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Dec 10 2012

What Our Rulers Mean by a “Loophole”

Republicans feebly resist raising our already stratospheric tax rates even higher by insisting Big Government should close loopholes instead. An example of what a bureaucrat means by a “loophole”:

[T]o the technocrats in the federal government, the tax you don’t have to pay on the value of rent you don’t have to pay because you own your home is a loophole.

Read that last sentence again. It’s called “The Imputed Net Rental Income on Owner-Occupied Housing” and the feds include it in their annual list of “tax expenditures [i.e., loopholes].”

They will bleed every penny out of us until either we rebel or the economy completely collapses beneath the massive weight of their greed.

money-down-drain

On a tip from Henry B.

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  • snuss

    Isn’t that a “fiscal black hole”, like the one into which Obama is driving our economy?

  • Michelle

    The money that Sandra is not forced to pay Thomas is the remaining money which Sandra has not taken from Thomas yet because she was allowed to retain it after she earned it?

  • Reagan Conservative

    “You know, the Democrats want to balance the budget by raising spending and raising taxes. The Soviet Union had a balanced budget.”
    Tom DeLay

  • Comrade Chairman Barack Obama, Hero of Socialist Labor

    Let me be clear: we have to go into the fiscal African-American hole to find out what’s in it.

  • glorious socialist utopia

    Never fear Helicopter Benny and Turbo Timmeh will print up a fresh batch of fiat currency.

  • Mr Evilwrench

    Gee, and I thought it was supposed to be a good idea to pay my house off. I don’t make enough money any more to pay myself rent. I hope they’ve budgeted for body bags, though, because I do make enough to buy ammunition.

  • http://www.henrypbabcock.com Henry

    Sweeet! My mortgage is $3K, but it would cost me $2K to rent a comparable house in my area – I get a $1K/month deduction!

  • Ummah Gummah

    .

    Loophole? More like a noose around the neck of America.

    .

  • Ummah Gummah

    .

    The Onederchile throws a tantrum because a Countermoonbat piece of legislation was adopted in Michigan:

    http://www.theblaze.com/stories/president-obama-claims-right-to-work-legislation-infringes-on-collective-bargaining-rights-but-is-that-true/

    Non-union workers freed from paying union dues is bad, but car companies forced to rehire alcs and druggies is just great, right?

    http://www.theblaze.com/stories/chrysler-forced-to-take-back-13-union-workers-caught-drinking-seemingly-getting-high-during-lunch/

    CHRYSLER FORCED TO TAKE BACK 13 UNION WORKERS CAUGHT DRINKING, SEEMINGLY GETTING HIGH DURING LUNCH

    Figures.

    What if the won ever got caught chooming in the oval office.. nice to have job security. And he’s not even a union member.. shhh.. better not give them ideas or the dhims will start a professional politicians union..

    .

  • AC

    Gee, and I thought it was supposed to be a good idea to pay my house off. I don’t make enough money any more to pay myself rent. I hope they’ve budgeted for body bags, though, because I do make enough to buy ammunition.

    Nah, lock it in at a low 30 year fixed and wait for Helicopter Ben to print again.

  • Ghost of FA Hayek

    I favor getting rid of this loophole
    http://www.nytimes.com/2012/12/07/opinion/keep-the-state-tax-deduction.html?_r=1
    The seven states that account for 90 percent of state and local tax deductions (including sales and property taxes) — New York, New Jersey, California, Pennsylvania, Maryland, Illinois and Massachusetts — generally do a better job of providing for the health and welfare of their citizens, and are more willing to pay for institutions that are good for society as a whole.
    If unfavored deductions are now considered “loopholes”, this one allows these libs to deduct their high state and federal taxes.

  • Bob Smith

    Denmark actually implements an “Imputed Net Rental Income” regime. If you own your residence, said phantom income is added to your real income and income & social security taxes are applied to the total.

  • What.

    … You seriously think American tax rates are stratospheric? Do you have any idea at all what’s considered normal, world-wide? Or even in the scope of US history? Taxes are lower than they were under Reagan. (barring the year 1988, where they were lower than current rates) Only Iceland has a lower corporate tax rate when taken as a percentage of GDP rather than as a raw value. Most people from the rest of the developed world are shocked how low our taxes are — until they realize that we don’t actually get nearly the same level of government services for them that they do.

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