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· Premium Member
6,676 Posts
Discussion Starter · #1 ·

This is an idea that the Clinton administration was working on when the Republicans took over congress in 94 and stopped it.

The concept here is to take people who are not in the higher income tax brackets and move them on up, so to speak, by creating income for them out of thin air. That way you can tax them more. The name for this artificial income would be "imputed income," and it would be fully taxable.

Now ... for you homeowners, here is what the Democrats may have in store for you under an Obama-Pelosi-Reid Troika.

Let's say you own your own home. You've had it for some time. Your mortgage payment is $1000 a month. Homes similar to you in your neighborhood rent for $2000 a month. The IRS will tell you that since you are living in your home for $1000 a month less than you would have to pay if you were a renter, that extra $1000 a month is actually income to you, and you should pay income taxes on that money. That would be an extra $12,000 a year on your taxable income line ... maybe enough to shove you into a higher tax category!

And think what would happen if you owned your home free and clear? Bingo! $24,000 in imputed income! :******:

Fine ... you sit there and tell me this could never happen. Put the Democrats in total and complete power and see how that works out for you. :eyeroll:

· Registered
7,634 Posts
Here is another tax example......

Homeowners...... what is your most valuable investment.....YOUR HOME. Under obama he wants to redefine capital gains tax laws. So now your biggest investment will get taxed even harder than it would have under current tax laws.

Now some might not think this is that big of a deal. But look at people retirement investments (gone), 401K's (shrinking daily), Mutual Funds (falling fast), etc.

So if you are one of these situations in the next 4-8 years....
1. Retiring and selling your home to move to a warmer climate. You will lose money.

2. If you are selling your home and down will lose money.

3. If you are selling your home and wanting to get will lose buying power for your new home (down payment, cash at closing, etc.)

Now again why would any baby boomer want to vote obama? This is going to effect one of the largest classes of US Citezens out there now. I am confused on why he is still winning?
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