Basically, what I'm saying is that when people, in the context of a tax debate, complain about the wealthy (as Bernie Sanders does in the clip), I don't think they are criticizing rich people in general (although his statements do come close to that line). Instead when someone talks about millionaires and billionaires getting tax breaks, the disdain isn't meant for the millionaires and billionaires themselves, it is meant for the ones that lobby for the tax breaks and the politicians that fight for them. I honestly think that in the vast majority of cases, liberals do not begrudge the wealth of the millionaires and billionaires who have earned it, which is what is implied when someone points out that many wealthy individuals work very hard and sacrifice a lot to get that wealth.
I could be wrong, as I've never gotten a quote for a million dollar home. But my family has a $400,000 home and pays $2000 a month in mortgage, I've also been quoted for a $550,000 home and would have paid just under $3000 a month. Another family member has a $120,000 home and a $600 mortgage. Obviously the size of the down payment and other factors would be involved, (and a quick google search shows just under $5000 a month for most mortgages being advertised, not counting other fees,) but I think the estimate is close enough to prove the point: In order for a family to be affected by the tax increase, they'd have to be making over $20,000 in taxable income a month. Somebody making that much money shouldn't have to worry about the $500,000 condo in downtown San Diego, they should be able to afford something better if they desire without a problem.
The same person has also posted that he would like to go to the richest neighborhood in Houston and start burning down houses. So we all know what this is really about.
Ok. Although I wasn't really talking about him in any way, and I wouldn't be surprised if he fit into the generalization I made despite his hyperbolic post.
Just to clarify the math here, at a 4.5% rate, a mortgage will have a payment of about $500 for every $100,000 in initial mortgage. At 6%, it would be $600. However, this does not include property taxes, which would vary depending on state / city.
And I'm also assuming there's some sort of down payment being made. I think the bottom line is that talking about $500,000 condos is as irrelevant as talking about small businesses when discussing who is affected by the $250,000+ in taxable income brackets.
I agree. Don't people typically buy homes that cost about three times their annual salary? If that's the case, people making $250k plus are not buying these $500k condos anyway.
Obama Ditches Tax Cut Presser After Bill Clinton Takes Control <object width="640" height="505"><param name="movie" value="http://www.youtube.com/v/X7vkWiFUOFg?fs=1&hl=en_US"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/X7vkWiFUOFg?fs=1&hl=en_US" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="640" height="505"></embed></object> Former President Bill Clinton gave a statement after his meeting with President Obama about his tax compromise with the Republicans. However, after his statement, Clinton began to call on and take questions from the press with Obama at his side. Obama leaves promptly after a few moments and said he had to see Michelle, as he was keeping her "waiting." "I don't want to make her mad, please go," Clinton told Obama.
Why disrupt the trickle down economic cycle? 1. Wealthy get tax cuts. 2. Wealthy trickle down money to Republicans. 3. Republicans fight for furthering tax cuts for the wealthy. ... and repeat cycle! Exhibit A: Companies sitting on $2 trillion in assets. Exhibit B: "The four largest banks in the US own 52% of assets in the United States. 15 years ago the six largest banks owned 17% of assets..." -- Bernie Sanders. Go banks! Maybe I'm just jealous they're such savvy businessmen.
I read how J P Morgan might soon be too big to bail. As it gobbles up more and more international assets it could get to the point where the Fed doesn't have enough money to bail them out if they would fail. Apparenty in Greenland or was it Ireland a couple of the banks were greater than the countries GDP.
lol, the whole point of the "press conference" was to give Bill Clinton a x-mas president and let him take a trip down memory lane. Obama is smart - wins Clinton and knows that the best person to sell the tax compromise to liberals is Clinton.
can someone post this for discussion please? i can't start new posts. http://www.cnbc.com/id/40641123
Got back the other day and the place is great. The building isn't anywhere near full occupancy but isn't a ghost town either. The HOA is high, $600+ a month, but not a killer and the location is great in Little Italy, one block away from the Trolley, 3 blocks from the waterfront and about 8 blocks away from Gaslamp.
Perhaps this move might work out politically for Obama. http://firstread.msnbc.msn.com/_news/2010/12/15/5654897-nbcwsj-poll-nearly-60-approve-of-tax-deal NBC/WSJ poll: Nearly 60% approve of tax deal From NBC's Mark Murray With the Senate's final approval of President Obama's compromise tax deal -- and with the House expected to take up the measure tomorrow -- nearly 60 percent approve of its major components, according to a new NBC/Wall Street Journal poll. When respondents were told that the agreement would extend the Bush-era tax cuts -- for all income levels, including the wealthy -- for two years in exchange for a one-year extension of unemployment benefits and a temporary reduction of payroll taxes, 59 percent say they approve the deal and 36 disapprove. What's more, 61 percent believe the agreement was a fair compromise for both President Obama and Republican leaders, while 23 percent think Obama gave up too much and 10 percent say Republicans gave up too much. Yet the poll also shows that Democrats and liberals are slightly more opposed to the deal than their counterparts are -- but not significantly. In the poll, Democrats approve the deal by a 54-to-41 percent margin, and liberals by 57-41 percent. That's compared with 68-29 percent among Republicans; 60-35 percent among conservatives; 60-36 percent among independents; and 62-34 percent among moderates. The NBC/WSJ poll was conducted Dec. 9-13 of 1,000 adults (including 200 reached by cellphone), and the margin of error for these two questions is plus-minus 4.4 percentage points. The Senate approved the deal Wednesday by an 81-19 vote. The rest of the poll will be released beginning at 6:30 pm ET.
