Gravitymaster 0 #101 October 21, 2005 QuoteDid you pay more to your CPA and financial consultants to avoid the AMT than you would have paid had you gotten "ensnared?" Wendy W. Of course not. Financial Planners, CPAs etc. are very cheap considering the alternative. Plus, I'm too dumb to figure out all the angles myself. There was a time when I tried, but after one meeting with a good CPA and Financial Planner, I realized how little I really knew. The AMT has gotten out of hand because it hasn't been adjusted since it's inception. I hope they eliminate it. It is ensnaring a lot of middle class people. http://www.fairmark.com/amt/amt101.htm Quote Share this post Link to post Share on other sites
kallend 2,175 #102 October 21, 2005 QuoteQuote --Eliminating the federal deduction for state and local taxes, and cap the deductions for home mortgage interest and the cost of health insurance provided by companies. in simpler words- increase the tax burden on those who pay state income taxes and live in an expensive housing market. Hey, it's a free country (well, it used to be). You can always move to North Dakota. I don't see why I should pay more tax because you want to live in an expensive house.... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
kelpdiver 2 #103 October 21, 2005 QuoteQuote in simpler words- increase the tax burden on those who pay state income taxes and live in an expensive housing market. Hey, it's a free country (well, it used to be). You can always move to North Dakota. I don't see why I should pay more tax because you want to live in an expensive house. how did that translate to you paying more taxes? Higher housing prices and higher salaries tend to coincide. We're paying more already. Quote Share this post Link to post Share on other sites
ReBirth 0 #104 October 21, 2005 Quotehow did that translate to you paying more taxes? Higher housing prices and higher salaries tend to coincide. We're paying more already. Someone has to make up the difference. And if you have a higher mortgage write off, that levels out the higher salary. So, in effect, you're being taxed at the rate of someone making less money with no house because you bought more house. Not saying anything wrong with that, but that's how it translates. Quote Share this post Link to post Share on other sites
Andrewwhyte 1 #105 October 21, 2005 Deducting home mortgages from personal income taxes is an economic policy disaster. This policy has succeeded in turning the population of the wealthiest country in the world into mortgage slaves who have little, if any home equity. The result has been a transfer of ownership from the people to the banking sector with the governmental share of the economy remaining constant. It has not resulted in increasing the volume of housing stock, rather it has just increased the price of the existing stock. Sadly it is a piece of public policy that is unreversable; to back out of it would cause carnage unthinkable. Quote Share this post Link to post Share on other sites
ReBirth 0 #106 October 21, 2005 I don't entirely disagree, but the plan floated by Bush repeals it. Quote Share this post Link to post Share on other sites
kallend 2,175 #107 October 21, 2005 QuoteQuoteQuote in simpler words- increase the tax burden on those who pay state income taxes and live in an expensive housing market. Hey, it's a free country (well, it used to be). You can always move to North Dakota. I don't see why I should pay more tax because you want to live in an expensive house. how did that translate to you paying more taxes? Higher housing prices and higher salaries tend to coincide. We're paying more already. Does your having an expensive house with a big mortgage reduce the amount the government spends on defense? If not, then someone else pays that part of the bill. That someone would be me. Well, in the case of the current administration we just borrow the difference and pass the bill to my kids and grandkids, but you get the general idea.... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
kelpdiver 2 #108 October 21, 2005 QuoteI don't entirely disagree, but the plan floated by Bush repeals it. it won't see the light of day, given the Depression it would cause. It is irreversible. BTW, I'm a renter. Quote Share this post Link to post Share on other sites
Andrewwhyte 1 #109 October 22, 2005 QuoteQuoteI don't entirely disagree, but the plan floated by Bush repeals it. it won't see the light of day, given the Depression it would cause. It is irreversible. Ding! Ding! Ding! Quote Share this post Link to post Share on other sites
ReBirth 0 #110 October 22, 2005 QuoteQuoteI don't entirely disagree, but the plan floated by Bush repeals it. it won't see the light of day, given the Depression it would cause. It is irreversible. BTW, I'm a renter. You're probably right. And damnit..as I stated earlier, it would give me my first chance to praise Bush for doing something beneficial. Guess he's destined to never do anything worthwhile after all. Tis a shame. Quote Share this post Link to post Share on other sites
