No tax deduction for boat interest

[caltexflanc]

I wouldn't leap to that conclusion. If you make big bucks$$$, paying more taxes than others do means your contribution is probably higher than the cost of government goods and services. IOW, you may pay more than I do for the same "product."

An anlogy might be about buying something like a car. You and I buy the same make/model/options/etc. I pay $50K, you pay $500K. For the same car.

Might be fiscally expedient, socially popular, and politically necessary... but that's not particularly fair.





See above. For some (many?), the "tax advantage" is merely being less raped.

-Chris

I disagree with this premise, unless one feels one could be as financially successful if they lived in another country. If that's the case, move there and start your business there.

 

[OldDan1943]

Let's face it, if a person owns a boat they should be getting welfare from the Feds. LOL

As boat owners' we are supporting many marine related industries all the way down the food chain from boat builder down to the crimp fitting industry.

 

[Bacchus]

For many, I suspect grandfathering (somehow) would be a safer way forward... given that changing the rules mid-game can seriously hose many folks who did all their planning based on current rules.

-Chris

I guess counting on any gov't entity to never change the rules would be unrealistic.
It's hard to come up with a plan that everyone benefits that doesn't sink the country further in debt.
We seem to keep increasing the debt limit at an ever increasing rate and want more benefits and reduced taxes... it doesn't compute.

 

[kthoennes]

...We seem to keep increasing the debt limit at an ever increasing rate and want more benefits and reduced taxes... it doesn't compute.

We'll just print more, it'll be fine. "Quantitative easing."

 

[ranger58sb]

I disagree with this premise, unless one feels one could be as financially successful if they lived in another country. If that's the case, move there and start your business there.

Nope, not saying anywhere else is better. And changing it would be the political kiss of death for most in Government. Maybe not even a good idea, in the grand scheme of things.

But I often hear the word "fair" describing to progressive taxes... and I think that's just horse-hockey. Hence the word "rape" -- the rich have to bend over further.

Culturally expected, maybe, and I don't see it changing... but I'll always react to the word "fair" attached to it.

I remember the reaction when Mitt Romney's tax payments were published, to wailing despair and gnashing of teeth, because he only paid something like not very many per cent of income. Without regard that he also paid a bazzilion more $$$ than most people for pretty much the same Government goods and services.

-Chris

 

[boathealer]

I guess counting on any gov't entity to never change the rules would be unrealistic.
It's hard to come up with a plan that everyone benefits that doesn't sink the country further in debt.
We seem to keep increasing the debt limit at an ever increasing rate and want more benefits and reduced taxes... it doesn't compute.

..... unless you STOP SPENDING!!!!!!!!

 

[OldDan1943]

We'll just print more, it'll be fine. "Quantitative easing."

There used to be 2 options, "Guns and butter". Now there is a 3rd, just print more money.

 

[OldDan1943]

..... unless you STOP SPENDING!!!!!!!!

We all know the meaning of "fair share" aka screw those who have any money.

 

[JLD]

Many folks itemize because they have expenses that fall into several of the categories listed on the IRS Schedule A form. This is usually includes a combination of medical expenses and/or taxes paid (income tax, property tax, personal property tax, other taxes) and/or mortgage interest and/or gifts to charity. Removing any one of these categories might impact on the decision if one decides to itemize or not.

Personally, I itemize because of my taxes paid (income and property taxes), mortgage interest (primary residence) and charity contributions. If there was a change in any of the categories that I use for filing, I would have to consider if it was worth to do so moving forward.

My taxes are fairly simple, and I have redone them using the public changes in the House plan and I come out ahead with the changes.

That said, I hope the tax plan fails to come about. I don't think that it is good governance to have major pieces of legislation rushed through Congress using a simple majority (51% through a bastardize process of budget reconciliation). Government should be working for the common good. If the Republicans use budget reconciliation for tax cuts (and I thing its questionable to say its tax reform) the genie is out of the bottle and Democrats will use the same process when they get back in power.

Jim

 

[catalinajack]

There used to be 2 options, "Guns and butter". Now there is a 3rd, just print more money.

We've been printing money since around the year 1800. Its nothing new.

 

[etnad2]

Intuit (Turbotax) and H & R Block spend big bucks lobbying Congress to stop simplification of the tax code.

 

[Larry M]

Come on folks we’re walking a fine line on keeping this thread in Harbor. Here’s a rule reminder.

Harbor Chat
Friendly, professional, informal exchange of "NON-boating" topics. Political comments, weaponry and religious discussions are off-limits in this forum.

 

[OldDan1943]

Come on folks we’re walking a fine line on keeping this thread in Harbor. Here’s a rule reminder.

Harbor Chat
Friendly, professional, informal exchange of "NON-boating" topics. Political comments, weaponry and religious discussions are off-limits in this forum.

Good. At the end of the day, we can all still be friends and no boats sunk.