Imputed Income -a new liberal attack on freedom

“Anyone ever hear of the theory of Imputed Income?

This is a break down of the theory. Say you own your house. Libbie/Socialists look at that and say, Well you could rent your house for say $2,000 a month. Now you have a great loan rate and so you pay $1,000 a month for mortgage. That means in Libbie Speak you get $12,000 a year in "benefits". Sop the libbies will be proposing you add that $12,000 to your annual taxable income...congrats guys you are all getting closer to the John Kerry $70,000 WEALTH group.

Why? Becuase Libbies see rightly that personal money equals personal freedom. We aren't talking equal rights for killers or rapists here we are talking the freedom of people who have and are going by the rules and paying their dues. The libbies see those hard earned dollars as THEIRS. That is why they use the neat terms like "MONEY YOU GET FROM THE GOVERNMENT" (hint hint..it was your money to start with).”

“70K a year is not wealthy.”

“Mad Dog, please take your spew elsewhere.....”

“This is like eminent domain of your cash. Can you tell me exactly which politicians are trying to do this? Link to more info?”

“HPM...they were according to Kerry.”

“This sounds like a last ditch effort to eke out a win in next week's election.

Got anything else as hilarious?”

“Well I have to admit Morko...nothing can compare to the "YOU SUCK" that John so adequately transmitted to the American Military.

You know I wonder if a Republican had said that what your bunch would be doing? I am guessing turning flips in the aisles.”

“I dunno Marko, It sounds to me like the intangibles tax on businesses that Florida put in years back. It was a total fabrication to get more cash out of honest hard working small businesses. If there is a bill in congress to institute such a thing then it needs to be stopped.

Ok XL, give us some facts. Who what where when how?

I'm beginning to agree with my co-worker that around 70-100K is the beginnings of middle class.”

“Kerry didn't invade Iraq and condemn thousands to death.

Stick and stones.......
last edited: 11/01/06 8:45:53 AM”

“C'mon guys, focus.

Imputed income, give us some details.”

“70-100K is the beginning of middle class? I guess I live in poverty then.”

“it's only middle class because the standard of living has increased

what we call "poor" is a family w/ 2 cars, microwave oven, cable TV, multiple TVs, X-box, plenty of money for food, drugs and cigarettes, internet access from their home, etc...”

“Very true Moon.

LZ, I thought it was insane when I heard that too.
It fluxes from area to area depending on cost of living.

50K in florida was a struggle.
last edited: 11/01/06 8:47:16 AM”

“Only I didn't have cable, only one TV, no x-box, no drugs, smokes or booze and our cars aren't expensive cars. I certainly don't live extravagantly.”

““70-100K is the beginning of middle class? I guess I live in poverty then.”
lumberzac
9:41:19 AM
11/01/06

That's because you live in Hicksville, Zac.
You're gettin' the country deal on wages......happened to us in Vermont.

Yeah Packmule, "If there is a bill in congress to institute such a thing then it needs to be stopped."......I agree.
This looks like more scare tactics from the right-wingers because the polls are unfavorable.

I can still see Ole Pappy Bush campaigning in shirt sleeves half-soaked with sweat and raving like a lunatic saying, "......if Slick Willy gets elected ya better watch yer wallet!!!!!"

What followed was eight years of peace and prosperity.
Now look at us!!”

“That is a good point about area cost of living.
Check out this link.
http://www.homefair.com/calc/salcalc.html

It compares salaries from different cities”

“Oh, and let's not forget the "Welfare Queen" crap from Pappy!!”

“I would like to read more about this....
Link please.”

“Struggle indeed, try it with three chow hound sons, Moonglo.

That's reality!!

Enjoy your Two Ton TeeVee and all your boy toys!!”

“WOW...yeah...

http://www.bea.gov/bea/regional/definitions/nextpage.cfm?key=Imputed+rent”

“I see a defenition....nothing that says it's being recommended by one side or another.

Where is the story about "libbies" pushing this?

Link please.”

“I define wealthy as the ability to live extravgantly compared to other folks in your area without causing financial stress.

I define middle class as the ability to live in reasonable comfort in a safe part of town and have a little tucked away for the future without causing financial stress

I define working class as the ability to own a modest home and live in a modest manner but you must be careful with your financies. Tragedies and bad luck can easily push these guys into poverty.

Poverty is always being close to or in financial stress.

Granted you can make huge money and still live paycheck to paycheck and be in danger of losing it all.”

“i had to sign a book labelled "patriot act pseudoephedrine log" to buy claritin-d last night.

yay freedom.”

“"I define middle class as the ability to live in reasonable comfort in a safe part of town and have a little tucked away for the future without causing financial stress"
HPM

I consider my wife and I middle class. When she came down with cancer, we came very close to slipping into bankruptcy.

With our current healthcare system, most of us are only an illness away from poverty.”

“I always wonder in the end WHO makes the determination of what WEALTHY is? I sure as heck don't want a jealous failure who has spent his whole life as a KEPT man making that decision.

OH MarkO...Kerry was just responsible for the deaths of American Troops in Vietnam after his speeches to bolster the NVA.”

“I always wonder in the end WHO makes the determination of what WEALTHY is? I sure as heck don't want a jealous failure who has spent his whole life as a KEPT man making that decision.

so a guy who had a C average at an ivy league school, got an MBA from Harvard, and had a bunch of failed business ventures, yet still managed to stay a millionaire before becoming president would probably fit this bill pretty well, right”

“I'm still waiting for a link to show how the libbies are pushing this.

So far this is like me posting a definition on stupid and saying it's more proof that Bush is the worse President we have ever had.

Well, that would probably actually apply, but you get the idea.

LINK PLEASE!”

“From the link:

Imputed rent is an imputation for the net rental income of owner-occupied housing. It is based on the assumption that owner-occupants are in the rental business and that they are renting the houses in which they live to themselves: As tenants, they pay rent to the landlords (that is, to themselves); as landlords, they collect rent from their tenants (that is, from themselves), they incur expenses, and they may have a profit or a loss from the rental business.

HAHA! This is like taking a $5 bill out of your wallet, putting it in your own front pocket, beating off and calling it prostitution.”

“The White House complains that "two-thirds of the benefits of the Republican plan go to the richest 20 percent of Americans." It turns out that in calculating family income, the Clinton Treasury uses a bizarre notion of income that includes fringe benefits, imputed rental value of one's home, Individual Retirement Accounts and other forms of non-cash income. A family with earnings of $28,000 a year can easily appear to be making $40,000 under the Clinton definition of income. A family with earnings of $70,000 can easily be converted into a $100,000-plus income family. The reason that the Clinton administration says that the GOP tax plan benefits the rich is that according to the White House model, if you have a full-time job, you're rich.


https://www.cato.org/dailys/9-22-97.html

Here is some neat information.....

Nigal, what it gives the libbies is a way to go after the "EEEVIL Rich" they can find more ways to raise money from the successful to give to the FREE MONEY CROWD>”

“With our current healthcare system, most of us are only an illness away from poverty.

I agree. It's shockingly easy for the house of cards to fall.

All I see here is a thoery that would be a bad thing if some knuckleheads tried to apply it to our tax code.

~edit~ Ok, thanks for the link. I have some reading to do.
last edited: 11/01/06 9:37:45 AM”

“lol the cato institute”

“awful but it's true... "imputed rental tax" they call it. basically you don't have to pay rent if you are a homeowner so you should pay income tax on this as "imputed income". some people need to stop thinking so hard.

i have always believed that this is nothing more than an attempt to find creative ways to tax people that can afford to own their own homes... the so called "rich"... the problem is that these aren't necessarily rich people. my grandmother (80s) owns her home and has never had a mortgage... lived in it some 50 years with my grandfather and never had a mortgage, something they are proud of and is now a family value.

i own my own home and have for 8 years... again it's part of my family heritage. we would call it "the security of the family home" not "imputed rental income".

...however I have never seen a mainstream politician take this one on, especially in an election.”

“Yeah the CATO Institute......ha ha ha!!!

Say hello to the Green Hornet while you're there!”

“Just more made up Class Warfare from the Loony Left.

Tax the 'RICH' (anyone that works for a living).”

“Well XL - you are a long way from showing anyone has ever talked about taxing imputed income.

Aren't you a date late for hauling out scary make believe creatures?”

“Um Ped this came up in 1993 by the CLEENTONS..LOL...I think it is hilarious how the libbies are sticking their heads in the ...sand...and ignoring the growing threat of socialisim”

“OH Darn here it is again from 1997

http://www.ncpa.org/ba/ba303.html

Average people probably think of their income in terms of what they actually pay taxes on, which the Internal Revenue Service calls Adjusted Gross Income (AGI). Anyone can find this figure on line 33 of their 1040 tax form. Basically, it is the sum of wages, business income, pensions, taxable interest and dividends and other familiar forms of cash income.

The Treasury, however, takes AGI and adds to it a great deal of "income" that no one would recognize on their 1040, calling it "Family Economic Income." (see the table) This includes estimates of unreported and underreported income; deductible contributions to IRAs, 401(k)s and Keogh accounts; nontaxable transfers such as Social Security and welfare payments; employer-provided fringe benefits; the inside buildup on pensions, IRAs, Keoghs and life insurance; tax-exempt interest; and imputed rent on owner-occupied homes. The last refers to the "rent" that homeowners theoretically pay to themselves as their own landlords.

let see...the party in the White House was??????”

“I've heard of imputing interest income on interest free loans before, but never anything like this. I don't see how this has a chance of ever happening.

(I've now fulfilled my fuego quota for the year)

*Edit*
btw, where did this come from? I haven't seen anything that says someone is trying to do this.
last edited: 11/01/06 5:26:43 PM”

“XL - Again - no one there was talking about taxing it! As far as I can tell this is some ridiculous boogey man invented by some right winger. This was all about statistical analysis of wealth, not how to determine an individuals tax liability.

Whatchu smokin?”

“Those socialist are just like chiggers, they get under the skin of some who just can't shake um. The energy policy of this congress had no socialism in the treatment of oil Co's. Food stamps, welfare, schooling and medical tax money spent on the very people who are taking citizens jobs while making their employers richer each day, chiggers supported by this congress and adminisration.
When you talk socialism better look in the mirror some of you.”

“The more I think about this the crazier it sounds. I can't really see anyone actually trying to do this to their community without a revolution.”

“Liberal or conservative, they always end up increasing our taxes....”

“i think it's just an accounting mechanism to level the playing field for playing games with statistics. i don't think any mainstream politician that i have ever heard said they wanted to tax you based in imputed income for owning your home.”

“Nigal you cant see someone doing this without a revolution?

Maybe if they start with the EEEVIL rich and move down. The art is to get it to where the majority of the people have to vote the pols back into get their free money.

As for socialisim not creeping in...you mean like telling us how to live our lives, or telling us and almost 50 of what we make is the GOVERNMENTS?


We are talking boiling the frog.”

““Liberal or conservative, they always end up increasing our taxes....”
Lumberjack
7:49:12 PM
11/01/06

Actually, the so called conservatives seem to increase spending, but increase our childrens' and grandchildrens' taxes.”

“"Imputed Income -a new liberal attack on freedom"

LOL! I just got the joke. In trying to prove it was a real "liberal" attack, XL proved it wasn't even "new" let alone an attack on freedom. V's "conservative attack on freedom" almost makes sense by comparison.”

“Ped..is the water getting warm around your feet? (LOL)

I gave reference points but I guess they really don't matter...fact is kinda tough to take when you are so engrossed with causing pain to those who have worked to be successful.”

“XL - You gave reference points to imputed income being a concept discussed in the 90s. There was no talk of taxing it. Your posts showed the idea wasn't new. Its also obvious no one is talking about doing it.”

“Liberal or conservative, they always end up increasing our taxes....”
Lumberjack
7:49:12 PM
11/01/06

Actually, the so called conservatives seem to increase spending, but increase our childrens' and grandchildrens' taxes.”
Pedxing
3:03:29 PM
11/02/06

Ped you just hit the nail on the head! All the spending increses brought about the last few years are nothing more than tax increases. All that spending was done with borrowed money that must be paid back with taxes. So the blame for the biggest tax increase in history goes to Bush and those that voted for his current spending spree.”

“LOL...Ped it was discussed in the EARLY 90's say right up until 1994. Now what happened in 1994 to the 42nd Administration? Their new found socialist plan (Universal Health Care, Share the Pain taxes etc) got them thrown out of power more or less for almost 12 years now?”