Define "Rich"

[BobbyBlueChip]

It really won't dissuade folks in that top 2% homeowners from buying, as the small amount of the mortgage deduction they get isn't a driver of sales at that top end of the market. So I expect the effect on builders and housing market to be rather tiny. But will have some effect, for sure.

And I don't know "that" much about the tax forms, but this deduction is phased out anyway based on your adjusted gross income. I doubt it will effect that many people in the end.

 

[THE KOD]

So, the people that you say pay no taxes, in fact, pay taxes with the increase in consumer prices? That's the question that was asked - feel free to answer that one.

............................................................

its funny to me how DTB avoids your questions

I think he is just sitting on the sidelines scratching his ass. He has no clue how to respond. It goes against everything he espouses.

:142smilie :142smilie

fawking hillybilly

 

[Terryray]

And I don't know "that" much about the tax forms, but this deduction is phased out anyway based on your adjusted gross income. I doubt it will effect that many people in the end.

Yes, total allowable deductions start gettin "phased out" above an adjusted gross income threshold ($160,000 in 2008).

Still, plenty of these folks get the deduction to some extent, over 75% of folks with AGI over $200K in 2003 (lastest figures I could find) Liberals can't stand them getting any--and/or wanna shift more to lower income groups.

I did read this:

Christopher Thornberg, principal at Los Angeles research firm Beacon Economics, said the reduced deductions [in Obama's proposal] could slightly weigh down home prices, by 2 to 3 percent, but only on higher-priced properties that have been less affected by the housing downturn.

"It's like I'm standing in the middle of a forest fire and they say, 'Don't light that match,' " he said, noting prices across California are already down more than 40 percent."

 

[djv]

For the over all population. I see nothing that O has proposed that will be a deciding factor in ones reason to buy or not to a home.

 

[hedgehog]

Don't most rich people pay cash for their homes? I was taught if you had the cash to buy a car/house pay cash, don't ever pay interest if you don't have to.

 

[djv]

Rich, What is it. Well some are dead broke. But are so very rich. It's not about money for most. That might be greed.

 

[3 Seconds]

A person w/ family, friends, good health & good understanding of one's self & life is what I would consider a rich person.

 

[hedgehog]

If you have enough money to buy whatever you want without the use of credit you are rich...

 

[jer-z jock]

If your means of finance was to come to an end today for whatever reasons, how long could you live the same lifestyle you currently are with no change..weeks, months, days, hours?...Bills still come in and food needs to be bought.
Some live check to check and some have plenty put away....but it all could change and then what do you do, when what you currently earn daily, weekly, monthly, yearly....is now $0.

 

[ImFeklhr]

Saint, I completely understand where you are coming from in your last paragraph. $300k in Columbus, OH goes a hell of a lot farther than it could in SanFrancisco.

300k a year is rich anywhere. To me. It might not create a "dynasty", but it is still about 5 times the average income in SF.

People in expensive cities do seemingly get cheated when it comes to Federal programs like income taxes, but them's the breaks.