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I already did.
I pointed out that an individual who made no profit, (meaning their cost of doing business was greater than what they took in as salary ), is still forced to pay taxes.
Your graph shows the LIBOR spike as well
The RE bubble was bursting in 2007.....Bear Stearns had 2 funds go bust in July.
Now, about your claim that mortgages based on the Prime Rate would have gone down.....LOL!
and once some rates increased unrealistically high, then the defaults cascaded,
In September 2008? LOL!
Eventually some home buyers defaulted on their mortgage simply because they could buy other properties that had already defaulted, for much less than they were paying.
Lots of people defaulting on their old mortgages and then getting new ones immediately?
And it is supposed to be illegal for an employer to be able to claim rent, food, transportation, etc. , as a deductible expense, when individuals can not.
I know I am completely right because I had a real estate license, buy and sell often, keep up on it, and knew lots of people in the industry.
People would not normally default on their mortgages and then immediately buy another because their own previous payment would have gone down with the US Prime rate, so there would be no advantage in defaulting and paying new closing costs.
The only reason why anyone would do this is if the old mortgage rate increased unrealistically, as happened to CA home buyers who had adjustable mortgages based on the British LIBOR.
employers have always been able to deduct costs of doing business that include rent transportation ect...
business and individuals have always had a different code and rules,,
why are you lying??
employers have always been able to deduct costs of doing business that include rent transportation ect...
business and individuals have always had a different code and rules,,
why are you lying??
No, the discussion has NEVER been about employers being able to deduct costs.
The point is that individuals used to always have the option of itemizing and writing off expenses as well.
They have made it much harder to itemize now, and they never allowed rent or food to be written off.
They do allow mortgages to be written of by individuals however, which is very unfair to poor people.
I pointed out that an individual who made no profit, (meaning their cost of doing business was greater than what they took in as salary ),
Salary isn't profit. Not now, not ever, never. It's stupid to claim it is.
The bottom 50%, more lately, pay no federal income taxes and are not paying "much higher rates".
They're paying much lower rates. They're paying zero or less.
youre lying again,, and deductions are easier now not harder,,No, the discussion has NEVER been about employers being able to deduct costs.
The point is that individuals used to always have the option of itemizing and writing off expenses as well.
They have made it much harder to itemize now, and they never allowed rent or food to be written off.
They do allow mortgages to be written of by individuals however, which is very unfair to poor people.
Where did you find that?
Was it the 1906 Geneva Conventions?
People would not normally default on their mortgages and then immediately buy another because their own previous payment would have gone down with the US Prime rate,
When would they have gone down with the Prime Rate but up with LIBOR, starting in 2007?
Because shit was already hitting the fan long before the September 2008 spike in LIBOR.
If your teaser rate expired after a year, your reset had squat to do with LIBOR.
The point is that individuals used to always have the option of itemizing and writing off expenses as well.
Yeah, when tax rates were much higher. So what?
and they never allowed rent or food to be written off.
Because living expenses aren't business expenses.
cost of living is a living expense because youre not running a business and cost of doing business is a business expense because youre doing business,,Yes, the cost of living is a business expense, just as the factory owner paying his rent is.
youre lying again,, and deductions are easier now not harder,,
now show me where an employer hasnt ever been able to deduct the costs of doing business like rent, food and transportation??
why would an individual be allowed to write of food and rent and transportation if its not a cost of doing a business they dont have??
mortgages are not written off,, interest is,,
would you please stop the lying or show the proof??
I'm thinking hes an AI bot set on stupid,,Maybe he's on the spectrum?
He's making less sense than usual.
I asked you nicely to quit lying and yet you keep doing it,,Why do you keep getting this reversed and wrong?
We have never been discussing business.
They always have been able to write off everything and then some.
So we have never been talking about them.
Instead we have been talking about individuals, how they used to be able to write off expenses, and that has been slowly eroded, illegally.
Food and rent IS a cost of doing business for any employee.
It is not profit, and should not be taxed.
That makes no sense.
Anyone making more than $12.4k is paying taxes according to you, so now you are claiming that 50% of the people make less than $12.4k?
And I never said salary was profit.
I said it was gross income.
Profit is after you subtract expenses from gross income.
taxfoundation.org
14th amendment.
The teaser rate was locked for 2 years, but normal mortgages have a max incremental change.
The CA LIBOR ARM holders were hit with a 50% increase.
Yes, the cost of living is a business expense, just as the factory owner paying his rent is.
