R-N.Y., echoed these sentiments, saying times have changed since he first signed the pledge.
“A pledge you signed 20 years ago, 18 years ago, is for that Congress,” King said on NBC’s Meet the Press. “If I were in Congress in 1941, I would have signed the declaration of war against Japan. I'm not going to attack Japan today. The world has changed.”
cicerone imposter
 
  0  
Reply Sun 25 Nov, 2012 03:19 pm
@JPB,
The Tea Party-conservatives in the House are brain dead; they are puppets without any brain of their own.
0 Replies
 
JPB
 
  1  
Reply Mon 26 Nov, 2012 06:44 am
Quote:
The public is pessimistic about fiscal cliff negotiations, with a new CNN poll showing 67 percent of Americans predicting their elected officials will act like “spoiled children.” Only 28 percent expect members of Congress to behave like “responsible adults.”

Two-thirds of survey respondents said that the U.S. would face a either a crisis or major problems if negotiations break down and we go over the cliff.

If negotiations fail and automatic spending cuts and tax hikes set in, more Americans would blame the Republicans in Congress than Obama, at 45 percent to 34 percent. Source
0 Replies
 
JPB
 
  1  
Reply Mon 26 Nov, 2012 07:41 am
Quote:
Sen. Bob Corker (R-Tenn.) has joined a handful of prominent Republican lawmakers willing to break their pledge to oppose all tax increases.


Senate Republicans are bailing on Grover. Still no one from the House.
 

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