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For those against redistribution of wealth: are you against it all the time or do you make exceptions for yourself?

The mortgage interest deduction is an example of redistribution of wealth. It lessens the tax burden of homeowners by shifting it to renters. In many countries, this type of tax code is unconstitutional because it is discriminatory. However, people seem to think that redistribution of wealth means cutting checks for the poor. It is not.



Everyone benefits in some ways.

 
lilmami81

Asked by lilmami81 at 2:42 PM on Oct. 21, 2008 in Politics & Current Events

Level 6 (110 Credits)
This question is closed.
Answers (33)
  • Our tax system is definitely in need of an overhaul. Why should a country have such a tax system that the common man cannot understand it well enough to file their own taxes? Why should everyone have to depend on me learning the in's and outs, tax laws, tax breaks, etc etc etc. The same tax system also threatens me to do YOUR taxes correct or I get penalized!! What kind of system is that? It should be simple enough for each and every person of ANY income and intellect to file their own. Thanks for rewording your question lilmami!! :) I understand and think it should have EVERYTHING to do with income and nothing else. Thats why its called Income Taxes.
    lifeasinoit

    Answer by lifeasinoit at 2:39 PM on Oct. 22, 2008

  • I want to know why all these questions about various topics are so angry and argumentative. Can't you just ask "Do you consider xyz an example of redistribution? Why or why not?"

    News flash - yeah, I get to deduct the interest payments on my mortgage unlike renters. Of course, I also pay local property tax, unlike renters. It's not really so cut and dry as you want to paint it to be.
    Anonymous

    Answer by Anonymous at 2:50 PM on Oct. 21, 2008

  • some people seem to think wealth is only ever redistributed downwards, lol.
    autodidact

    Answer by autodidact at 3:00 PM on Oct. 21, 2008

  • If you want a tax break buy a home. If you want more wealth get another job.
    Anonymous

    Answer by Anonymous at 3:04 PM on Oct. 21, 2008

  • well, my husband went to school for 8 yrs to be a dr and we deserve what we have. we also have a 120k student loan we pay 1200mo for. we rent b/c it's cheaper than us buying a home w-property taxes, city/county taxes. but we have nice cars and nice things. we also have to pay 35% taxes on our business income not incl prof priv tax, city/county taxes and muliple other. no, i don't think it's right that we have more money taken from us to help those who don't care to help themselves. you want a better job and more money..... go to school and get a better education.... quit taking our hard earned money
    Anonymous

    Answer by Anonymous at 3:16 PM on Oct. 21, 2008

  • Re-distribution is when money that is worked for, is given to a person that did NOT work for that same dollar. I'm not certain how homeowners getting a tax BREAK is a redistribution of wealth. I'm thinking that there is a misunderstanding on your part of what re-distribution means. The best example and blantant re-distribution that is given at the tax desk is the EIC. That's where Mr. A who works hard and earns $45K prepares his taxes and gets a small refund 1) b/c he had some withheld, and 2) b/c he has a tax liability. Mrs. B prepares her return, has 2 kids, only made $20K a year and walks away with the dollars that she had withheld and MORE, b/c she receives EIC. As a tax preparer, I literally take Mr. A's tax money and hand it over to Mrs. B. THAT, my friend, is re-distribution at its finest!!!!
    lifeasinoit

    Answer by lifeasinoit at 3:23 PM on Oct. 21, 2008

  • I'm not a huge fan of redistribution of wealth.
    mom2ljh

    Answer by mom2ljh at 3:24 PM on Oct. 21, 2008

  • against it. we work hard for our money and too many take advantage
    SMWOODS

    Answer by SMWOODS at 3:25 PM on Oct. 21, 2008

  • Life..., that is one example. This is another. But I respect your opinion and your mature way of wording it.
    lilmami81

    Answer by lilmami81 at 3:26 PM on Oct. 21, 2008

  • I guess I don't understand the comparison. Anyone paying interest on a loan can deduct the interest if you're itemizing. It's not just mortgage - it's other major loans as well. Using the reasoning of this question, child tax credits are another example - yet the reality is we have higher expenses because of dependent minors than people without kids.

    And, as one of the great Anon's said, the money homeowners can deduct on their taxes from the interest on the mortgages rarely covers what they pay out in property taxes - something renters are not paying. It's simply sending your money into a different governmental body. ;)

    Redistribution of wealth - to me - is saying "You have too much. So we're taking it from you and we're spreading it around so everyone else can share in your success." The thing some forget to realize is, that this impacts not just the top tax bracket...it impacts *all* of us that pay federal taxes.
    amewri

    Answer by amewri at 3:41 PM on Oct. 21, 2008