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View Diary: Robert Reich Gets It Right (171 comments)

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  •  Back in the 70s car loan interest was tax-exempt (4+ / 0-)

    But that disappeared in the 80s with the Reagan "tax reform".

    Meanwhile the really rich incorporate and move their money overseas so don't have ANY tax at all.

    They have to have us suckers pay their share, so we have shit-sandwiches like caps on deductions.

    If you incorporate and rent out the property you can do the standard corp tactic of "taxable = revenue-expenses" whereas individuals are stuck with "taxable = revenue (- some expenses, namely interest)".

    The rich avoid all this mess entirely.

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    by sacrelicious on Tue Nov 13, 2012 at 04:24:25 PM PST

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    •  sacrelicious - US taxes are world wide (0+ / 0-)

      for individuals. US federal income taxes are due on income from assets anywhere in the world. The domicile of assets in "tax havens" has no benefit to US taxpayers. They can provide substantial tax savings for citizens of some countries, but not Americans.  

      "let's talk about that"

      by VClib on Tue Nov 13, 2012 at 05:57:39 PM PST

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    •  I thought it was a deduction (2+ / 0-)
      Recommended by:
      sacrelicious, blueoasis

      As were credit card interest, and pretty much any other consumer debt interest, iirc.

      I must be dreaming...

      by murphy on Tue Nov 13, 2012 at 10:53:36 PM PST

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