Tuesday, July 20, 2010

New real estate tax in 2013


Apparently, ObamaCare contains a new tax on real estate. It only affects "the rich." However, given enough time and inflation, it may start affecting middle class Americans, much like the AMT.
Posted by at 6:23 AM

34 comments:

  1. AnonymousJuly 20, 2010 12:38 PM

    I did not vote for him! He is destroying everything in his path! He taking us to the poor house! Can't wait for him to go away!

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  2. AnonymousJuly 20, 2010 1:47 PM

    Correction: I did not vote for the international central bankers who run our government! They are destroying everything in their path! They are taking us to the poor house! Can't wait for them to go away!

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  3. UnknownJuly 20, 2010 5:52 PM

    More scare tactics from the Cato institute.

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  4. AnonymousJuly 20, 2010 8:15 PM

    I hear the rumblings of descent getting louder and louder and louder and louder.....

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  5. Mark JacobsJuly 20, 2010 10:23 PM

    Just what we need, more taxes

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  6. AnonymousJuly 21, 2010 12:47 AM

    Article says it applies to peeps making over 200k, which isn't me, which means I don't care. Honestly, I don't know how people can get excited about whether an elephant or a donkey runs the show unless you are filthy rich.

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  7. AnonymousJuly 21, 2010 2:57 AM

    It seems you guys are oblivious to what is in store for you! Read Angelo Codevilla of the American Spectator: America's ruling class and the perils of revolution. There are lots of similarities with the French Revolution! Be prepared so you survive the coming chaos! It is scary indeed!

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  8. AnonymousJuly 21, 2010 10:01 AM

    Read http://www.green-agenda.com, instead. Much more comprehensive and informative, and it's completely sourced back to the origination point of the information, so you can check it yourself.

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  9. oboeJuly 21, 2010 1:55 PM

    Cool! I think I read something about that on larouchepac.org.

    Let me know when you find a link to someplace with any credibility.

    Snort.

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  10. Scott_RJuly 21, 2010 2:06 PM

    I hear the rumblings of descent

    Why is it that conserva-trolls always struggle so hard with proper word usage?

    I think you mean dissent, though I admit it's possible you do mean "losing altitude".

    Those of us rooting for a return to housing prices grounded on real salaries are the first to cheer the downfall of the "international central bankers".

    I have yet to hear a serious proposal - beyond the nihilistic Irving Fischer redux of "blow up the entire economy" by allowing a massive collapse to "liquidate and clear the market" - coming from anyone.

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  11. AnonymousJuly 21, 2010 2:59 PM

    oboe,

    When research that relies on verifiable documented sources becomes a target for ridicule, your brain is not working. Try again.

    I'm not into LaRouche, since he's a bit radical for my tastes, but he's a lot closer to truth than the mainstream media. Besides, LaRouche is known is intelligence circles for having the best privately-owned intelligence gathering staff in the world. You obviously don't know this or you would have more respect. You regurgitate that which reflects your false beliefs and that's what you are about.

    I'll trade your snort for my yawn. Anything in your brain worth sharing that's backed up by hard data?

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  12. AnonymousJuly 21, 2010 3:08 PM

    Montpellier,

    Try Michael Hudson, an economic advisor to the IMF and several countries. He suggests doing what they did in the old days -- writing off the debt entirely and starting over. No collapse. Just writing the CDS and mortgage debt off the books. Clean slate.

    Of course the UN's IMF will never do that because it's far more profitable and omnipotent to force people to pay back loans that cannot reasonably be repaid. This is forced slavery and austerity in other words.

    Video at --
    http://www.youtube.com/watch?v=3pwAFohWBL4

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  13. AnonymousJuly 21, 2010 5:24 PM

    Nice aricle in today's Washington Post about the change in attitude regarding homeownership. It appears this administration wants to get away from the failed "ownership society" Bush tried to implement during his terrific tenure as our president.

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  14. nonpartisanJuly 22, 2010 7:25 AM

    "I have yet to hear a serious proposal - beyond the nihilistic Irving Fischer redux of "blow up the entire economy" by allowing a massive collapse to "liquidate and clear the market" - coming from anyone."

    OK - here a the serious proposal - we continue with another couple of lost decades like Japan, with no end in sight, fighting a battle of attrition.....I would rather take the Ipecac, induce the vomiting now, and have the greatest fire sale liquidation in history.

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  15. Scott_RJuly 22, 2010 10:14 AM

    Try Michael Hudson, an economic advisor to the IMF and several countries. He suggests doing what they did in the old days -- writing off the debt entirely and starting over. No collapse. Just writing the CDS and mortgage debt off the books. Clean slate.

    Um, yeah, I wish they would - AFTER the Fed hands the sacks of poop back to the banks (the MBSes they swapped for T-Bills under the TALF) - but here's the rproblem: you have to accept that the banks are insolvent the minute they write off that debt.

    OK - here a the serious proposal - we continue with another couple of lost decades like Japan, with no end in sight, fighting a battle of attrition.....

    Yeah, well, here's the thing: the Japanese have been struggling along with deflation for a decade. That's what happened to them. Mild deflation, to be sure, but they only pumped enough cash into the system to prop up the zombie banks - where the cash has remained trapped, and therefore not goosing the rest of their economy.

    I would rather take the Ipecac, induce the vomiting now, and have the greatest fire sale liquidation in history.

    Yes, and the "vomiting" is the equivalent of blowing up the entire economy. Get serious. You are basically saying you think a repeat of the Great Depression is somehow "good for us". Nonsense.

    We ought, in fact, to be inducing inflation - enough to induce wage inflation - and in so doing, effectively wiping out the old debts by massively devaluing them relative to incomes.

    Deflation is only beneficial to the Rentiers (not renters), who are the folks that brought us this lousy economy.

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  16. oboeJuly 22, 2010 11:11 AM

    I'm not into LaRouche, since he's a bit radical for my tastes, but he's a lot closer to truth than the mainstream media.

    Charles Manson's got a lot of interesting ideas as well.

    Sure, the MSM has it's problems, but LaRouche is a loon-bag freak-nut.

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  17. nonpartisanJuly 22, 2010 9:26 PM

    Actually, deflation is good for the savers- the true savers, with a fistful of dollars and no outstanding debts.

    Bring it on ---MASSIVE deflation, that is.

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  18. AnonymousJuly 23, 2010 3:48 PM

    "Montpelier

    Yes, and the "vomiting" is the equivalent of blowing up the entire economy. Get serious. You are basically saying you think a repeat of the Great Depression is somehow "good for us". Nonsense. "

    Agreed Montpelier. The deflaitonist argument is somewhat simplistic. Say American wellbeing, (as measured by GDP was currently at 100).

    The deflationist argument is to blow it up, have it deflate from 100 down to 30 or 40 within a few years, only so we can have a healthy recovery back up to that 100 level over the next 10-15 years.

    The inflationist argument is advocating for another "lost decade" meaning that we do not grow at all and stay at 100 for another 10-15 years til fundamentals play catch up.

    The deflationist argument amounts to widespread human suffering, followed by rapid increases in prosperity, til we get back to the levels we see today.

    The "lost decade" argument says lets have no suffering and no increases in prosperity.

    Either way, we end up in the exact same place 10-15 years from now. However, given the lack of human suffering, I think its reasonable the govt will pursue the latter rather than the former.

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  19. AnonymousJuly 23, 2010 5:18 PM

    What you looking at is probably a revolution! Buy some gold and food!

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  20. nonpartisanJuly 27, 2010 3:27 PM

    Human suffering would equate to not having money for cable (i.e no Dancing with the stars - ouch!), or cell phone - ouch! - or enough money for food to maintain morbid obesity - ouch!

    We need massive deflation - expecially if it would eqaute to decreasing massive obesity and massive wastes of American time.

    I do not see human suffering Ethiopian style coming here. Unfortunatley, the American perception of suffering equals being denied the "right" of gluttony.

    Give me a break. Deflation would help end the suffering that we are currently living in....big fat lazy unmotivated nanny state suffering.

    We need an big austere kick in the rear

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  21. oboeJuly 27, 2010 4:31 PM

    You should run for public office: "Suffer, suffer, suffer...then suffer some more! Economists may disagree with my prescription, but I don't need a degree in economics to know that pain is good for the soul!"

    Best of luck with that...

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  22. AnonymousJuly 27, 2010 11:00 PM

    Human suffering would equate to not having money for cable (i.e no Dancing with the stars - ouch!), or cell phone - ouch! - or enough money for food to maintain morbid obesity - ouch!

    No f*ckwad, it would be more like air conditioning. Kinda like when 15,000 Parisians died in 2003 due to the heatwave because they didnt have any.

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  23. nonpartisanJuly 28, 2010 5:19 AM

    Kinda like when 15,000 Parisians died in 2003 due to the heatwave because they didnt have any.

    and just WTF did the economy have to do with this in 2003? Pathetic analogy.

    Austere in the US would mean that you use only what you need to get by - i.e. pay for A/C , food, water, shelter. Become part of your community and learn to rely on each other.

    BTW - Greece is currently under severe austerity measures. I have yet to see one example of human suffering. Can you give an example? Having retirement age increased from 50 to 65 does not equate to suffering in my book. Give me a break.

    Please give specifics of how deflation would cause American suffering. I did --and losing cable isn't too bad in my book.

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  24. LariverJuly 28, 2010 10:18 AM

    Nonpartisan, while I dont get the whole french AC thing either, there is a greater point here which I would like to hear your comments on.

    If you take the "inflate your way out" path, we stay exactly where we are now, no "suffering" of any kind needed.

    If you take the deflate your way out you get suffering, followed by growth and end up exactly in the same place as you do under the "inflate your way out" scenario.

    Given thats the case, given that we end up in the exact same place in either situation, why do you choose the one that requires pain?

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  25. LariverJuly 28, 2010 10:22 AM

    I should say too, I get that its better for me (a renter) under the "deflate your way out" scenario - as long as I didnt have my salary deflated so much as to offset my savings.

    My question was more, why wouldnt the government choose the "inflate your way out" scenario?

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  26. nonpartisanJuly 28, 2010 10:37 AM

    It is quite simple. There is no such thing as a free lunch.

    The "inflate your way out" involves continued manipulation of market forces and the avoiding the necessary "boom-bust" cycle of a truly healthy free-market economy. We do not have a free market - we have a credit addicted market in which pain is to be avoided at all cost. The powers that be are flying by the seat of their pants throwing together pathetic prescritpions (tax-credits, cash for clunkers, stimulus, HAMP, TARP, etc etc etc !!!)to try and keep supplying the credit addicted debt-slaves of our nation. Sad thing is, the addicts cannot even begin to acknowledge the problem --- they just need more "stuff".

    The similarity to heroin addiction are remarkable.

    The "inflate your way out" equates to placing putting the nation on methadone and never going for the cure.

    I say stop the drugs, suffer the withdrawl, and come clean of the addiction. End the madness.

    In reality, the pain has been here for the last few decades, and this pain grew remarkably right up to the 2008 bust as citizens dug themselves deeper and deeper into debt. The chance to end the addiction cold turkey style came and passed, and now we are trying to prolong the pain that they cannot even see they are in. Our leaders just keep trying to stuff more credit into their scarred veins to "avoid the pain" Gimme a break.


    VOTE THE BUMS OUT.

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  27. AnonymousJuly 28, 2010 1:47 PM

    "The similarity to heroin addiction are remarkable."

    Great analogy. Your plan is akin to quitting cold turkey, ignoring the tremors, the vomiting, the hallucinations, etc. because at the end of the day, he will be drug free.

    The government's plan is to ease him off, little by little, day by day til, at the end of the day, he will be drug free.

    Plan A and B give us the exact same result. Yet plan A is painful and plan B is pain free. Why would anyone choose A?

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  28. nonpartisanJuly 28, 2010 2:12 PM

    Uh- FYI - patients do not get weaned off of methadone. They need their fixes for life.

    But you do descibe such a nice, pleasant scenario.

    God bless our wonderful elected officials, financial oligarchs, and gluttonous overindulgent unwashed masses - who allowed us to get to where we are, so they can now show us how effective they are at gently and lovingly bringing us back home.

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  29. oboeJuly 29, 2010 11:54 AM

    If you take the deflate your way out you get suffering, followed by growth and end up exactly in the same place as you do under the "inflate your way out" scenario.

    Given thats the case, given that we end up in the exact same place in either situation, why do you choose the one that requires pain?

    You have to understand that there's a strain of American society--perfectly illustrated by "nonpartisan" here--that basically "gets off" on fantasies of collapse. He's probably got 200 lbs of dried beans and rice under his floorboard.

    They hate stability, and look forward to the day the "grid goes down" so that their amazing prescience and superiority to the common run of man will be vindicated.

    Kind of like DeNero's character from "Taxi Driver", they're always waiting for a great flood to come and wash away the filth of human contagion. And in recent US history, they're usually left cleaning their guns in frustration.

    Anyway, it's going to be inflation, 'cause in a country where we hold the prevalent reserve currency in the global markets, it will always be thus.

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  30. nonpartisanJuly 29, 2010 2:53 PM

    Hmmm, I don't think so.

    ow about checking out this:

    http://theautomaticearth.blogspot.com/2010/07/july-29-2010-deflation-revisited-studio.html



    or this

    http://www.oftwominds.com/blogjuly10/golden-age07-10.html


    FYI - I have no beans, guns, or water well. I do have lots of cash, have liquidated all equities, and have absolutely zero debt- own outright my cars, home, and everything in it. ('cept credit card which is paid in full each month)

    Rule #1 in deflation: Cash is king, and debt is not.

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  31. AnonymousJuly 29, 2010 4:50 PM

    What does either one of those prove?

    Heres a similar forecast from Prechter, the godfather of deflation:

    http://www.nytimes.com/2010/07/04/your-money/04stra.html

    Dow below 1,000 resulting from an imminent deflationary collapse. Sounds scary doesnt it?

    It also sounded scary when Prechter warned of the imminent collapse TWENTY YEARS AGO!!!

    http://www.nytimes.com/1989/02/06/business/market-place-2-theorists-split-on-elliott-wave.html

    Illargi and Charles Hugh Smith are no different from this fool Prechter. The only difference is they dont have a history of being wrong for 20+ years.

    Just give them time...

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  32. AnonymousAugust 05, 2010 1:30 PM

    The government's plan is to "wean us off"??? The government has no plan except to keep you, me, and every other working "stiff" paying more and more taxes, with little or no control over it, (see "Activists Judges")and they spend at they see fit in order to keep buying votes!!! Notice I did not mention ANY particular political party....

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  33. AnonymousSeptember 29, 2010 4:06 PM

    The boston luxury apartments market is going to get hit hard by any real estate tax on the "rich." I just can't see how this could possibly be a good thing for the country.

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  34. Manila real estateOctober 17, 2010 11:17 PM

    It is not right to have a new real estate tax in 2013. The people are not fully recovered from the financial crisis.

    ReplyDelete

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