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The Most Absurd ´Loophole´
in the Tax Code
Breitbart's Big Government, by Mike Flynn
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Original Article
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Posted By:trapper, 12/9/2012 10:46:34 PM
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| 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
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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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Below, you will find ...
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Most Recent Articles posted by "trapper"
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Is this Spain´s weirdest festival yet?
Hundreds hurl TURNIPS at man
dressed in horned demon mask
running through the streets
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Mail Online [UK], by Sara Malm
Original Article
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Posted By: trapper- 1/21/2013 3:08:01 PM
Post Reply
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The Spaniards already boast some of the weirdest festivals in the world, such as the bull running of Pamplona and the world’s biggest tomato fight, but this one definitely tops the list. The annual Jarramplas Festival in Piornal involves hundreds of villagers attacking a man dressed in a devils mask with 15,000 turnips. The best part? No-one really knows why. A young man from the village is selected to be the 'Jarramplas' - the scape goat - and dresses up in a costume made from colourful strips of fabric, donning a devil-like mask with great horns and nose.
Content added by staff.
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The Most Absurd ´Loophole´
in the Tax Code
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Breitbart's Big Government, by Mike Flynn
Original Article
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Posted By: trapper- 12/9/2012 10:46:34 PM
Post Reply
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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
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Next-Gen GOP Leaders Slam Romney
for ´Gift´ Remarks
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Big Government, by Willilam Bigelow
Original Article
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Posted By: trapper- 11/15/2012 8:58:44 PM
Post Reply
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The new spiritual leaders of the Republican Party have come out swinging against Mitt Romney for his controversial remarks on a donor conference call about why Barack Obama won reelection. According to the New York Times, Romney said Obama had followed the “old playbook” of using targeted initiatives to woo specific interest groups — “especially the African-American community, the Hispanic community and young people.”
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This just in: Gen. Allen’s daughter is hot
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Daily Caller, by Taylor Bigler
Original Article
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Posted By: trapper- 11/14/2012 6:55:56 PM
Post Reply
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Four star Gen. John Allen, who is tangentially related to the Gen. Petraeus sex scandal because he had a flirtatious e-mail exchange with Jill Kelley, the woman who launched the FBI probe that led to the Paula Broadwell affair. You know all this by now. What is getting lost in all the twists and turns here is that Gen. Allen has a hot daughter. Bobbie Allen, 26, is a singer-songwriter who describes “her journey in to music as serendipitous but destined,” according to her website. Allen says that she was inspired by the Carpenters and that, since she was constantly
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Did Obama Watch While
They Fought for their Lives?
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American Thinker, by Karin McQuillan
Original Article
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Posted By: trapper- 10/27/2012 12:37:39 AM
Post Reply
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They fought for their lives for seven hours. 9/11/ 2012. Benghazi. The White House watched. No help was sent and they died. Four Americans died in the jihadi attack on our consulate in Benghazi. Glen Doherty and Tyrone Woods, two retired SEALS who were working as civilian security specialists in Benghazi, learned that Ambassador Stevens and nine other people at the consulate were under attack and rushed to their defense. The fourth man was Sean Smith, father of three, an Air Force veteran, working for the State Department in Libya.
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Emanuel to stump for Obama
in Florida and Ohio
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Chicago Sun-Times, by Fran Spielman
Original Article
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Posted By: trapper- 10/17/2012 9:01:08 PM
Post Reply
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Mayor Rahm Emanuel said Wednesday he will spend the next two weekends campaigning for President Barack Obama in two battleground states — Florida and Ohio — and he’s relieved to be hitting the road for his former boss after the second debate, instead of the first. “He is a friend, but more important than a friend of mine, he’s been a friend of the city of Chicago and he’s been a great president,” said Emanuel, who served as the first chief of staff in the Obama White House.
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Religious leaders forge game plan
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Chicago Tribune, by Mitch Smith
Original Article
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Posted By: trapper- 10/15/2012 1:37:57 PM
Post Reply
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Owners of the Chicago Bears hosted religious leaders and politicians Sunday at the team’s practice facility, where speakers lamented the “eroding freedom to speak in the language of faith in the public square.” The Reclaiming Religious Liberty Leadership Summit included Roman Catholic, Muslim and Jewish speakers, an Air Force officer and two politicians (one Democrat, one Republican.)
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Former British prime minister
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Daily Mail [UK], by James Nye
Original Article
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Posted By: Attercliffe- 4/8/2013 8:55:39 AM
Post Reply
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Margaret Thatcher, the first female British Prime Minister who gained worldwide renown as the Iron Lady has died aged 87. Developing a formidable partnership with President Ronald Reagan during the 1980s, Mrs. Thatcher stood up to the ´Evil Empire´ of the Soviet Union, eventually witnessing its collapse. [Snip] Responding to her death, Buckingham Palace said, ´The Queen is sad to hear the news of the death of Baroness Thatcher and Her Majesty will be sending a private message of sympathy to the family, Buckingham Palace said today.´ British Prime Minster David Cameron said on hearing of her passing, ´It was
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The most shocking news
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American Thinker, by Thomas Lifson
Original Article
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Posted By: magnante- 4/9/2013 11:49:09 AM
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The murder trial of abortionist Kermit Gosnell largely is being ignored by the mainstream media, even in the face of grisly testimony, such as what we heard yesterday. Life News reports: ...a former employee described how she heard a baby scream during a live-birth abortion. Abortion clinic employee Sherry West described an incident which "really freaked (her) out" and related to the jury how she heard a child who was born alive following an abortion scream.
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Obama says he´s ´determined
as ever´ for gun bill
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Associated Press, by Nedra Pickler
Original Article
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Posted By: Desert Fox- 4/8/2013 10:27:49 PM
Post Reply
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HARTFORD, Conn. -- With time running out on the chance to pass gun control legislation, President Barack Obama on Monday warned Congress not to use delaying tactics against tighter regulations and told families of the Sandy Hook Elementary School shooting victims that he´s "determined as ever" to honor their children with tougher laws. Obama´s gun control proposals have run into resistance on Capitol Hill, leaving their fate in doubt. Efforts by Senate Democrats to reach compromise with Republicans over expanding required federal background checks have yet to yield an agreement, and conservatives were promising to try
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Kim Jong-un Wants Phone
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Korea Broadcast Service, by Staff
Original Article
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Posted By: Desert Fox- 4/8/2013 6:56:50 AM
Post Reply
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North Korea’s young leader Kim Jong-un is waiting for United States President Barack Obama to make a phone call to Pyongyang to discuss easing tensions on the Korean peninsula, according to Russia’s news agency Itar-Tass. The report cited United Kingdom diplomats, saying Pyongyang was demanding the U.S. president personally call Kim Jong-un as one of the conditions to relieve the current conflict at hand. Itar-Tass also quoted the U.K.’s Sky News as saying North Korea currently has eight nuclear warheads.
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White House: Planned GOP
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Washington Times, by Dave Boyer
Original Article
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Posted By: Dreadnought- 4/8/2013 11:08:31 PM
Post Reply
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Beginning a week of high pressure on gun control, the White House on Monday accused some Republican senators of cowardice for planning to filibuster gun legislation without allowing the full Senate to vote on President Obama’s initiatives. “If they oppose this legislation, have the courage to say so on the floor and vote no,” said White House press secretary Jay Carney. “Don’t block it. Don’t hide behind a procedural action to prevent a vote. That’s the wrong thing to do, and that’s how the president clearly feels.”
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´Mickey Mouse Club´ star
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Los Angeles Times, by Dennis McLellan
Original Article
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Posted By: JoniTx- 4/8/2013 1:18:00 PM
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Annette Funicello, the dark-haired darling of TV´s “The Mickey Mouse Club” in the 1950s who further cemented her status as a pop-culture icon in the ´60s by teaming with Frankie Avalon in a popular series of “beach” movies, died Monday. She was 70. Funicello, who was diagnosed with multiple sclerosis in 1987 and became a spokeswoman for treatment of the chronic, often-debilitating disease of the central nervous system, died at Mercy Southwest Hospital in Bakersfield, Walt Disney Co. spokesman Howard Green said. Funicello and her husband, Glen Holt, had moved from
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Original Article
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Posted By: jackson- 4/8/2013 10:23:20 AM
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Chelsea Clinton has raised her profile in the last few days, which sparked the inevitable question about the former first daughter´s future: Will she ever be like Mom and Dad and run for office? Clinton, 33, essentially said "maybe" in an interview that aired Monday on NBC´s Today show. "Right now I´m grateful to live in a city, a state and a country where I strongly support my mayor, my governor, my president and my senators and my representative," said Clinton, whose father, Bill, was president from 1993-2001 and her mother, Hillary
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calls for select probe of
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Fox News, by Catherine Herridge
Original Article
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Posted By: JoniTx- 4/8/2013 7:00:09 AM
Post Reply
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More than 700 Special Operations veterans are urging members of Congress to back a select committee to investigate last year’s Benghazi terrorist attack, according to a letter first obtained by Fox News. The letter from the group, “Special Operations Speaks,” supports the appointment of a special committee tasked with the single mission of investigating the attack that left Ambassador Christopher Stevens and three other Americans dead, and shut down the CIA operation in an annex of the Benghazi consulate, in the Sept. 11, 2012 attack. “Congress must show some leadership and provide answers to the public
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Obama flying 11 relatives of Sandy Hook
victims to D.C. on Air Force One so
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Associated Press, by Staff
Original Article
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Posted By: BuckeyeRon- 4/8/2013 4:05:18 PM
Post Reply
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President Barack Obama is bringing 11 relatives of those killed in the shooting at Connecticut´s Sandy Hook Elementary School to Washington on Air Force One on Monday so they can personally encourage senators to back gun legislation that faces tough opposition. A nonprofit organization that works with the families, Sandy Hook Promise, said that after Obama´s speech on gun control in Hartford, he is flying with relatives of seven children and one staffer killed during December´s massacre at the school. The White House says Obama is going to argue that lawmakers have an
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Updated: White House, McCain
blast Cruz for threatening
filibuster over guns
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Houston Chronicle, by Joanna Raines
Original Article
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Posted By: JoniTx- 4/8/2013 4:55:05 PM
Post Reply
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There was growing buzz over the weekend that a bipartisan agreement on gun control — a deal that would expand background checks — could hit the floor as early as this week. However, any deal could be derailed by the looming threat of a Republican filibuster involving Texas Sen. Ted Cruz. With Cruz standing proudly in the way of any gun legislation, Democrats are trying to make him pay a political price — and even a couple of high-profile Republicans are questioning his tactics.
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Gay Connecticut couple accused
of raping adopted children
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New York Daily News, by Erik Ortiz
Original Article
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Posted By: Drive- 4/8/2013 8:52:23 AM
Post Reply
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The case of a same-sex Connecticut couple accused of repeatedly raping and abusing two of their nine adopted boys is headed for trial. Married couple George Harasz and Douglas Wirth of Glastonbury were supposed to be sentenced Friday in Hartford Superior Court under a plea deal, but instead withdrew from their agreement with prosecutors. The men had already pleaded no contest in January to one felony count each of risk of injury to a minor — a reduction from even more serious charges related to sexual assault....
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Why Is White House
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Investor´s Business Daily, by Rep, Dana Rohrbacher
Original Article
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Posted By: Desert Fox- 4/8/2013 7:13:10 PM
Post Reply
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More than six months since Ambassador Christopher Stevens was assassinated by terrorists in Benghazi, the Obama administration is still trying to keep a lid on information about the attack. Congress and the American people need to know what happened the night of Sept. 11, 2012. Who did the killing and what was their motive? Why wasn´t help sent? And why did the administration lie about who was responsible? Members of Congress have asked hundreds of questions at hearings conducted by several investigative committees, but many of the most significant have been left unanswered. Information detailing what happened before, during and
Headline corrected.
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