The changes Clinton made to the CRA was minimal, and it wasn't like Banks were making bad loans to poor people. They made bad loans to middle class people because they figured if they had to foreclose, they could just resell the house for more money. "Thanks for all the work you put into it, sucker!"
The real problem is they took these worthless loans, exaggerated their value and sold them as investments... that's why the system collapsed.
Yes it is, but the changes Clinton made had nothing to do with CRA's. Lowering loan standards is what created the mess in the first place because many minorities didn't qualify for secure loans. However you can't make loan standards for different people. You need to make them for everybody or none at all.
So everybody took advantage of 0% down and no credit checks. In fact during the bubble, I had some banking business to do. I was made an offer by the loan officer to buy more rental property. I explained that I didn't have 30% down (which is the standard for rental property) for a down payment. She said they would give me a loan anyhow. All I had to do is give them the property and they would start making out the paperwork immediately.
Well, no, the Leftist bring science, the Right Winger brings an opinion a rich person paid for. The rich also paid for studies that smoking is good for you, even though most doctors said it wasn't.
Shit, I don't need any scientist to tell me that the winters here in Chicago are milder today than they were when I was growing up, and we had snow from November until April. Now we are lucky if we get snow from January to February.
So because we had a few nice winters, that's the end of the world? The earth is over 4.5 billion years old, and you think the average temperature for those billions of years was when you were a kid?
Where do these scientists get their paycheck from? After all, they don't invent anything or create sellable products. That's right, most of the money they get is from government, the same government that wants to convince the dupes of global warming.
Ray, you don't have to keep reminding us how racist you are..
The UK has a lot of black folks. What they don't have is our murder rates, for some reason. Why do you think that is? (Hint, they banned guns a long time ago.)
Yeah, sure they have blacks:
Ethnic groups: white 87.2%, black/African/Caribbean/black British 3%, Asian/Asian British: Indian 2.3%, Asian/Asian British: Pakistani 1.9%, mixed 2%, other 3.7% (2011 est.)
United Kingdom Demographics Profile 2018
How is this law affecting you? I can't wait to hear your reply to this. I have a feeling you didn't get affected but the majority of truck drivers 60% got hurt by Trump's tax laws. So how did trump MAGA for drivers? He didn't. He hurt people who work for companies not independent drivers. Thus the war on workers.
The tax law made contracting more favorable because it eliminated a deduction for work expenses that had particularly benefited company drivers. Now contractors can take the expenses deduction, but employees can’t.
Although O’Daire makes more money as a contractor, she now has less security and has to pay for more things out of pocket. Because she now leases her truck, “I have to take on a lot more responsibility for truck maintenance and fuel,” she said. “It puts me in a situation where I’m one illness away from having difficulties paying my bills.”
Some Truckers Got Run Over By The Republicans' Tax Law | HuffPost
The law cut taxes for most households, and Republicans said it would especially help workers because employers would share the benefit of sharply lower business taxes. The trucking industry hailed the law, but it turns out carriers should have been proactive to prevent certain drivers from facing a tax hike. The companies were able to offset their drivers’ loss of the deduction by adjusting their payroll systems, but the law’s hasty enactment caught many off guard.
Though she had already considered becoming an independent contractor, the missing tax deduction was the deciding factor for O’Daire. As many as a million truckers previously benefited from writing off expenses. Many are only now discovering, during tax filing season, that the deduction is gone.
I'm so glad Trump is fucking truckers.
Under the old law, O’Daire could rack up more than $15,000 in deductions for the cost of food for each day on the road, plus more for things like parking, showers and supplies. The meal per diem let truckers reduce their taxable income by more than $50 per driving day. O’Daire said the deductions helped her get a $2,000 refund in each of her first two years as a trucker but that she expects to owe money this year because of the nine months that she was still a company driver.
There were 1.8 million people working as heavy or tractor-trailer truckers who drove regionally or cross-country in 2017, according to
the latest data. About 40 percent were independent contractors, while 60 percent were company employees, said Jim O’Donnell of Trucker Tax Service, a Fort Wayne, Indiana, company that does tax preparation and bookkeeping for thousands of drivers.
The Tax Cuts and Jobs Act didn’t target truckers specifically. The law did away with a broad category of deductions that included employee work expenses that are not reimbursed by employers. Independent contractors can still deduct their work expenses, but most company employees can’t. (Independent contractors may also be
eligible for an entirely new deduction that the law created.) So employees who worked from home, for example, used to be able to deduct their home office costs; in most cases, now they can’t.
Theoretically, the change should not have harmed any drivers. Though employees lost the deduction, trucking companies could still pay their employees a portion of their wages tax-free to
account for the daily cost of food. Doing so should actually save companies money by letting them avoid some payroll taxes while giving their employees the same take-home pay.
But it’s unclear how many trucking firms have made adjustments for the new law, which took effect less than two weeks after President
Donald Trump signed it. O’Donnell said Trucker
Tax Service has prepared returns for several truckers whose companies haven’t given their workers the tax-advantaged pay. Revamping a
payroll system, after all, can be complicated and take time.
