Are These Tax Breaks Next?

.

Instead of Spending Cuts, Instead of passing a Balanced Budget Amendment, Instead of trying to Help Create Jobs, what may be in store for the Middle Class?

5 Tax Breaks on the Chopping Block - Yahoo! Finance


We have a Spending Problem, not a Tax Problem

One might think these supposedly intelligent people in Congress could figure that out


.

While I believe some of the tax loopholes really need to be closed, there are some discussions I do not agree with. This one in particular strikes me as something quite ludicrous:

Exclusion of net imputed rental income. Homeowners don't pay themselves rent. If they didn't own their own homes, they would pay rent -- and whoever received that rent would have to declare it as income and pay taxes on it. But this "imputed rental income" goes untaxed -- another major subsidy to homeowners. The foregone rent is called "imputed rental income," and the White House Office of Management and Budget calculates the foregone tax that results from it at $50 billion a year.

Some analysts are saying this is a "loophole" that needs to be closed. Someone correct me if I am wrong, but aren't they talking about homeowners being taxed for owning their own homes?

Honestly, It's hard for even me, being used to "governmentese" to decipher that gibberish, but that's what it sounds like to me...

Unfortunately we are being run by a far left idealogy that touts government spending is the only way to successfully run a country and huge defecits are good. They also have economist on their side they can point to and say "see, they said it works!". Toss in an un informed electorate and these guys have been given free reign to run the country into the ground.

I'm beginning to believe the only way to wake up the citizens is to give the dems everything they want to we can hit rock bottom faster. At that point maybe there will be enough left over that rolling up our sleeves and going to work will save us.

This will never happen...just a paper exercise.
Posted via Mobile Device

I don't think anyone is suggesting that there will be no controls on spending. It is that it will be combined with closing tax loopholes.

For the last 4 years our Spending has increased the National Debt by 6.5 Trillion Dollars. It is now 16.5 Trillion.

Why would you think the Current Administration has any plans to Control Spending?

All I have heard for 4 years is Tax More.....

If I am in error, please provide links where Cutting Spending has been the main objective and the main objective has not been about ways to tax us more

.

Darrin neither Ronald Reagan or GW Bush reduced spending while in office. In fact the opposite is true.
Spending is neither a left or a right wing problem. Both share equally in the economic issues we are facing.
I say close those loop holes and everyone pay the same rate of taxes on ALL thier income. Corporations too. That should raise some revenue. Shalom

Obama has said numerous times that we don't have a spending problem, we have a revenue problem. Where in that statement do you see a desire to rein in spending?

Why should the budget be balanced at the expense of those that can least afford it?
It is going to take both spending cuts and tax increases to seriously dent the deficit. Either one alone will not do the job. Shalom