Intriguing: Obama speaks about Tackling Deficit

[dabrockster]

I am interested in this comment. I would like to see him make tough decision (However, his opinion of which area may differ from mine)

It sounds like he is serious about reining in costs. But is he trying to do this through taxes or is he going to make cuts on several areas not just Department of Defense?

Obama has proposed freezing spending on an array of domestic programs for the next three years and has named a special commission to recommend ways to curb spiraling debt and deficits. The panel is to report back by December 1. Obama will review the recommendations and decide how to go forward sometime early next year.

"I'm doing it because I said I was going to do it," Obama said. "People should learn that lesson about me, because next year, when I start presenting some very difficult choices to the country, I hope some of these folks who are hollering about deficits and debt step up, because I'm calling their bluff."

Added comment about Taxes being an area to address.. Will he say, raising taxes, this is a way to address the Deficit problem?

He listed the tax code as another structural problem.

"We've got to look at a tax system that is messy and unfair in a whole range of ways," Obama said.

[Clark Addison]

While I don't hate Obama like some here, in fact I generally like him, I will concede that when Obama calls the tax system "unfair", he means it in a very different way then most people here do when they think of it as unfair. Even I am not thrilled at the prospect of him messing around with taxes.

On the other hand, call me a naive idealist, but I think that he can make some hard decisions about spending, though I don't know if congress would go along with it.

[RobinFinderson]

While I don't hate Obama like some here, in fact I generally like him, I will concede that when Obama calls the tax system "unfair", he means it in a very different way then most people here do when they think of it as unfair. Even I am not thrilled at the prospect of him messing around with taxes.

On the other hand, call me a naive idealist, but I think that he can make some hard decisions about spending, though I don't know if congress would go along with it.

Sure there are some things that are patently unfair. For example, home owners can deduct interest on their property, but renters don't get any break at all on their rent.

Another example: I can understand that there is a tax break on donations to churches, especially when the churches provide public services like soup kitchens and shelters, but it is patently unfair that Mormons (and others) get to deduct ANYTHING for monies that support proselytizing and real estate acquisition and property tax. Getting to heaven doesn't require a tax break.

[il Padrino Ute]

While I don't hate Obama like some here, in fact I generally like him, I will concede that when Obama calls the tax system "unfair", he means it in a very different way then most people here do when they think of it as unfair. Even I am not thrilled at the prospect of him messing around with taxes.

Exactly. Obama's idea of unfair is that the wealth is not being redistributed.

[dabrockster]

Sure there are some things that are patently unfair. For example, home owners can deduct interest on their property, but renters don't get any break at all on their rent.

Another example: I can understand that there is a tax break on donations to churches, especially when the churches provide public services like soup kitchens and shelters, but it is patently unfair that Mormons (and others) get to deduct ANYTHING for monies that support proselytizing and real estate acquisition and property tax. Getting to heaven doesn't require a tax break.

You act like Mormons are the only ones who take advantage of this?? Yes, you added "others" but lets be frank. You like to single out Mormons on trivial shit...

[RobinFinderson]

You act like Mormons are the only ones who take advantage of this?? Yes, you added "others" but lets be frank. You like to single out Mormons on trivial shit...

As far as I know this is STILL a board primarily occupied by Mormons, so pardon me if I point out how the tax system is redistributing wealth in FAVOR of the members of THIS BOARD.

Edit: And PS, if you think the tax break is 'trivial' then you won't have any problem eventually giving it up.

[dabrockster]

As far as I know this is STILL a board primarily occupied by Mormons, so pardon me if I point out how the tax system is redistributing wealth in FAVOR of the members of THIS BOARD.

Edit: And PS, if you think the tax break is 'trivial' then you won't have any problem eventually giving it up.

Nice. You actually think we all claim it...

[RobinFinderson]

Nice. You actually think we all claim it...

Who doesn't write off their tithing as a tax deduction?? I hate that religious folk get these tax breaks (redistribution of wealth), but anyone who qualifies for a tax break and then chooses not to use it is... well I guess I would call such a person magnanimous.

[creekster]

As far as I know this is STILL a board primarily occupied by Mormons, so pardon me if I point out how the tax system is redistributing wealth in FAVOR of the members of THIS BOARD.

Edit: And PS, if you think the tax break is 'trivial' then you won't have any problem eventually giving it up.

It's not in favor of mormons. It is in favor of cahritable giving. You could curry the same favor.

[RobinFinderson]

It's not in favor of mormons. It is in favor of cahritable giving. You could curry the same favor.

My problems with the tax code in the area: Monies used to buy church buildings, other real estate ventures, and money used to support proselytizing should NOT be considered 'charitable giving.'

[ERCougar]

Sure there are some things that are patently unfair. For example, home owners can deduct interest on their property, but renters don't get any break at all on their rent.

Because there is an external benefit to having someone own their home--they're more likely to contribute to community improvement efforts. The mortgage deduction is perhaps the most popular tax break of all. Don't get your hopes up--it's not going anywhere.

I would agree with setting a limit to how high this deduction can be, however.

[RobinFinderson]

Because there is an external benefit to having someone own their home--they're more likely to contribute to community improvement efforts. The mortgage deduction is perhaps the most popular tax break of all. Don't get your hopes up--it's not going anywhere.

I would agree with setting a limit to how high this deduction can be, however.

I wouldn't get rid of the mortgage deduction, but I think there ought to be something fair for renters. It takes a LOT of privilege to be able to buy property, so the tax break ends up benefiting the relatively wealthy at the expense of the relatively poor.

[creekster]

My problems with the tax code in the area: Monies used to buy church buildings, other real estate ventures, and money used to support proselytizing should NOT be considered 'charitable giving.'

CHarities have to live somewhere. Should the portion of funds that Amnesty internationl uses from donations to advertise and beg for donations (and if you ahve ever given them anything in the past you will know what I am tlaking about here) be disallowed as a charitable gift? What about the amounts they use for office building space? A pretty silly distinction, in my mind, and one that would be dangerously content based.

[byu71]

Sure there are some things that are patently unfair. For example, home owners can deduct interest on their property, but renters don't get any break at all on their rent.

Another example: I can understand that there is a tax break on donations to churches, especially when the churches provide public services like soup kitchens and shelters, but it is patently unfair that Mormons (and others) get to deduct ANYTHING for monies that support proselytizing and real estate acquisition and property tax. Getting to heaven doesn't require a tax break.

I think the church donates a fair amount of money to non-mormons in the form of relief. They also help mormons through rough spots and that lessens the burden the government provides.

I don't think the effect of the tax deduction mormons take on their Federal returns is that big a deal. Where it really hurts is in a State like Utah. Mormons have tons of kids and then some howl and moan about the number of children per teacher. Yet these people populate the state and take deductions and the church pays no property tax. I would be alright with all of this if the people would just stop bawling and moaning about the education their 12 kids are getting.

[ERCougar]

I wouldn't get rid of the mortgage deduction, but I think there ought to be something fair for renters. It takes a LOT of privilege to be able to buy property, so the tax break ends up benefiting the relatively wealthy at the expense of the relatively poor.

So set a limit to how much can be deducted. We want to subsidize home ownership, not mansion ownership.