And the rich get richer while the poor get poorer

[hedgehog]

I was paying my mortgage the other day and realized that in the past 20 years I have bought my home twice over from the banks. When we first bought it, interest rates were running at 12% and I think we've re-financed three times as the rates dropped. It's only been in the last 5 years that we've made real progress paying off the principal.

We've also paid about half full value of the property in property taxes in the last 20 years.

This house is a major part of our family equity, and it gets taxed every year based on its total value. If we had the money in stocks, we would be taxed only once on the increase in value should we cash the stocks in. It's just another way the tax code is aimed at the middle class.

[GreenPartyVoter]

1. Yep

[Mojambo]

2. It's why I'm an advocate of full on class warfare

They've been carpet bombing us for years. It's time to suit up and start returning fire.

[danalytical]

amen

preach on!

[genie_weenie]

3. I'm sorry but you'll have to wait. The American Dream

has been reserved. But, perhaps you will enjoy these scraps...

[leftofthedial]

4. we need to eviscerate the wealthy

and impose a maximum wage cap on income.

[The Backlash Cometh]

5. Now there's an idea for you. If the Republicans are so confident

in the stock market, maybe they should start a business that will take our money on a sort of reverse annuity basis. In other words, if they're so damn sure that they can convert a $10,000 investment into a $500,000 profit in twenty years, then we'll be happy to pay them $10,000 today for a $150,000 house. We get the house free and clear, and they make a $350,000 profit in twenty years. Everybody walks away happy.

[TahitiNut]

6. There's no sales tax on stocks, either.

It's really obscene. Profit from the labor of others is taxed at the lowest rates, while income from one's own labor is taxed at the highest rates and the very roof over a worker's head is taxed.

The 'ownership society' is all about plantation economics.

[hedgehog]

7. We need a snappy slogan to catch this disparity.

I realize the property tax is here to stay for a while, and I like having good schools, paved roads and a decent county nursing home. I don't mind paying a fair interest rate, but my mortgage on a fairly modest amount ($60,000) should have been paid off years ago given the lack of inflation. I don't even want to get into how many times over I'll be paying for tuition, room and board at state universities by the time I pay off the student loans. (Which, by the way, I could pay cash for except I'm still paying the mortgage!!!)We need some catchy phrase of our own to counter the phrase "death tax".My kids will not be paying any estate tax, but the property tax and exorbitant interest rates eat my equity every day.