Tax on Second Homes

just ending the mtg interest deduction will do. you might leave it for current homeowners on their 1st residencies below the average home price. get rid of it for second homes and for expensive 1st homes. that way the gov doesnt' encourage eye sore mcmansions nor excess of leverage.

http://economix.blogs.nytimes.com/2009/02/24/killing-or-maiming-a-sacred-cow-home-mortgage-deductions/

perhaps a fair idea--but the puking up of second homes that would result would add to the current mess in a serious way

Why not put a tax on rent-stabilized and -controlled apartments, on the unearned income between what they pay and the market rent?

we need a special tax that only causes other people to have to pay---never ourselves.

cc: we already have those..rental car tax, hotel occupancy tax, parking tax..etc..etc..we have an entire dept at city hall that has one objective, screw as many folks that have money as possible.

patient, you forgot something: "screw as many folks that have money as possible" ... "to give it to other people for no discernible reason."

guys... it's different in the bahamas. according to what i've read, there's basically only a tax on imports, gas and cigarettes. but then the educational system sucks. great for those with a sizable portfolio and no kids of schooling age.

Most high net worth people end being taxed on their mortgage interest due to provisions in the code for Adjusted Gross Income limits and loans over one-million dollars. I would love to see a fat tax in place to take on the cost of rising health care.

that's the plan. if you really make it, you retreat to a paradise like johnny depp did. those that don't make it stay here and vote an even more socialist agenda each year, that will increase deficits cause nobody wants to pay for it, which increases rates in the long term, which depresses the economy, which increases the votes for more welfare, which...

ask gordon brown how the higher tax on rich foreigners is working out for him. the shipping industry relocated to greece and all the rest (many european HQs of american companies included) are relocating to switzerland. that's what globalization means to me: those that cannot move pay high taxes.

"I would love to see a fat tax in place to take on the cost of rising health care. "

Not necessary. Single-payer does that. They will never stop the rise in healthcare costs until they stop paying doctors for each procedure and test they perform. There is no greater incentive to increase costs.

Healthcare costs can be reduced by 50% without affecting quality. Every other industrialized country in the world does it.

admin, you're saying stupid things again: "you retreat to a paradise like johnny depp did."

The US taxes on citizenship, so J.D. still pays US tax.

"those that don't make it stay here and vote an even more socialist agenda each year."

You mean like unemployment benefits and social security, public parks and free roads? Is that the socialist agenda you're worried about? Because the fact is that the free market for healthcare doesn't work: doctors have incentives to increase costs, the poor and the sick are taken care of by the government anyway, high-priced services like emergency rooms are used for routine business, and as long as you have insurance your demand for healthcare is unlimited because someone else is paying for it (your insurance company). It's the most absurd system ever invented.

"Not necessary. Single-payer does that. They will never stop the rise in healthcare costs until they stop paying doctors for each procedure and test they perform. There is no greater incentive to increase costs.

Healthcare costs can be reduced by 50% without affecting quality. Every other industrialized country in the world does it."

Steve, again, you're spouting things about health care without much basis. Reduce costs by 50%? Single-payer? Not happening here.

"admin, you're saying stupid things again: "you retreat to a paradise like johnny depp did."

The US taxes on citizenship, so J.D. still pays US tax."

steve, just ignore my comments if you find them so stupid, i'd not get offended. there's a tax arbitrage that's obvious to me, i don't mind if you disagree (some citizens do manage to pay no tax by living on up to $175k/year). anyway, for those that do leave, it's not just money. look at that place! there's a "quality of life" arbitrage too.

"Reduce costs by 50%? Single-payer? Not happening here."

Give it time.

"there's a tax arbitrage that's obvious to me"

what is it?

""there's a tax arbitrage that's obvious to me"

what is it?"

oh boy, cannot explain it any better. have been told before i'm not clear enough. it's not you steve, it's me!!!

The definition of whether you understand something is whether you can explain it. Which is why LICC fails so dismally on every account.

steve, the other side of the coin: the definition of whether one can explain something is NOT whether steve & co can understand it.

That's true, admin. Some explanations ARE inexplicable.