It’s not a ‘Loophole’, it’s a tax. The gist, from Breitbart:
Its called “The Imputed Net Rental Income on Owner-Occupied Housing” and the feds include it in their annual list of “tax expenditures.” That term is how Washington officially refers to credits, deductions and exemptions.
[typography font="Ubuntu Condensed" size="20" size_format="px" color="darkred"]Let’s say you own a home and your mortgage is $1,000 a month. If, however, you instead rented the home from a landlord your rent, let’s say, would be $2,000 a month. To the mandarins at the IRS, you are “earning” an implied $1,000 a month because you own and not rent, and that “value” should be added to your taxable income. If you own your home out-right and don’t have a mortgage at all, you would be “earning” $2,000 a month which the IRS thinks should be added to your taxable income.[/typography]
This, to me, is a sign of how big a challenge we face in reigning in Washington. When the feds consider money I don’t have to pay because of a choice I made as a taxable event, then the leviathan is truly all-consuming.
Oh, and the feds list this exemption as one of the top “loopholes” in the tax code. They estimate that it “costs” the feds over $50 billion a year to not levy this tax. Yes, in Washington, items exempt from taxation are considered “costs” the government bears. This may be true in a strict economics sense, but it is also very revealing of how the government looks at its citizens.
Any scrap they let us keep is a “cost” they are kind enough to bear.
Good grief. Apply this convoluted thinking to every aspect of our lives and we begin to understand exactly what they think of us… and it’s not complimentary.
It’s so depressing how many people just accept the convolution…
Hell, they don’t even know about it. Most people watch CNN and take it as gospel and obama loves us and is doing what’s best for us and we have always been at war with eastasia.
It’s very disheartening.
On the bright side, Mike comes home tonight!
As I have said – all pay checks and income will be direct deposited to the IRS and hey will direct deposit our allowance like food stamps – everything is already in place
Erg.
Actually, a spade has that shorter handle with the um, wait for it…
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“Spade Handle” that thing where the wood is wetted under pressure and spread out with the round bar set in. A shovel has the long handle.
Bingo T. Pug hates me now. He’s been eating bloody holes in his but, no matter that we flea bath him and then put anti-itch medicine on him, so I took him to Pet Smart and bought him a Cone of Shame. He hates it and may never forgive me.
I sort of knew the difference, but I was referencing the origin of ‘call a spade a spade’ from wikipedia.
Gah. Somebody’s working overtime to piss everyone off, isn’t he?
No, I’m just trying to heal his spots where his allergy to flea bites (!), at least it’s a hard freeze tonight so that the outside fleas will go to flea Heaven, or flea Hell depending on their devotion to the flea deity.
Oh, you mean the politicos? Lampost. Rope. Politicos. Some assembly required. Gather ‘em up and hang about ten percent, see if the rest get the message. If not, repeat until they do.
Used to use Adams for fleas and it works like a charm, but now I use a nice organic eucalyptus/peppermint spray from Vet’s Best when we see fleas… the fleas hate it.
For the yard, I’ve heard Mosquito Barrier is awesome! Again, all natural; it’s just garlic and that’s something else that fleas, mosquitoes, etc hate… There’s a cheaper version called Garlic Barrier, that one would probably work fine too.
Peter, I wasn’t talking about you. I was talking about HIIIIIIIM. You know…*that* guy.