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  Topic: The Most Absurd ´Loophole´
in the Tax Code
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The Most Absurd ´Loophole´
in the Tax Code

Breitbart's Big Government, by Mike Flynn

Original Article

Posted By:trapper, 12/9/2012 10:46:34 PM

And I mean absurd in the most literal sense. We all know that the U.S. tax code is riddled with "loopholes", exemptions and deductions intended to incentivize certain activities. Many of these are of dubious provenance and questionable utility. But, there is one that is particularly ridiculous. As in, how can this possibly be thought of as a loophole? But, to the technocrats in the federal government, the tax you don´t have to pay on the value of rent you don´t have to pay because you own your home is a loophole. Read that last sentence again. Its called "The Imputed Net Rental Income on Owner-Occupied

Comments:
Get that? If you own your home, you don´t pay rent on it, and the rent you don´t pay should be taxed as income imputed to you. Of course the flaw in the argument is that the imputed income should logically be offset by the expenditure required to earn it, i.e., the acquitision cost of the home. Head hurt yet? Whoever in Washington thought this up desperately needs a vacation.

Please post source to site style for our search function. LCom Staff.

      


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Reply 1 - Posted by: noddy, 12/9/2012 10:51:35 PM     (No. 9057105)

In desperate need of something OP and I don´t think it´s a vacation.

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Reply 2 - Posted by: janylou, 12/9/2012 11:03:36 PM     (No. 9057117)

This is the result of some bureaucrat trying to justify their 6 figure salary.

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Reply 3 - Posted by: KTWO, 12/9/2012 11:32:01 PM     (No. 9057131)

Relax.

This isn´t a loophole because it isn´t in effect.. It IRS think about what could be defined as income..

In effect it would tax you on using your own property. Your home.

Flynn mentions a car but couldn´t all your property be taxed similarly?

IMO If the government makes a major change to find revenue they will go after retirement accounts and private pension funds.

Can you spell I R A? They can.

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Reply 4 - Posted by: wilarrbie, 12/9/2012 11:45:49 PM     (No. 9057138)

If I recall...this was Al Gore´s plan at one time. He might not have invented it, but I remember he thought he could make it fly. This is the corrupted thought process of a government that doesn´t really believe you or I own anything and that which we earn is not really ours, except what they let us keep. And they have a salivating near-half of the population urging them to take from the earners, to give to the slackers.

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Reply 5 - Posted by: montanabound, 12/10/2012 12:05:43 AM     (No. 9057148)

I remember Rush talking about this idea being floated during the Clinton administration.

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Reply 6 - Posted by: enuf8, 12/10/2012 1:05:51 AM     (No. 9057160)

Charlie Rangel and his corrupt gang were responsible for the taxing codes-----

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Reply 7 - Posted by: LanieLou, 12/10/2012 3:19:57 AM     (No. 9057187)

Marxist tax theory... They want to tax us on the best use value of our property, regardless of actual use.

Then the marxist adds up the difference and calls the excess tax a loophole, that needs to be paid!

Absolute lunacy and this is the type of tax increase Obozo WH will apply.... calling it a loophole infers the citizen is using their property inappropriately & needs to pay what a smarter person would.

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Reply 8 - Posted by: pineledger, 12/10/2012 4:19:10 AM     (No. 9057221)

And if you´ve paid off your mortgage, your imputed income is even greater.

No wonder The Won hired 16,000 new IRS weasels.

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Reply 9 - Posted by: NuGoddess, 12/10/2012 7:22:36 AM     (No. 9057301)

I´ll be damned; they got it through. Above posters are correct about Ma Clinton wanting to get this through as part of her national ´´healthcare´´ scheme.

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Reply 10 - Posted by: jglas, 12/10/2012 9:45:17 AM     (No. 9057514)

If I bought a house with a mortgage of say $2000 a month and the value of the house falls so that I could now rent the house house for only $1000 a month, shouldn´t I then get a tax credit for that $1000 a month I´m losing in imputed income?

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