President Barack Obama/Vice-President Joe Biden Re-elected to 2nd Term Thread

[Thiebear]

230k jobs lost in Virginia would be baaad.
Increase in taxes leading to growth going from 1.7 to 1.0 is baaad.
etc.


Forget the Drones: If i lose my Mortgage interest rate reduction in my Taxes it is going to cost me 3,000$ real dollars.. on a craptacular 70k upside down crackhouse.
I need to just walk away and let you pay for it. I figure i'll come out of my 450 credit rating the same time the country does.

[Botched]

I guess this should go here. Mr. Ricks brought up what I feel is a pretty valid point about the politicizing of the Benghazi attacks before the election (and currently to some degree). The interview was cut a little short though, and I doubt Ricks will be on FOX again anytime soon.

[LadySkinsFan]

I walked into my local gun shop and picked out a nice revolver last Wednesday. After the instant check by the Commonwealth of Virginia, I walked out with my new revolver, the same day. The instant check took a few hours (probably due to day before Thanksgiving), but I didn't have to wait 2 weeks like I had to when I lived in Maryland.

Democrats don't talk much about gun control these days, the present laws seem to be working although not perfectly.

[Larry]

Forget the Drones: If i lose my Mortgage interest rate reduction in my Taxes it is going to cost me 3,000$ real dollars.. on a craptacular 70k upside down crackhouse.

No. It won't.

It is impossible for you to intentionally invent fictional numbers that would make that claim true.

Here's an attempt to invent just such fictional numbers:

I'm going to pretend that you owe $100,000 on your "craptacular 70k upside down crackhouse".

I'm going to pretend that you're paying 6% interest on your mortgage.

That tells me that, annually, you are paying $6,000 interest on your mortgage. (And, annually, receiving a $6,000 tax deduction.)

In order for your $6,000 annual tax deduction to get you $3,000 "real dollars", you have to be in a 50% marginal tax bracket.

Only problem is, our tax brackets stop at 35%.

In order for the mortgage interest deduction to be worth $3,000 "real dollars", (amount you pay in interest every year) times (your marginal tax rate) must be $3,000

If you're in the 35% tax bracket (which means that your income, after all deductions, is over $388K.), then you'd have to be paying ($3,000 / 35% = ) $8571 in interest every year.

Maybe you owe $100K on your "craptacular 70k upside down crackhouse" and you borrowed that $100K at 9% interest? Seems unlikely.

Or maybe your interest rate is 6%, and you owe ($8571 / 6%) $143K? Also seems unlikely, to me.

And note that both of the above, unlikely, scenarios, assume that you're on the 35% bracket, making more than $400K/year in income. If you're in the 20% marginal bracket, then the above, unlikely, scenarios only get you halfway to $3,000/year effect.

If you're in the 20% bracket, then the above scenarios become:

You owe $100K on the house, and you're paying 15% interest on your mortgage.
Or, your mortgage is at 6%, and you owe $250K on the house.

Don't like the numbers I just showed you? Here's the formula, for calculating how much the mortgage interest deduction saves you, every year:

(Amount you owe (now. Not the amount you borrowed.))
times (Your interest rate)
times (Your marginal income tax rate)

For example, $100K times 6% interest rate times 25% income tax rate equals $1,500.

Feel free to try to come up with even imaginary numbers, for those three numbers, that work out to $3,000, on a $70,000 house.)

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And I'll point out, I don't think anyone is proposing to get rid of the mortgage interest deduction.

(Well, I will admit that I've suggested getting rid of it. But in the context of getting rid of it, and replacing it with a tax credit, that won't subsidize the mortgages of rich people more than poor people, and that will have a ceiling on it.)

Getting rid of the mortgage interest deduction is something that politicians like to claim that their opponent is going to do.

[Thiebear]

No. It won't.

It is impossible for you to intentionally invent fictional numbers that would make that claim true.
.

I'll get the numbers here shortly, i believe last year it took my return from a negative 1000 to a positive 2000.
And without going and looking i think 14,000ish was the interest paid.
And when you pay 280k and its now worth 200k based on market you are 70k upside down. 22303 neighborhood in Zillow and other tools

I'm not sure what your saying: this isn't some fictional thought process. This is going to be F'ing painful me.
And i keep hearing hints of the Mortgage interest payment deduction every other day by both parties it seems as the "tax/loophole" bipartisanship.
My evil upside down self should be punished for being stuck in this house... I hope i fall under the final income measurement.

[LadySkinsFan]

I think they should get rid of the oil depletion allowance. That alone would be a nice increase in the tax base.

[twa]

I think they should get rid of the oil depletion allowance. That alone would be a nice increase in the tax base.

Go ahead, but that 1 billion will just be added to the price at the pump along with hurting small drilling ops
Big Oil will get by just fine while you pay though