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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Per TurboTax:
AGI = $132k
ETR:  9.49%[/quote]

[quote=Anonymous]HHI: 151
ETR: 9.5[/quote]

[quote=Anonymous]HHI : 164
ETR : 10.3[/quote]

WTF. This is part of the problem with our tax system. People making over $100k should NOT be paying 10% or less in taxes. I make $35k and my tax rate was something like 22%. Total BS.[/quote]

Try buying a place.  It helps.[/quote]

How the f*** do you think I can afford to save a down payment for a house making $35k a year? I'm stuck throwing away rent every month because I don't have any extra $ each month after my 20% TAX RATE. Seriously this is ridiculous and what is really f***ed up with America.

Also to the PP who suggested I make charitable contributions: I take home $26k a year after taxes and you think I'm about to contribute more than $6,500 (or whatever the standard deduction is, can't remember exactly) in order to itemize and pay less taxes? I want some of what you're smoking. [/quote]

A couple of things here.

1) You're right. The mortgage interest deduction disproportionately benefits people with incomes in higher ranges (but not the ultra millionaires, who generally don't have mortgages). Policymakers know this, which is why there's a serious effort to curtail the mortgage interest deduction. This is led by congressional Republicans mostly, and is likely to be fought hardest by Democrats (who generally represent urban areas, where housing is more expensive). W&M Chair Dave Camp just proposed capping the deduction at interest on a $500,000 mortgage (the current level is $1.1 million, including home equity). Most people know that deducting a dollar of interest is worth a lot more to those in the top income brackets than those in the lower (40 cents on the dollar vs. 10 cents on the dollar). So, I would fully expect the mortgage interest deduction to be rolled back in the next five years or so. The deduction for second mortgages (second properties) is almost certainly going to go away.

2) I'm guessing you are young, correct? I made $35,000 in my early 20, too. I didn't buy a house until I was 31. Something to think about.[/quote]

Doing away with the mortgage interest deduction helps the rich and kills the middle class. Can't believe you would think it would be a good idea.[/quote]

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