EFTA00854629.pdf

From: "Noam Chomsky" To: "Jeffrey E." <[email protected]> Subject: RE: ALT MIN , not in literatue Date: Thu, 11 Jun 2015 00:31:55 +0000 So the payments have fallen, and the deductions have fallen with them. But the net effect is a benefit for those who pay the deduction, isn't it? The question wasn't whether there should be deductions but whether the general policy was regressive. Could be implemented in many ways — e.g., covering rent. What you said about estate tax sounds convincing to me From: jeffrey E. imailtoleevacation@gmailcom] Sent: Wednesday, June 10, 2015 7:55 PM To: Noam Chomsky Subject: Re: ALT MIN , not in literatue while mortgage interest payments ("that greatest of middle class costs") have fallen.. ? -- the home mortgage deduction and therefore its concurrent tax benefit to the wealthy is now less than it was. ): is it your view that farmers should get a deduction for their homes but other homeowners not. ? . as i said in the car simply taxing inheritances the same exact way as all other transfers. ordinary income or capital gains upon receipt. would solve a great deal . the forbes 400 alone as over 1.5 trillioin in assets. they would be taxed within a number of years. Michael Wolfe. / writer. On Wed, Jun 10, 2015 at 7:41 PM, Noam Chomsky > wrote: Don't follow. It it's a deduction for the wealthy, how is it less benefit to them? Are they better off if they don't deduct? Clark's British (and I was mistaken — he's an economic journalist, not a professional economist). He's referring just to England. I think it makes the point, whether or not these particular facts hold for the US. A lot could be added. E.g., the highly regressive consumption taxes (worse in Europe often). Less money for food stamps is surely bad news, but that doesn't come from deductions. Rather, from the fanatic right-wing anti-tax policies, strongly opposed by the public (who consistently want higher taxes on the rich). Incidentally, who was it who we met at your apartment the other day. With my bad hearing, I never caught his name. Arrow's position sounds very plausible to me. From: jeffrey E. imailto:jeevacation@gmailcom] Sent: Wednesday, June 10, 2015 4:46 PM To: Noam Chomsky Subject: Re: ALT MIN, not in literatue AHH now a subject that is easy. economic theories can be studied ad nauseum they need to include time energy , doesn't help the the people that you an I care about. . one way to read yours statement is that lower mortgage interest deductions meant LESS benefit to the wealthy. its a deduction! . he writes about england and the us. two different currencies. inflation in one deflation in the other. arguments framed in percentages are an axe on the poor and a distraction to the rich. in my example with cooks analysis, less money available for food stamps. I read ken arrows work. Larry summers uncle. . he suugests that to make a difference a large lump needs to be given to the bottom , not dripped out over time. interesting view EFTA00854629 On Wed, Jun 10, 2015 at 2:17 PM, Noam Chomsky < > wrote: Interesting, but now we're getting into really tricky calculations. To take an example recently discussed by economist Tom Clark, costs of essentials "that weigh especially heavily in the budgets of poorer families" have risen sharply, while mortgage interest payments ("that greatest of middle class costs") have fallen. He estimates that inflation has been between one third and one half higher for the poor since the crash. And that's the bare beginning, and of course not considering the huge sums like the subsidies to energy corporations, etc. From: Jeffrey E. [mailto:[email protected] Sent: Tuesday, June 09, 2015 10:52 AM To: Noam Chomsky Subject: ALT MIN , not in literatue alt min tax =A tax calculation that adds certain tax preference items back into adjusted gross income. how to find the distribution you asked needs to take into account the following example. Mr P and Mr R. R has a huge home , and deducts 30k of interest ( max) on his return. . ( tax savings a@30 percent rate , 10k). his deduction however is added back into gross income under the alt minimum . increase by 30k @tax rate of 40 ( 12 k ) net 2k more in tax. 12k - 10k . state and federal included. , Mr P given 2k in earned income credit, and food stamps. on a sliding scale. payment . plus 2k. . Mr R , had in his mind that he was getting 30k help from govt so he hired Mr P to do his landscape. . The bank that lent the mortgage to MR P . shows a mix of low risk and medium risk loans. having Mr Ron its books allows it to make the more risky home loan to Mr P. The value of all the homes in the neighborhood increase as a result of the well done landscape on MR s house, and the value ofMr Ps house rises along side of it. I can go on and on . Mr Ps children are happier. please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by EFTA00854630  return e-mail or by e-mail to [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation®gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA00854631