Why I Do Not Say Much on Facebook
I have watched Ken Houghton, Tom Bozzo, and Daniel Becker out on Facebook and have sometimes made a few not to serious remarks. Similar interests. There are some I just associate with who like to engage in politics which I usually ignore. I go out of the way not to engage with people because you would have a better conversation talking to a wall at times. This commentary defies logic, shows no understanding of what is taking place, and neither does she care how many will be hurt by this. It was hard to pass up. I am sure this person will eventually drop me.
Sheri: A very important component of the proposed tax changes will help ensure homeownership remains a valuable financial incentive over renting — and a big reason why I’m a republican — homeownership is truly a HUGE part of the American dream. Any presidential administration that enacts laws that erode it is NOT okay in my book. If you got socked with the ‘3.8% property sales tax’ since 2012, go ahead and flip the bird at Obamma’s picture if it makes you feel better. Thank God we again have a republican president that gets how crucial real estate is to our economy and way of life!!
A few points to note regarding the proposed tax changes related to real estate:
A last-minute change to the Senate version would make up to $10,000 in property taxes deductible. Previously, the Senate version had eliminated the property tax deduction entirely. The change aligns with the property tax cap set in the House bill.
One difference between the two bills is that the Senate version retains the deductibility of mortgage interest payments on up to $1 million of indebtedness; the House version caps
indebtedness at $500,000.
Now, members of the Senate and the House must meet to agree on a final bill. It’s not too late to make your voice heard. Tell your members of Congress that incentives for homeownership and the capital gains tax exclusion on the sale of a home MUST be protected.
Myself: It is not often I say much out here as much of what is said defies reason. I assume you make >$200,000 AGI as a single person or >$250,000 AGI as a member of a marriage? It is then the investment tax hits with after another exclusion.
Another limitation is that it’s imposed on the smaller of:
1. A person’s investment income, or
2. The amount by which AGI exceeds the threshold amounts of $250,000/$125,000 or $200,000.
But there is more. There is a limiting factor on the house sale:
It only applies to home sale profits above a $500,000/$250,000 exclusion.
When the portion of the profit above $500,000/$250,000 causes the seller’s AGI to exceed the threshold amounts.
Let’s say a couple has an AGI of $325,000 and sells their home at a $525,000 profit (not sale proceeds, but profit). $500,000 of that gain is excluded; the $25,000 isn’t, and raises their AGI to $350,000.
The couple’s revised AGI exceeds the $250,000 threshold for joint filers by $100,000. That’s more than the amount of their taxable gain ($25,000). So the 3.8% is applied to the smaller of these two amounts. They owe a surtax of $950 ($25,000 x 3.8%).
There has always been a capital gains tax on homes when you sell them and it is wise to keep your receipts on renovation of a home as that comes off of the profits in the end when you make the final reckoning. This tax does not apply to everyone in the US. I certainly do not have $250,000 or $200,000 in AGI income. Of the ~156 million of Household Taxpayers, ~5.5 million Households exceed $200,000 in income annually or ~3.5% of the total (Tax Policy Center numeric).
The 3.8% tax itself + the 9 tenths of 1% go to fund healthcare, Medicare, and Medicaid. Now as far as the GOP Tax plan of which ~66% of will go to less than 1% of the household taxpayers (~1 million households), those making less than $75,000 will start to see their taxes rise even before 2027. The GOP tax plan is a scam and rides on the backs of the middle class.
Sheri: While that is true, it doesn’t change the fact that it is a grossly unjust tax, which was put in place to support Obummer’s ‘ACA’. People making $250k/yr are already paying high taxes, and it is tough enough to make money on investments in this economy — 0.25% interest on a CD — no thanks. Any ‘surplus’ taxes that discourage investing in RE are a bad thing.
Myself: I will stand by my understanding as will many other people. It is a tax giveaway to less than 1% of the taxpaying households making greater than $500,000 . It is not hard to make money on investments.
Sheri: It’s still a ‘take from the successful to give to the poor’ SURPLUS tax, and it applies to couples who make $250k, and individuals who make $200k, which in today’s economy is by no means ‘wealthy’. I’m sick and tired of liberals thinking taxation is the answer to everything — it is not.
Myself: It is obvious you did not read all of what I said. Please take a moment and read it all.
Sheri: It is OBVIOUS you are a liberal.
Myself: Non Sequitur.
I never discuss policy, politics or economics on Facebook. I could lose too many friends who relish their now accepted illogical thinking (they are OK sneering at intellectual elites because “equality” but worship wealthy elites because I don’t know)
So which is worse, talking to the Sheri’s of the world or the Sarandonistas of the world?
“It is OBVIOUS you are a liberal.”
Why yes I am. Thank you for noticing. Is there a problem with that?
I send people to the Tax History Museum and ask them to start reading from 1901 just so they understand what they are espousing is nothing knew as in: been there, done that. http://www.taxhistory.org/www/website.nsf/Web/TaxHistoryMuseum?OpenDocument
My wife does Facebook. Moi? Never.
I’m signed up but refuse to “friend” anybody, read any Facebook notices “you have n new notifications”, or the “[so and so list of people] and n others are friend suggestions for you” stuff I get daily.
Engaging with people with substantive or worthy conversations in person is rare enough as It is — I have no time or interest in engaging with people in cyberspace who base their entire arguments on highly selective and just plain falsehoods or self-made up “truths”. — except with some AB posts & comments & occasionally on econospeak…. and even then I find the engagements rarely if ever have a beneficial effect to anybody.
Speaking of which, how do you engage with a racist, or far right wing religious conservative, or even many of my fellow liberals with Utopian visions but without considering human behavior or just plain old physical impossibilities — my favorite is EV’s & Solar PV will save the world by eliminating fossil fuel energy use. Right! (in their fantasies).
I wonder mostly why I do it at all… and decided it’s nearly always and only for my own entertainment in a social sort of sense — beats watching sitcoms and weekly serial “dramas” or “chick-flicks” on TV, which isn’t social engagement…
Dropping down to engaging on Facebook is a pure waste of time (other than for personal entertainment value).. If you have a friend that wants to engage on a topic — use e-mail, or pick up the phone, or arrange to meet over a beer (or several)
See? I’ve just gone and done it again!
I never discuss politics on FB nor like political articles. I do however make sure that any of my friends who do are unfriended. I keep FB alive to connect up with old friends and family, nothing more. As for meaningful debates online, people like Run and Bev Mann and I already did that for 6-10 years on Slate. I can’t speak for them but I got burned out. Now I only comment for my own benefit, I have no desire to engage in lengthy debates with someone on the Internet. I remember a cartoon years ago that was spot on. A man is sitting at his PC in his bedroom, his wife says honey come to bed. The man says “in a minute, there is someone on the internet that is wrong”. Nuff said.
I have trouble ignoring stupid even if they are attractive. This is just plain ignorance and greed.
I ignore stupid when both attractive and willing
Too much Linda Ronstadt for you.
Run….well, I do confess that I do still debate but not like we used to on Slate, no more hundreds of back and forths, I just reply and leave. You though are still in the game. I admire what you and Bev are doing here, keep it up. I just got tired of hearing the same thing over and over again. One thing I learned a long time ago on Slate was a reasoned reply with facts and links still does not sway these people. But keep it up, I enjoy your work here.