Congress is mulling a law to eliminate common deductions like the mortgage interest deduction on all those making in excess of $174,000. Where did they come up with that number?

It couldn't be that the number was chosen as it is the salary that congressmen themselves receive?

They're all scum, aren't they?

http://www.bucksright.com/toomey-pus...tax-hikes-7124

http://usgovinfo.about.com/od/uscong...ongresspay.htm

if that were to actually occur it will most definitely impact most small business owners. Increasing their expense and reducing their income. They will then in turn reduce other expenses to compensate for the impact. The biggest opportunity is of course reducing wages paid....that means a hit to JOBS.

The small business owners in America are the biggest source of employment. Washington needs to begin to understand the impacts of their potential actions. And we all know that is not part of the process.

The answer is reduced government spending....a balanced budget...and yes the Easter Bunny is soon to be on his way!!

btk

Aren't these the same ones bankrolling all the ones in office, all the way to the top? I may be way, way off base, but I wouldn't think that the Average Joe Taxpayers are the big contributors.....and everyone of the politicians raise big, big bucks (like millions and billions).

All of you Herman Cain followers should remember that his 9-9-9 plan had as a basic tenet of it - the elimination of mortgage interest deductions as well as charitable contributions.

Richie, I am surprised by your description of all Congress as "all scum". Yes is the simple answer - they are total scum!!

Let's not forget the ones currently on the GOP candidate trail in that category, too.

"Perry is proposing a flat tax that would allow anybody – regardless of income – to pay one tax rate of 20 percent.

Those with income less than $12,500 would be exempt, and households with incomes less than $500,000 would still be able to deduct mortgage interest and charitable contributions. But other tax breaks and loopholes would be eliminated.

The plan also drops the corporate tax rate to 20 percent and would temporarily lower the rate to 5.25 percent to promote companies working overseas to move to the United States.

The plan would eliminate the death tax and end taxes on Social Security. It would also cut taxes on qualified dividends and long-term capital gains.

http://abcnews.go.com/blogs/politics...ns-9-9-9-plan/

http://www.rickperry.org/cut-balance-and-grow-html/

Rick Perry can propose absolutely anything he wants as a potential candidate. Even on the slimmest outside chance that Perry was elected president, he could not get his proposed tax plan through Congress intact. It would be so chopped up that it would be unrecognizable.

Of course, Americans will not have to think about that since Rick Perry has no chance of being elected president.

Thinking people value new ideas to replace the current tax code because they realize that it is "so chopped up that it is unrecognizable".......and it's incomprehensible because:

"Over the last decade the federal tax code has been changed 4,428 times – an average of more than once a day – including 579 new changes in 2010 alone. The current tax code is more than 3 million words long; the mere instructions accompanying the 1040 form exceed 100 pages."

The guy that bought and financed the house that I sold to come to the Villages made over 174,000 dollars. I guess I may not be here yet if the tax deduction was taken away from him. I would not have bought a house here. I would not have hired landscapers and movers and a golf cart and and and and.


Do people really know what happens to the overall economy when the government increase taxes.

Richie, I'm not endorsing Toomey's now-dead proposal, but he was trying to get a compromise with the Dems out of the supercommittee.

On November 21, the committee concluded its work, issuing a statement that began with the following: "After months of hard work and intense deliberations, we have come to the conclusion today that it will not be possible to make any bipartisan agreement available to the public before the committee’s deadline."

Toomey was offering a plan to trim deductions and close some tax loopholes in exchange for a permanent extension to the Bush-era tax cuts for people in the tip tax brackets and lowering tax rates for the top brackets. His proposal would have lowered the tax from 35 percent to 28 percent.

On the otherhand, the Dems proposals in the supercommittee included cutting $400 billion in Medicare and Medicaid. In the end it was all a big waste of time.

What gets proposed and what gets passed are always two VERY different things.

If I had to guess, this will be treated like any other deduction that gets "phased out for the rich". There'll be a cap on just how much mortgage interest you can deduct. That way, the middle class doesn't get hit.

In my case, if the mortgage deduction was taken away, I'd be looking at another $17,000 in taxable income (assuming they did away with the property tax deduction as well). That's a chunk of change and there are a lot of people in worse shape than I am.

Nobody's getting this. The thing that smacked me in the face was the above $174,000 in salary threshold that just happens to be THEIR OWN SALARY amount!!

Do these guys have cojones, or what?

It seems as though sometimes that the original idea of the posting is not heard.

$174,000 IS the salary of the members of Congress. Does it really make you wonder why the approval rating of Congress is 9% - and it makes me wonder WHO are the 9% that approve of Congress? It must be the families of Congressional members and the lobbyists and their families.

I'm with you RL. We have became so used to Washington be crocked, this does not come as a shock. It should, but it does not. What is against the law for you and I is not a crime if you are a member of Congress.

Originally Posted by RichieLion

Nobody's getting this. The thing that smacked me in the face was the above $174,000 in salary threshold that just happens to be THEIR OWN SALARY amount!!

Do these guys have cojones, or what?

I do get it Richie. My husband has made that point many times. My response to him is the one I'll give you. Toomey and most members of Congress make much more than the $174,000. $174,000 is chump-change to him.

For a point of discussion, here's a take on the Toomey proposal to give the supercommittee Republican proposals perspective:

http://m.newsbusters.org/blogs/noel-...e-you-guys-liv

Originally Posted by bkcunningham1

I do get it Richie. My husband has made that point many times. My response to him is the one I'll give you. Toomey and most members of Congress make much more than the $174,000. $174,000 is chump-change to him.

For a point of discussion, here's a take on the Toomey proposal to give the supercommittee Republican proposals perspective:

http://m.newsbusters.org/blogs/noel-...e-you-guys-liv

OK you're right, I should have expanded on the entire proposal and what revenue is generated by it in the closing of loopholes. It's illuminating the lies the media is foisting on the populace, in support of Democrat strategic schemes, about the necessity, or obligation if you will, of Congress to approve tax hikes with the argument that you cannot raise enough revenue otherwise, even with the evidence of this plan right in front of their face.

I forget that not everyone has been following these developments. It's just that the earned salary threshold to trigger this elimination of the mortgage tax deduction caught my fancy. It almost enough to make you forget what else they're saying, and I'm a little guilty of that.