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.
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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.
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.
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?
The Department of Education spends billions of dollars annually, and touts phase three of its "race to the top," but the sad fact is that based on testing results, American education is on a race to the bottom. We spend more than any other nation on earth yet rank in the bottom quartile (26th out of 34) of OECD (developed) nations in the latest international comparison, the Program for International Student Assessment (PISA). We are paying filet mignon prices and getting Sonic Burger results, in other words.
Reports of bias incidents at Vassar College that involved hateful messages left on students’ doors were actually elaborate hoaxes — and the perpetrator is none other than the student member of the Bias Incident Response Team, The Daily Caller has learned. This fall semester at the liberal arts college in New York saw a curiously high number of bias incident reports. [snip] The task force had one student member: Genesis Hernandez, who is transgendered and was also a vice president of the Vassar Student Association (VSA), the student government.
Josh Rogin reported in the Daily Beast Monday that there is a rift in Barack Obama’s foreign policy team over Egypt. “Before Secretary of State John Kerry’s recent trip to Cairo,” Rogin wrote, “National Security Adviser Susan Rice told him to make strong statements in public and private about the trial of deposed President Mohamed Morsi. On his own, Kerry decided to disregard the White House’s instructions.” John Kerry, defender of freedom? Rice certainly made it seem that way when she publicly contradicted Kerry’s statement that Egypt, having rid itself of the Muslim Brotherhood regime, was “on the path to
Washington DC talk show host Chris Plante reported today that Barack Obama omitted the words "under God" from the Gettysburg Address when reciting the great speech for a Ken Burns documentary. Burns had filmed all living presidents as well as various Hollywood personalities and luminaries to pay homage to the speech which was delivered by Abraham Lincoln 150 years ago, today. Plante broke the story on Washington DC talk radio station WMAL on his mid-morning program, "The Chris Plante Show."
A medical test being developed by Kuwait will be used to ´detect´ homosexuals and prevent them from entering the country – or any of the Gulf Cooperation Countries (GCC), according to a Kuwaiti government official. GCC member countries – Bahrain, Kuwait, Qatar, Oman, Saudi Arabia and the United Arab Emirates – already deem homosexual acts unlawful. This controversial stance is being toughened, with members of the LGBT community stopped at the border and banned from entering the country, according to Yousouf Mindkar, the director of public health at the Kuwaiti health
The Syria researcher whose Wall Street Journal op-ed piece was cited by Secretary of State John Kerry and Sen. John McCain during congressional hearings about the use of force has been fired from the Institute for the Study of War for lying about having a Ph.D., the group announced on Wednesday. “The Institute for the Study of War has learned and confirmed that, contrary to her representations, Ms. Elizabeth O’Bagy does not in fact have a Ph.D. degree from Georgetown University,” the institute said in a statement. “ISW has accordingly terminated Ms. O’Bagy’s employment, effective immediately.”
Secretary of State John F. Kerry refused Tuesday to rule out putting U.S. troops on the ground in Syria, saying the president needs to retain the ability to send in forces in very select circumstances as the Obama administration officially began to make its case for retaliatory military strikes on the Assad regime. Testifying to the Senate, Mr. Kerry accused critics of “armchair isolationism” and said there are risks to acting, but that the risks of inaction are even worse. But asked whether President Obama would accept an authorization from Congress that specifically banned putting U.S. troops on the ground
I have never been much of a conspiracy theorist. For me it was always Oswald by himself from the Texas School Book Depository and nothing in the intervening fifty years has disabused me of this notion. For the most part, I’m an Occam’s Razor kind of guy — the most obvious explanation is likely to be true. (Snip) To put it bluntly, Occam’s Razor has moved. Things that were once possibilities now seem almost certainties to me. Principal among those is that Obama’s academic records are perpetually unavailable for a reason — and that reason is most likely that they reveal
One of President Obama´s chief political assets has been his ability to excite young people like almost no politician in history. But the days of America´s youth fawning over the president are over. A new Harvard University Institute of Politics poll released Wednesday confirms what other surveys have shown in recent months: Millennials have soured on Obama so much this year that their opinion of him largely mirrors the American public´s. Even though Obama does not ever have to face another election, he should be worried about the findings for a couple of reasons, which we will dive into momentarily.
Good stuff from Jonathan Turley at today’s House hearing on executive power, although I regret that I couldn’t find a more user-friendly format for you to watch. There’s no compilation clip; you’ll have to make do with the C-SPAN embed by fast-forwarding to the time cues I give you and being patient while the vid buffers (and buffers, and buffers).(Snip)That brings us to point two: Even if Congress can’t stop Obama, the courts can. The problem there, though, says Turley, is that O and the DOJ have argued successfully in many cases that no one has standing to sue him
A stunning new study unveiled on Fox News´ Hannity finds that President Barack Obama’s White House calendar records just one face-to-face meeting between Obama and his Health and Human Services (HHS) Secretary Kathleen Sebelius in the more than three-and-a-half years leading up to the disastrous Obamacare launch. The startling statistic comes from a new Government Accountability Institute (GAI) analysis of Obama’s own official White House calendar, as well as the Politico presidential calendar, and raises new questions about Obama’s executive leadership and management throughout the implementation of his singular legislative achievement. More alarming still, the president’s schedule lists 277 private
[Video] President Obama on Wednesday declared that addressing income inequality would be the focus of “all” of the White House’s efforts “for the rest of my presidency.” In a sweeping address that touched on raising the minimum wage, investing in infrastructure and ending tax breaks for the wealthy, Obama warned that the American economy has become “profoundly unequal,” declaring economic mobility the “challenge of our time.” “The combined trends of increasing inequality and decreasing mobility pose a fundamental threat to the American dream, our way of life, and what we stand for around the globe,” he said in an hour-long
Just over two weeks ago, MSNBC host Martin Bashir delivered a harsh piece of commentary that culminated in the suggestion that someone should “s-h-i-t” in former Alaska Governor Sarah Palin‘s (R-AK) mouth. Bashir offered an abject apology on his next broadcast, but a chorus of critics continued to demand action against the host. After a reported “vacation” for the host earlier this week, Bashir announced, Wednesday afternoon, that MSNBC and Martin Bashir are parting ways. Here’s the statement from Martin Bashir, via email: After making an on-air apology, I asked for permission to take some additional time out around the Thanksgiving holiday. Upon
Nineteen people stood behind President Obama on stage in the Executive Office Building Tuesday as the president kicked off a new campaign to promote Obamacare. One of those people, a young Florida woman named Monica Weeks, introduced Obama after telling the story of being struck with Crohn´s Disease at age 19 and receiving expensive treatments for several years that were covered by her parents´ health care plan — because Obamacare allowed her to remain on that plan until age 26. Now, Weeks said, she has coverage through a job. "The Affordable Care Act gives young adults who are just starting