Retirees must love Biden

[Big Bend Texas]

The thread's just "look at me, my team's better than yours"

Biden and the dems didn't actually cause the inflation we're having. Team Biden didn't see it coming but neither did the Fed. But the progressives are just economic illiterates who want the econ to fit their policy desires.

President's don't really get to choose their economies. Their policies usually affect things 4 years out, and the next administration though. I wish Biden was being more aggressive on issuing oil leases with penalties for not drilling in a few years of their being issued, though.

They do when immediately upon taking office they take measures that are intended to strangle off our own domestic energy production and continue doing so throughout the administration.

In any industrial/technological society affordable energy is at the very heart of your economy.

 

[Rigby5]

They made the choice to rent.

Not really.
The tax laws are set up to the advantage of landlords, who out price individual home buyers.

 

[Big Bend Texas]

Not really.
The tax laws are set up to the advantage of landlords, who out price individual home buyers.

Well that certainly isn't true particularly since you get to take a straight deduction for your interest payments which make up the majority of your home payments for the first half of your mortgage.

 

[Rigby5]

None of those things are caused by the president of any party.

BTW SS is getting a big bump this year.

So, eat shit donny.

Social Security runs on payins to make payouts, and payins have decreased, so there will not be any money for any "big bump".
If they do, it will just be added to the national debt, risking total default even more.

 

[Big Bend Texas]

It is impossible for anyone on Social Security to get a cost of living increase.
The money has to come from somewhere, and people are paying into social security less than ever before.
There is no money for COLAs.

Why do you constantly peddle lies? FICA/SS taxes have not gotten any cuts.

 

[Big Bend Texas]

Social Security runs on payins to make payouts, and payins have decreased, so there will not be any money for any "big bump".
If they do, it will just be added to the national debt, risking total default even more.

Unless the president blocks it there is always a cost of living increase if inflation is over 3%.

 

[Ray From Cleveland]

It is what it is.....

Con-nect the dots for us how this is Biden's doing and what he can do to fix it (but isn't).

It started when he and the other commies passed a bill to pay workers more money to stay home than work. The bill funded additional unemployment benefits for a half of 2021. When employers have to compete with government for workers, that increases the cost of their products and services which get passed on to us, thus inflation.

When fuel began to increase, so did the cost of transportation of goods. Utilities like natural gas, propane and electricity added additional pressure to our labor and supply chain problems. You seen how much your bill went up to stay warm last winter. Imagine how much more money it took to heat a building of 200 employees!

Then when you add the borrowing of money for leftist pet projects like tearing down a bridge and rebuilding it because it's deemed racist, you have all the makings for an 8.5% inflation rate, and it's all leftist policies that created it.

 

[Big Bend Texas]

It started when he and the other commies passed a bill to pay workers more money to stay home than work. The bill funded additional unemployment benefits for a half of 2021. When employers have to compete with government for workers, that increases the cost of their products and services which get passed on to us, thus inflation.

When fuel began to increase, so did the cost of transportation of goods. Utilities like natural gas, propane and electricity added additional pressure to our labor and supply chain problems. You seen how much your bill went up to stay warm last winter. Imagine how much more money it took to heat a building of 200 employees!

Then when you add the borrowing of money for leftist pet projects like tearing down a bridge and rebuilding it because it's deemed racist, you have all the makings for an 8.5% inflation rate, and it's all leftist policies that created it.

IT actually started with 54 executive actions specifically targeting US energy production in keeping with his promise to end the fossil fuel industry in the US.

 

[Ray From Cleveland]

Depends where one lives it might seem.
Out here in the PNW, they are skyrocketing. Might be great if one sells, but for an increasing part of the population, buying real estate is rapidly out stripping their incomes, and projected increases of incomes.
Similar skyrocketing of rental costs/rates.

I believe it was Will Rodgers that said it best: Buy land. God ain't making anymore of it.

As we use our land for alternative energy and places to house the millions of new illegals in this country, it creates your typical supply and demand situation. Much of the cost of housing is in land price increases.

 

[Rigby5]

Well that certainly isn't true particularly since you get to take a straight deduction for your interest payments which make up the majority of your home payments for the first half of your mortgage.

Wrong.
The fact you can write off mortgage interest if you are a home owner, is of little help.
First of all, most home owners are in such a low income group that they can't even use the mortgage interest write off.
They can't even afford the accountant to figure it out for them.
And the point is that landlords not only get the same interest exemption, but all maintenance, repairs, improvement, and a depreciation allowance schedule.
It was so lucrative that people were becoming landlords just so they could sell the tax benefits.
They changed the law so that only hands on landlords can still do that, but all these write offs allow wealthy people to pay more than twice what ordinary people can afford for properties, so very soon all properties will become rentals.

 

[Big Bend Texas]

Wrong.
The fact you can write off mortgage interest if you are a home owner, is of little help.
First of all, most home owners are in such a low income group that they can't even use the mortgage interest write off.
They can't even afford the accountant to figure it out for them.
And the point is that landlords not only get the same interest exemption, but all maintenance, repairs, improvement, and a depreciation allowance schedule.
It was so lucrative that people were becoming landlords just so they could sell the tax benefits.
They changed the law so that only hands on landlords can still do that, but all these write offs allow wealthy people to pay more than twice what ordinary people can afford for properties, so very soon all properties will become rentals.

More baseless, unsupportable BS on your part. There are simply no facts anywhere to support your claims.

 

[Rigby5]

IT actually started with 54 executive actions specifically targeting US energy production in keeping with his promise to end the fossil fuel industry in the US.

Since we have almost no other energy source, ending fossil fuel would end the country.

 

[Big Bend Texas]

Since we have almost no other energy source, ending fossil fuel would end the country.

He doesn't' care, neither do the Green Nazis.

 

[Ray From Cleveland]

Not really.
The tax laws are set up to the advantage of landlords, who out price individual home buyers.

Then perhaps you need to talk to my CPA. She would disagree with you totally.

 

[Big Bend Texas]

Then perhaps you need to talk to my CPA. She would disagree with you totally.

Rigby doesn't like to let facts get in the way of his rants.

 

[Ray From Cleveland]

The former 1-term orange fuckups data in incomplete.

Then I await proof of your claim. Remember too that Trump presided half of his term with a commie House. You know, the people that actually create our spending bills?

 

[Ray From Cleveland]

The former 1-term orange fuckup signed the papers.

Say, are Kim and don still dating?

He didn't sign shit. That's not to mention no President has to abide by a previous Presidents decisions unless a treaty is passed by Congress and into law. Trump's Afghanistan policy was we will withdraw based on what's happening on the ground. That's why no American solders lost their lives in the past 18 months of his presidency, and 13 lost their lives because of Dementia's decision to withdraw no questions asked.

You people tried the same bullshit when DumBama left Iraq.

"The best part of being a Democrat is never having to say it was your fault."
Ray from Cleveland

 

[Big Bend Texas]

He didn't sign shit. That's not to mention no President has to abide by a previous Presidents decisions unless a treaty is passed by Congress and into law. Trump's Afghanistan policy was we will withdraw based on what's happening on the ground. That's why no American solders lost their lives in the past 18 months of his presidency, and 13 lost their lives because of Dementia's decision to withdraw no questions asked.

You people tried the same bullshit when DumBama left Iraq.

"The best part of being a Democrat is never having to say it was your fault."
Ray from Cleveland

Eliminate all the lies and what would they have left to argue?

Pretty much nothing.

 

[Rigby5]

More baseless, unsupportable BS on your part. There are simply no facts anywhere to support your claims.

Wrong.
I have been a landlord for over 50 years and you don't know what you are talking about.
The tax laws are totally and completely slanted unfairly towards landlords and against home buyers.

What Is Accelerated Depreciation & How Can Landlords Use It For Tax Benefits? – Landlord Studio

Accelerated depreciation can be a powerful strategy to increase the profitability of your assets in the early years.

www.landlordstudio.com

{...

What is accelerated depreciation?​

Accelerated depreciation is a strategy that allows for a greater depreciation value in the earlier years of an asset’s life. What this means in regards to real estate is that you can depreciate fixtures and moveable assets within the property (eg. appliances) faster than the useful life of the property. This allows you to deduct more of the total depreciation in the first 5-7 years of buying a property. To claim depreciation and track your accelerated depreciation over the years you will likely want a quality rental property accounting software that will enable you to keep accurate records with ease.

There are several methods of accelerated depreciation which include double-declining balance (DDB), where there will be higher depreciation expenses in the first few years and lower expenses as the asset ages. As well as the straight-line depreciation method, which spreads the cost evenly over the life of an asset. For real estate, you will need to conduct a cost segregation study to determine the value of the assets that you want to depreciate independently of the overall value of the property.
...}

But what they do not tell people is that if you use an accelerated depreciation schedule, you completely avoid taxes for at least the first five years, but would then slowly start to pay more in taxes if not for a loophole. The loophole is that you can do a 1031 exchange with another landlord, a "like kind exchange". Which does nothing for the value of the property, but allows you to completely start over on accelerated deduction allowance. And the whole depreciation allowance on real estate is a total racket because clearly real estate goes UP in value and does not depreciate to zero in 25 years.

 

[Big Bend Texas]

Wrong.
I have been a landlord for over 50 years and you don't know what you are talking about.
The tax laws are totally and completely slanted unfairly towards landlords and against home buyers.

What Is Accelerated Depreciation & How Can Landlords Use It For Tax Benefits? – Landlord Studio

Accelerated depreciation can be a powerful strategy to increase the profitability of your assets in the early years.

www.landlordstudio.com

{...

What is accelerated depreciation?​

Accelerated depreciation is a strategy that allows for a greater depreciation value in the earlier years of an asset’s life. What this means in regards to real estate is that you can depreciate fixtures and moveable assets within the property (eg. appliances) faster than the useful life of the property. This allows you to deduct more of the total depreciation in the first 5-7 years of buying a property. To claim depreciation and track your accelerated depreciation over the years you will likely want a quality rental property accounting software that will enable you to keep accurate records with ease.

There are several methods of accelerated depreciation which include double-declining balance (DDB), where there will be higher depreciation expenses in the first few years and lower expenses as the asset ages. As well as the straight-line depreciation method, which spreads the cost evenly over the life of an asset. For real estate, you will need to conduct a cost segregation study to determine the value of the assets that you want to depreciate independently of the overall value of the property.
...}

But what they do not tell people is that if you use an accelerated depreciation schedule, you completely avoid taxes for at least the first five years, but would then slowly start to pay more in taxes if not for a loophole. The loophole is that you can do a 1031 exchange with another landlord, a "like kind exchange". Which does nothing for the value of the property, but allows you to completely start over on accelerated deduction allowance. And the whole depreciation allowance on real estate is a total racket because clearly real estate goes UP in value and does not depreciate to zero in 25 years.

Just curious, have you been talking out of your ass for all fifty years?

Both get the deduction for interest.

Landlords get deductions on the income earned from rentals for maintenance etc just like any other business does.