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So your claim is that after foreclosure, you still get to keep the house?
By that logic, why aren't people charged tax on their credit card balances and on all the other debt they owe? Have they not similarly acquired "assets" via the same means?
I'm sorry, what is it about the definition of collateral and lending are you missing?
What does it matter that you are taxed on an asset that you decide(d) to use as collateral to purchase?
If I take out a car loan, I pay fees/taxes on that car - in some states, yearly - despite the existence of a loan that uses my purchase as collateral. If I take out an in-store loan to purchase a refrigerator, the right of repossession exists even though I paid taxes at the time of purchase for that refrigerator.
Credit card debt is merely unsecured debt. Your collateral is your credit score and the threat of a judgment (which, by the way, COULD result in the forced sale of your house, garnishment of wages, etc., depending on the state).
People do not pay taxes on their mortgage balance. In fact, they get a credit towards their taxes for interest paid. And yes, it's still considered an ASSET, the value of which is weighed against any loans you have.... mortgage or otherwise.
So if your house is worth 300k, and you owe 150k, you have 150k of assets/net worth. Because you can sell the house, pay off the note and pocket 150k.
Nothing. Why are you insisting one can keep an asset pledged as collateral for a loan one fails to repay?
I have said no such thing. Please demonstrate where I have "insisted" same?
Quote:
Originally Posted by InformedConsent
If it's pledged as collateral, you don't own the asset. Ask any county registrar.
Yes, you do. You own it and will continue to own it until such time as the bank exercises its right to foreclose because you failed to make good on the repayment of your loan. That's how SECURED loans work when dealing with any purchase.
I have a house and a mortgage. The name of my mortgage company does not appear anywhere on the deed filed with the clerk of court. The mortgage SECURING the bank's interests in my house as collateral for the money they put towards the purchase of my home is also filed with the clerk of court, but does not convey ANY ownership interest to the bank.
Finally, though I owe money to the bank still, I do have equity in my home. That equity is part of my net worth. The balance of the mortgage loan acts as a negative towards my net worth.
Quote:
Originally Posted by InformedConsent
It is used to acquire, in part, personal property. Some states tax personal property.
And you pay higher interest rates because it is unsecured and the bank has no right to repossess items purchased with the credit card. (Again, unless they obtain judgment and attach your assets).
Quote:
Originally Posted by InformedConsent
Indeed, they do. People pay property taxes on the entire assessed valuation, not just on their actual equity stake.
A mortgage bank has no "equity stake" in your property. Only the people appearing on the deed have such an equity stake.
The richest 1% earn 19% of wages but pay 37% of taxes. That in SPITE of the fact that much of their income is dividends and cap gains that are taxed at a lower rate.
The simple fact that the upper 5% of wages didnt even come close to following inflation (325% increase compared to 750% inflation) also means that a lot more people are making that upper 5% of income (remember, this shows the upper 5% of INCOME not the upper 5% of earners or these income dollars would be much higher keeping pace with inflation).
Overall what this graph shows is that the average American is doing much better than in the 1950s and it is in a liberals best interest to tell the middle class (the MAJORITY of voters) that they are losing out.
It is the typical economic envy SCAM.
The richest 1% earn 19% of wages but pay 37% of taxes. That in SPITE of the fact that much of their income is dividends and cap gains that are taxed at a lower rate.
The simple fact that the upper 5% of wages didnt even come close to following inflation (325% increase compared to 750% inflation) also means that a lot more people are making that upper 5% of income (remember, this shows the upper 5% of INCOME not the upper 5% of earners or these income dollars would be much higher keeping pace with inflation).
Overall what this graph shows is that the average American is doing much better than in the 1950s and it is in a liberals best interest to tell the middle class (the MAJORITY of voters) that they are losing out.
It is the typical economic envy SCAM.
This is a 4 month old topic. if you want to discuss it please post a new one. Don't resurrect a months old one.
This says that the top 40% of wage earners pay 106% of income taxes.
You only need to earn $32,000 a year to be in the top 40% of income earners in the United States. Heck, only 25% of people in this country have incomes of more than $50,000/year. Does CNBC and OP seriously consider a $15/hour wage "wealthy?"
Good catch.
And to be in the top 33.5% you only need to make $37,500/year.
Finally, the third and most important aspect is that conservative tax policy is also a huge contributor to this income tax story.
conservatives want lower income taxes on rich people, but when conservatives go to the American people to sell lower taxes, they say lower income taxes for EVERYONE.
This means that every time conservatives lowered the income tax bill of the well to do, they lowered the income tax bill of everyone else, this resulted in fewer people paying federal income taxes, which greatly contributed to the reality we have today.
No the problem is a spending problem and we will NEVER tax our way out.
Then why doesn't Trump release his if he has nothing to worry about?
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