Philobealo, This doesn't make sense. That $32,400 I'm not paying on a mortgage is already taxable income. If I were paying it on a mortgage, then the amount of that going to interest would be tax deductible. Not getting a tax deduction is the penalty I pay for not having that fat mortgage. If you're suggesting that the IRS would 'add' another $32,400 to my real income - money I did not earn - I suspect you'd get far more than a tax revolt.
On Feb 3, 10:12 am, Philobealo <[email protected]> wrote: > Imputed Income Tax Scheme > Let's say that you've owned your home for about 20 years. For 20 years > your home has been appreciating in value ... big time. Your monthly > payments on that home are about $550 a month. Remember, it's a 20-year- > old loan made when the cost of your home was much, much less. There > isn't much of a home mortgage tax deduction left at this point since > you almost have the home paid off, and the bulk of your payments go to > principal instead of interest. > > The very fact that you're living in such a nice home, and paying so > little, attracts the interest of Democrats. They know that there are a > lot of people in your neighborhood that paid a lot more for their > homes than you did, and their mortgage payments are a lot higher. Not > only that, but there are other people renting homes in your > neighborhood and they're paying much more than you are every month. > It's obvious that you're enjoying some great economic benefit due to > the fact that you've owned your home for so long and your payments are > so low. Well, where there's an economic benefit, there must be a tax! > > Enter the concept of imputed income! > > Under this wonderful plan, first floated by Clinton Democrats before > the voter revolution of 1994, the government would figure out how much > your home would rent for every month. To do this they would use all of > that census data they've gathered, plus any information that they can > develop on current sale and rental prices up and down your street. > > Let's say that the government --- the IRS, if you will --- determines > that your home would rent for $3,250 a month. That would add up to > $39,000 a year. But the IRS discovers that you're only paying $550 a > month, or $6,600 a year in rent. Well, there's that economic benefit > you're enjoying by virtue of your long-term home ownership. The > economic benefit of your home ownership is the difference between the > $39,000 you should be paying to live there, and the $6,600 you're > actually paying. Do the math. You're getting away with $32,400 every > year in non-taxed economic benefits! > > The Democrat plan is simple. Just take that $32,400 and add it to your > taxable income on your next tax return. Then you get the privilege of > paying income taxes to the federal government on the economic benefit > you derive from your long-term home ownership. The IRS has "evened the > playing field" in your neighborhood ... so to speak. Your neighbors > had to pay taxes on the full $39,000 they're paying to live down the > street ... now you're having to do the same. After all ... it's only > fair, right! > > Just remember this. Democrats actually believe that the best use for > every single penny you earn is for it to be spent by government for > what they love to call the "common good." They will grudgingly allow > you to keep enough of your earnings to avoid your participation in a > full-scale tax revolt. A good Democrat knows that only Democrats and > the government know what is good for you, and that you will be so much > better off and your life oh so much better if you will just succumb to > the power of government and it's ability to care for you much better > than you can care for yourself.http://boortz.com/nuze/200611/11012006.html --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
