jainen Posted September 1, 2007 Report Share Posted September 1, 2007 In his weekly radio address, the president expressed support to end the taxation of canceled mortgage debt. Apparently this provision is already pending in Congress. Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted September 1, 2007 Report Share Posted September 1, 2007 http://www.govtrack.us/congress/bill.xpd?bill=h110-1876 taxbilly Quote Link to comment Share on other sites More sharing options...
jainen Posted September 2, 2007 Author Report Share Posted September 2, 2007 >>http://www.govtrack.us/congress/bill.xpd?bill=h110-1876<< Something wrong with that link. It says that's a tax cut the DEMOCRATS are proposing. Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted September 2, 2007 Report Share Posted September 2, 2007 Hmmm ... with all of the cosponsers for the HR & S bills they come out bipartisan. taxbilly Quote Link to comment Share on other sites More sharing options...
So and So Posted September 2, 2007 Report Share Posted September 2, 2007 Well, big deal. Some states already prohibit COD on home mortgages. Quote Link to comment Share on other sites More sharing options...
JohnH Posted September 2, 2007 Report Share Posted September 2, 2007 Hmmm ... with all of the cosponsers for the HR & S bills they come out bipartisan. taxbilly Any possibility this is because it's such a populist issue and there's an election coming up? Nah, probably just a coincidence since nobody in the US has noticed the issue until recently. Quote Link to comment Share on other sites More sharing options...
jainen Posted September 2, 2007 Author Report Share Posted September 2, 2007 >>it's such a populist issue<< Not what I call populist. Most people I know don't want a tax subsidy for dodging their honest debts. It's bad enough that property owners can already take a deduction for debt based on their equity while debt based only on wages is not so favored. This new proposal is not a benefit for anyone caught in insolvency by economic problems, who aren't taxed anyway. This one is for wealthy people who simply choose to not repay their government-guaranteed loans. Quote Link to comment Share on other sites More sharing options...
JohnH Posted September 2, 2007 Report Share Posted September 2, 2007 You're right. I shouldn't have used the word "populist". Apparently it's more basic. The assumption must be that there are enough wealthy people not paying their government guaranteed loans to make it worthwhile to buy their votes. Quote Link to comment Share on other sites More sharing options...
So and So Posted September 3, 2007 Report Share Posted September 3, 2007 You're right. I shouldn't have used the word "populist". Apparently it's more basic. The assumption must be that there are enough wealthy people not paying their government guaranteed loans to make it worthwhile to buy their votes. I actually think it's just the opposite. I think "they" think that if they make this huge annoucement, the regular guy will think "Well, at least they're trying to help us". But, the regular guy doesn't realize that they probably wouldn't have had any tax consequences anyway. So, Congress and the Prez get good publicity without it actually costing much, if anything. JMO Quote Link to comment Share on other sites More sharing options...
JohnH Posted September 3, 2007 Report Share Posted September 3, 2007 Funny how politics is like that. Two equally valid explanations can be ascribed to a given action. More or less like the "I voted for it before I voted against it" response. That actually begins to make perfect sense when one looks at it from the politician's point of view. Quote Link to comment Share on other sites More sharing options...
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