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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Elroy Jetson who wrote (3732)7/31/2002 11:52:52 AM
From: GraceZRead Replies (1) of 306849
 
that the public should subsidize your "living expense"

I am the public that is subsidizing my living expense and a lot of other people's living expense beside. I live near a city where no less than a quarter to a third of the population lives in government subsidized housing and has no taxable income at all.

I think I already provided ample evidence as to who it is that pays the bulk of the tax burden. If you think that the lower 50% of income earners who make less than 26k and pay a sum total of 4% of all Federal income taxes paid are the bulk of home owners I think you'd find that assumption seriously flawed. Its the upper 50% paying for the lower 50% and this is where the bulk of homeowners fall. If you didn't have the same socialist leanings of our US congress, you'd be able to see that and get off this ridiculous argument that renters are somehow subsidizing homeowners in this country. If you make that argument we can go back to that tax table I sent you to and show you how the top 25% is subsidizing renters and homeowners alike considering they pay 85% of all tax paid. Why not attempt to stop that form of welfare, reduce the tax burden on that top 25%? Oh, I guess you wouldn't want to do that because that would be cutting into the "welfare" you get.

The standard deduction is high enough to wipe out a great deal of the tax benefit between owning and renting in the low and middle tax brackets. You'd know that if you'd been doing analysis for people contemplating moving from being renters to being home owners for as many years as I have. In the low tax brackets in a high cost of housing location renting is significantly cheaper than owning over time even when you factor in those inflationary gains. In aggregate rents represent the maintenence and depreciation of the underlying housing. What could be better? You pay the maintenance and depreciation of where you live and the government gives you that standard deduction to help you pay for it (what's this the government subsidizing renters!?).

People pay a premium to own a home, which in most cases that premium is only returned to you in the form of inflation and then you want the government to tax me on it? Yikes....you could run for Congress.
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