Imputed Income

[Dphins4me]

 

Reportedly the Clinton Adim was looking at it before the Rep. took over congress.

Over the past month or so I've been hearing that if Obama wins that it is something they might look at with housing.

Is this right or wrong in calculating someone taxes?

I think most know where I stand on this.

Here is a Wiki link for a quick reference in what imputed income is.

http://en.wikipedia.org/wiki/Imputed_income

[MyGodWearsAHoodie]

The farmer table example is preposterous. 

Taxing someone for doing something themselves would be impossible.  What exactly is taxable.  Cleaning your own house, changing your own oil etc.  And has never ever been under consideration.

What has been talked about in some circles but has never gotten traction and is not something that Clinton pushed nor have I seen as part of the Obama plan is the following, it might be in there I don't claim to know it inside and out, it is certainly not something he is pushing. 

You buy a stock for $50.

Year one it goes to $55.

Year two it goes to $70

Year three it goes to $80 and you sell it.

Under out current tax system you pay tax on the $30 appreciation in year 3.

Under an imputed income program you would pay tax on  $5 in year one; $15 in year 2; and in year 3 in $10.

The times I have seen this proposed it was always been as an option.  In other words the taxpayer would have the choice to pay tax as they go or when they sell. 

[Brian Fein]

I know what Imputed Income is, but explain what he's charging you for.  Imputed income is a money-value income you get in a form other than money, which you claim as taxable income.

So what am I gaining that can be charged as imputed income?

[Dphins4me]

I know what Imputed Income is, but explain what he's charging you for.  Imputed income is a money-value income you get in a form other than money, which you claim as taxable income.

So what am I gaining that can be charged as imputed income?

    The concept here is to take people who are not in the higher income tax brackets and move them on up, so to speak, by creating income for them out of thin air.  That way you can tax them more. The name for this artificial income would be "imputed income," and it would be fully taxable. 

Let's say you own your own home.  You've had it for some time.  Your mortgage payment is $1000 a month.  Homes similar to you in your neighborhood rent for $2000 a month.  The IRS will tell you that since you are living in your home for $1000 a month less than you would have to pay if you were a renter, that extra $1000 a month is actually income to you, and you should pay income taxes on that money.  That would be an extra $12,000 a year on your taxable income line ... maybe enough to shove you into a higher tax category!  And think what would happen if you owned your home free and clear?  Bingo!  $24,000 in imputed income!

[MyGodWearsAHoodie]

    The concept here is to take people who are not in the higher income tax brackets and move them on up, so to speak, by creating income for them out of thin air.  That way you can tax them more. The name for this artificial income would be "imputed income," and it would be fully taxable. 

Let's say you own your own home.  You've had it for some time.  Your mortgage payment is $1000 a month.  Homes similar to you in your neighborhood rent for $2000 a month.  The IRS will tell you that since you are living in your home for $1000 a month less than you would have to pay if you were a renter, that extra $1000 a month is actually income to you, and you should pay income taxes on that money.  That would be an extra $12,000 a year on your taxable income line ... maybe enough to shove you into a higher tax category!  And think what would happen if you owned your home free and clear?  Bingo!  $24,000 in imputed income!

Your scare tactics of claiming Obama is going to do things that he has never supported and has never been seriously proposed by the democratic party is getting fucking old.

[Brian Fein]

I've never seen anything saying Obama was going to do something so silly.

I HAVE, however, seen John McCain's plan include a similar tactic where he provides imputed income based on the health benefits you would receive from your employer.  So, let's say your health plan costs $350 a month and you only pay $50 and your employer pays the rest.  McCain's plan includes taxing you on that extra $300 a month, because you're receiving services valued at $300 a month.

Careful where you place your accusations.

[MyGodWearsAHoodie]

I've never seen anything saying Obama was going to do something so silly.

I HAVE, however, seen John McCain's plan include a similar tactic where he provides imputed income based on the health benefits you would receive from your employer.  So, let's say your health plan costs $350 a month and you only pay $50 and your employer pays the rest.  McCain's plan includes taxing you on that extra $300 a month, because you're receiving services valued at $300 a month.

Careful where you place your accusations.

I have seen that too.  And that will really screw the middle class.  Those making $500,000/yr it will be a small % increase.  Those working for at the min wage range, don't get health benefits anyway. But for a middle class family that could be a huge tax increase.   

[Dphins4me]

Your scare tactics of claiming Obama is going to do things that he has never supported and has never been seriously proposed by the democratic party is getting fucking old.

  Get it right.  No where did I say he was going to do this.

 All I said was I had been hearing more about what the Dem were looking at under Clinton & that there was speculation that an all Dem might would revisit this.

[Dphins4me]

I've never seen anything saying Obama was going to do something so silly.

I HAVE, however, seen John McCain's plan include a similar tactic where he provides imputed income based on the health benefits you would receive from your employer.  So, let's say your health plan costs $350 a month and you only pay $50 and your employer pays the rest.  McCain's plan includes taxing you on that extra $300 a month, because you're receiving services valued at $300 a month.

Careful where you place your accusations.

  Isn't there a tax credit that comes with that also, plus that would never pass anyway with Dem sitting over Congress.


All I did was post some info I heard to see if anyone else had heard anything..

An accsation is saying he is going to do it.   No where have I made such a statement.

You people need to get stuff right.

[Dphins4me]

I have seen that too.  And that will really screw the middle class.  Those making $500,000/yr it will be a small % increase.  Those working for at the min wage range, don't get health benefits anyway. But for a middle class family that could be a huge tax increase.   

Dude, middle class is going to get hit with tax increases. 

Do you actually believe Obama is going to increase spending as much as he says he is & cut the taxes of the highest population in America?

[Brian Fein]

Over the past month or so I've been hearing that if Obama wins that it is something they might look at with housing.

Read your own quote.  I hope you can see where your words get misinterpreted.

Obama's entire platform is based on a tax plan that does not increase taxes on the middle class.  Its practically the same plan that Regan used in the 80's.  You're passing off your supposition as fact in this case, and that's blatantly irresponsible.

[Phishfan]

You're passing off your supposition as fact in this case, and that's blatantly irresponsible.

Don't forget, he is voting third party so he is really impartial.

[JVides]

Will never happen.  Impossible to track.  Ridiculous to enforce.  Movin' on...

[Dphins4me]

Read your own quote.  I hope you can see where your words get misinterpreted.

Obama's entire platform is based on a tax plan that does not increase taxes on the middle class.  Its practically the same plan that Regan used in the 80's.  You're passing off your supposition as fact in this case, and that's blatantly irresponsible.

  Misinterpreted is not something I can control.   I was very forth coming with what I had been hearing.  I listen to a lot of talk radio.

I'm not passing anything off.  I just posted what I had heard & wanted to see what others thought of it or if they had even heard of it.

The only thing I've passed off as fact is that I had been hearing & that Clinton looked at this prior to Rep taking over Congress.  Outside of that you are going to have to show me where I passed anything off as fact.   I said and I quote.

I've been hearing that if Obama wins that it is something they might look at with housing.

A fact would be they are going to look at this.   Not they might look.

[Dphins4me]

Don't forget, he is voting third party so he is really impartial.

  I'm not impartial, never claimed to be.  I severally hate the Dem political policies of giving hard working citizens money to deadbeats &  who are not productive citizens.