Weren't Bush II's tax-cuts temporary?

[uscitizen]

Wouldn't it be fun if the lenders hat to pay the tax on the portion of what they held as an asset, like your house, and you had to pay tax, only on your Eqiity.

I like that idea, Then banks would pay about 2/3 of the property tax in the USA.

I wonder... do they actually pay property tax on repossed properties or do they weasel out of that?

 

[Wiseacre]

Personally I'd like to see the whole Tax Code Trashed and replaced with something 100 pages or less. I Neither support bailouts or subsidies.

You and me both.

 

[Wiseacre]

Wouldn't it be fun if the lenders hat to pay the tax on the portion of what they held as an asset, like your house, and you had to pay tax, only on your Eqiity.

I like that idea, Then banks would pay about 2/3 of the property tax in the USA.

I wonder... do they actually pay property tax on repossed properties or do they weasel out of that?

You really hate banks, don't you? No lender is going to sign up for that deal.

 

[rdean]

Wasn't there a sunset- provision in his tax-cuts? Discuss...

Obama explain why he extended the tax-cuts at [ame=http://www.youtube.com/watch?v=PwoKOFgghxI]Obama 2009: Raising Taxes Hurts Businesses and the Economy. - YouTube[/ame] because “You don’t raise taxes in a recession,” and Obama Cuts Deal to Extend All Bush Tax Cuts, Renew Jobless Benefits.

Obama says it's not good to raise taxes during a recession. But he didn't say on everyone. The middle class are the people who need the break. That's who he's talking about. The uber wealthy have seen their fortunes rise beyond all reason and that didn't create jobs. Get it? They pocketed billions and didn't create jobs. There is no uncertainty. Corporations are sitting on trillions. Corporations have said they don't "create jobs" because there is no demand. No demand, no jobs. Why can't the right understand that? It's the foundation of capitalism.

As to why he didn't let the Bush tax cuts expire, I think we'll let the Christian Science Monitor explain. It's really very simple and they do a very good job:

Unemployment benefits: not until Bush tax cuts pass, Senate GOP says - CSMonitor.com

 

[KissMy]

Wouldn't it be fun if the lenders hat to pay the tax on the portion of what they held as an asset, like your house, and you had to pay tax, only on your Eqiity.

I like that idea, Then banks would pay about 2/3 of the property tax in the USA.

I wonder... do they actually pay property tax on repossed properties or do they weasel out of that?

The banks and mortgage servicing companies are responsible for property taxes, maintenance & (HOA) "Home Owners Association Fees" for those units. Banks first pay the taxes out of the borrower's escrow account. When that runs out & the borrower had PMI insurance they may get money from them (ie: AIG).

It is really up to each County, Court, Judge & Home Owners Association.

 

[uscitizen]

Wouldn't it be fun if the lenders hat to pay the tax on the portion of what they held as an asset, like your house, and you had to pay tax, only on your Eqiity.

I like that idea, Then banks would pay about 2/3 of the property tax in the USA.

I wonder... do they actually pay property tax on repossed properties or do they weasel out of that?

You really hate banks, don't you? No lender is going to sign up for that deal.

Hey if they own say 70% fo your house then they should pay 70% of the property taxes.
Property taxes are based on ownership not occupancy.