The American Dream And The Level Playing Field

[subllibrm]

I worked with a guy who was almost done paying off his house. He went out and got a new re-fi mortgage because if he didn't he "wouldn't have anything to deduct".

Honest, I did try to help him with the math but there was no convincing him that he was better off with no house payment than getting 25 cents back for every dollar of interest he paid. Guys like him are the reason the the playing field will never be totally "level".

What did he do with the money? If he used the money for something he needed.... and got a tax deduction at the same time.... It was worth it.

Maybe you need a tax lesson or two.

He wasn't looking for cash to pay for something, he was looking for a way to lower his taxes. I was pretty clear in the original explanation. If he was paying a cancer treatment bill off I would not have mentioned his story. I mentioned it because he thought he would "save money" by borrowing to have something to deduct.

Now feel free to throw more what ifs into it but none of them will change the fact that the guy was seriously unable to understand the basic concepts of debt, investing and money management.

I thought just had to be more to the story. Yes. That is rather dumb of him.

No problem champ. I know what you are trying to say.

[youtube]WkqgDoo_eZE[/youtube]


;D

 

[rsc2a]

Here's what the past two posts have taught us:

- Everyone but PY is an idiot.
- Even when given the sources, researchers are lying about the sources.
- PY is really, really bad at math. I mean really bad.
- PY is convinced he can read my PMs.
-PY understands the fine art of the humble brag.
- PY is the smartest man who has ever lived (although he sucks at math).

...Say whatever you want to say. You haven't provided the RAW numbers from the IRS. Just FYI. Around 13 to 15 percent of lower and middle income taxpayers take advantage of the mortgage interest deduction....

(emphasis by rsc2a)



Earlier on the show -

However, far more that 25 percent of taxpayers claim the deduction. - praise-yeshua

Is this the point where you now call yourself a moron?

 

[rsc2a]

*bump* because this amuses me.

 

[subllibrm]

*bump* because this amuses me.

That he was wrouh ....

 

[praise_yeshua]

Here's what the past two posts have taught us:

- Everyone but PY is an idiot.
- Even when given the sources, researchers are lying about the sources.
- PY is really, really bad at math. I mean really bad.
- PY is convinced he can read my PMs.
-PY understands the fine art of the humble brag.
- PY is the smartest man who has ever lived (although he sucks at math).

...Say whatever you want to say. You haven't provided the RAW numbers from the IRS. Just FYI. Around 13 to 15 percent of lower and middle income taxpayers take advantage of the mortgage interest deduction....

(emphasis by rsc2a)



Earlier on the show -

However, far more that 25 percent of taxpayers claim the deduction. - praise-yeshua

Is this the point where you now call yourself a moron?

The total for all tax payers is greater than 25 percent. I mentioned 13 to 15 percent for the lower and middle bracket.

Again. You're so sloooooow.

Its funny how you're amused at your own stupidity.

 

[praise_yeshua]

*bump* because this amuses me.

That he was wrouh ....

You need to quit talking to yourself. Sooner or later, you're going to forget which sock you're using and get in trouble....

 

[subllibrm]

*bump* because this amuses me.

That he was wrouh ....

You need to quit talking to yourself. Sooner or later, you're going to forget which sock you're using and get in trouble....

Since I haven't been here since Friday I don't know what you think you have found to prove your claims.

 

[rsc2a]

Here's what the past two posts have taught us:

- Everyone but PY is an idiot.
- Even when given the sources, researchers are lying about the sources.
- PY is really, really bad at math. I mean really bad.
- PY is convinced he can read my PMs.
-PY understands the fine art of the humble brag.
- PY is the smartest man who has ever lived (although he sucks at math).

...Say whatever you want to say. You haven't provided the RAW numbers from the IRS. Just FYI. Around 13 to 15 percent of lower and middle income taxpayers take advantage of the mortgage interest deduction....

(emphasis by rsc2a)



Earlier on the show -

However, far more that 25 percent of taxpayers claim the deduction. - praise-yeshua

Is this the point where you now call yourself a moron?

The total for all tax payers is greater than 25 percent. I mentioned 13 to 15 percent for the lower and middle bracket.

Again. You're so sloooooow.

Its funny how you're amused at your own stupidity.

Soooo....

Say the top 10% of income earners are upper class (and you've just called people barely over $100k/yr upper class) and say every one of them claims mortgage interest deductions (a horrible assumption), then using YOUR OWN numbers, 23-25% claim this deduction whereas you said "far more than 25%" claim it.

Is THIS the point where you call yourself a NUT?

 

[praise_yeshua]

Here's what the past two posts have taught us:

- Everyone but PY is an idiot.
- Even when given the sources, researchers are lying about the sources.
- PY is really, really bad at math. I mean really bad.
- PY is convinced he can read my PMs.
-PY understands the fine art of the humble brag.
- PY is the smartest man who has ever lived (although he sucks at math).

...Say whatever you want to say. You haven't provided the RAW numbers from the IRS. Just FYI. Around 13 to 15 percent of lower and middle income taxpayers take advantage of the mortgage interest deduction....

(emphasis by rsc2a)



Earlier on the show -

However, far more that 25 percent of taxpayers claim the deduction. - praise-yeshua

Is this the point where you now call yourself a moron?

The total for all tax payers is greater than 25 percent. I mentioned 13 to 15 percent for the lower and middle bracket.

Again. You're so sloooooow.

Its funny how you're amused at your own stupidity.

Soooo....

Say the top 10% of income earners are upper class (and you've just called people barely over $100k/yr upper class) and say every one of them claims mortgage interest deductions (a horrible assumption), then using YOUR OWN numbers, 23-25% claim this deduction whereas you said "far more than 25%" claim it.

Is THIS the point where you call yourself a NUT?

I didn't say that middle class income ran up to $100,000. Why are you being so dishonest? I asked for RAW numbers and you refuse to provide them. If you had the RAW numbers, they MIGHT would make sense to you. Probably not.

 

[rsc2a]

34M returns claimed the MID out of 156M filed.  21.7%.

https://www.jct.gov/publications.html?func=download&id=4503&chk=4503&no_html=1

Do you now call yourself an idiot?

(I'd also point out that these numbers match the ones in the article I cited earlier.)

 

[praise_yeshua]

34M returns claimed the MID out of 156M filed.  21.7%.

https://www.jct.gov/publications.html?func=download&id=4503&chk=4503&no_html=1

Do you now call yourself an idiot?

(I'd also point out that these numbers match the ones in the article I cited earlier.)

I'll give you one more chance. You accepted my estimate of 13 to 15 of middle and low income home owners claim the deduction. You also said that the vast majority of those who benefit from that deduction are upperclass.

Lets see. You subtract 13 percent from 21 percent you claim is from the report.....and you get what?

 

[rsc2a]

34M returns claimed the MID out of 156M filed.  21.7%.

https://www.jct.gov/publications.html?func=download&id=4503&chk=4503&no_html=1

Do you now call yourself an idiot?

(I'd also point out that these numbers match the ones in the article I cited earlier.)

I'll give you one more chance. You accepted my estimate of 13 to 15 of middle and low income home owners claim the deduction. You also said that the vast majority of those who benefit from that deduction are upperclass.

I didn't accept anything. I showed how using your own numbers, you are still wrong.  "Far more than 25%" don't claim the MID. ~22% do. You are wrong and refuse to admit it.

And I didn't see they were upper class. I said they were high income earners. Those making $100k+/yr account for 56% of the returns claiming the deduction. Looking at those making $75k+/yr and they account for 74% of the deduction claims.

Lets see. You subtract 13 percent from 21 percent you claim is from the report.....and you get what?

9%. So even using your crazy, made up, not reflective of reality numbers, the upper class (your term) would account for nearly half of these returns.

Using your made-up fantasy idea of "way more than 25%", let's call it 40% (is that "way more"?), then the wealthy are twice as likely to claim it, so even using your made-up math, you are also wrong on your other point.

 

[praise_yeshua]

34M returns claimed the MID out of 156M filed.  21.7%.

https://www.jct.gov/publications.html?func=download&id=4503&chk=4503&no_html=1

Do you now call yourself an idiot?

(I'd also point out that these numbers match the ones in the article I cited earlier.)

I'll give you one more chance. You accepted my estimate of 13 to 15 of middle and low income home owners claim the deduction. You also said that the vast majority of those who benefit from that deduction are upperclass.

I didn't accept anything. I showed how using your own numbers, you are still wrong.  "Far more than 25%" don't claim the MID. ~22% do. You are wrong and refuse to admit it.

And I didn't see they were upper class. I said they were high income earners. Those making $100k+/yr account for 56% of the returns claiming the deduction. Looking at those making $75k+/yr and they account for 74% of the deduction claims.

Lets see. You subtract 13 percent from 21 percent you claim is from the report.....and you get what?

9%. So even using your crazy, made up, not reflective of reality numbers, the upper class (your term) would account for nearly half of these returns.

Using your made-up fantasy idea of "way more than 25%", let's call it 40% (is that "way more"?), then the wealthy are twice as likely to claim it, so even using your made-up math, you are also wrong on your other point.

 

[rsc2a]

Did you even read the note?

To say nothing of the fact that the pretty picture says nothing about totals!

 

[praise_yeshua]

Did you even read the note?

To say nothing of the fact that the pretty picture says nothing about totals!

Sure it does. I has the percentages of returns claiming the MID by state. Which add up more than you're stupid 21 percent claim.

When it comes to the "government" and special interest groups...... all of them spin the numbers. This is about as close as you get to actually percentages by # of returns.

I could care less about the "note". I wanted the #s.

 

[rsc2a]

You don't know what they add up to. They didn't tell you. And my "stupid" claim was from the Congressional Joint Committee on Taxation (or whatever equivalent name they used).

That's about as close to real numbers as you can get because they are the real numbers. What's a joke is that you demand real data then provide this as your own proof, a pretty picture with a gigantic caveat written on it but a special interest group that also opposes the very thing you are defending.

And the fact that you dismissed the note is why people don't take you seriously. You ignore all the facts and dogmatically defend a narrative purely based on...honestly, I have no idea... but it's not reason.

That's why you will not admit error even when your own asinine fantasy numbers don't support your claims.

 

[praise_yeshua]

You don't know what they add up to. They didn't tell you. And my "stupid" claim was from the Congressional Joint Committee on Taxation (or whatever equivalent name they used).

That's about as close to real numbers as you can get because they are the real numbers. What's a joke is that you demand real data then provide this as your own proof, a pretty picture with a gigantic caveat written on it but a special interest group that also opposes the very thing you are defending.

And the fact that you dismissed the note is why people don't take you seriously. You ignore all the facts and dogmatically defend a narrative purely based on...honestly, I have no idea... but it's not reason.

That's why you will not admit error even when your own asinine fantasy numbers don't support your claims.

I can add the percentages of each state. I know what they add up to. The top states average of 34 percent of the total returns. Sorry if you can't do the math.

The fact these #s came from a group that argues against what I believe..... doesn't change the fact of what  they are. There are more than 21 percent of taxpayers filing MID deductions.

Yes. There are situation in which the standard deduction may be more than the itemizing with the MID. I believe they are rare. I have also said that will change when interest increase. Which they will do in the near future. This doesn't change the fact and many people want to claim the MID. Low, middle, and upper income alike.

 

[rsc2a]

I can add the percentages of each state. I know what they add up to. The top states average 34 percent of the total returns. Sorry if you can't do the math.

I see the trouble. You don't know anything about math!