Story Comments

Bteeple-OMG You're kidding right? OH MY GOD AGAIN!!!!! A basic right to have children and own a home you can't afford?????Since when is it a basic right to do whatever the hell you want without consequences or the resources to back your irresponsible decisions. You and this type of attitude is part of what is wrong in this country right now. " The "I am an American so entitled to everything because I breath" mentality. It is not a basic right to have things you can not afford, not work for, nor pay for. It is also not a basic right to have children if you can not take care of them .Where the hell did you get that idea from? That is called child abuse. Guess who takes care of those kids that you have and can't afford? You got it right, us and those high taxes you are so complaining about. Nobody told you you are entitled to a high paying job for free. You have to work at it. Stop whining. We are one of the richest countries in the world but the most unhappiest people? I wonder why thi...(Read more of this comment)s is? No one looks at other countries where they make far less then an average American does but are far more completely happy. HMMMMM makes you think. The rest of your comments made me laugh they are so dumb and ignorant. They don't make sense. Try getting a job!(Show less of this comment)

To everybody who posted here: Get over it!! Quit whining, get off your ass and do something!! God...you people sound like a bunch of babies!!! wah wah wah

To the person that put himself through 8 years of school, congratulations. I would expect someone with your extensive educational background would understand the fundamental status of our economy and the causes, as well as an individuals right to pursue the American dream. I have some questions for you. To begin with, why are the middle class citizens of this country dropping in class and disappearing at an alarming rate? Why does Warren Buffet pay a 17% tax on his income compared to his secretary's 30%? When did a fundamental human right to bear children and own a home to provide shelter for your family become a social economic privilage? The one thing you have to understand my educated friend is that there is a bigger machine at work, much bigger than the individuals expressing there hardships and frustrations, but 300 million individuals speaking together we can change America for the better and that is what you see happening here.

If you don't like your life change it. I put myself through 8 years of college with no help and no money! Why does everyone feel they should hold other people and/or entities responsible for their bad choices in life? By the way, I am dying to know what job the person has that only pays 20 grand for a college degree and does not offer medical insurance. McDonalds pays more than that. To the 2 people who can't live on 80 grand try living within your means. And to all the people who have kids they can't feed. Here is a concept, if you can not afford them don't have them!!!!!Another brillinat idea of a concept,If you can't afford a home don't buy one! It is no great sin to live in a beautiful townhome or Apartment. Give me a break, I went to read about tax laws and I get a bunch of failure to take responsiblity whiners. Where were your parents when the values were handed out?

Of course if you didn't have teachers (underpaid of course) to teach you in the first place, you wouldn't have the $300K salary at all. I wonder how all the 'self-made' professionals think they made it this far in life without any help. The people who teach us, protect us, and defend us are the ones who 'should' be getting those higher salaries. But that will never happen in America! And YES--some of us teachers have 4.0 grade point averages in undergraduate and graduate schools as well! (wanna know a secret? Some of us also have doctorate degrees as well). What do we make, you ask? A DIFFERENCE...

Cemetery, I hear you. Perhaps you should read the new book No Free Lunch. I read short review of it the ther day, and did everyone know that folks who made over 1.7 million saw their tax burden decrease in 2006? As the article said, the folks who make around $300,000, the laywers and doctors who actually have to work for a linving (unlike some of those who make millions) are the ones bearing the tax brunt.

$300,000 is a really nice salary, but it's certainly not enough to make you independently wealthy. How about the folks who make much more than they can reasonably spend (barring idiots like MC Hammer) pay a little more? Some of the uber-rich flat out state that they don't pay enough taxes. Granted, they only make up 1% of the population, but if the regular folks are getting reamed, the rich ones should too! ;)

I make under $100,000, but I get a nice chunk taken out of each paycheck by Uncle Sam.

My husband and I work very hard to make ends meet. Our combined income in 2007 was less than $80K. Many times we have worked 80 hour weeks, so I would gladly trade jobs with the doctor who makes $300K, since I am used to working those hours, and have been since I was 20 yrs old. Try making it on what we have made, and then the government decides that we should give them 1/4 of it. That is what isn't fair. My husband and I both have a good college education, that doesn't mean we get paid what we are worth. And by the way, most of my salary went to doctor bills last year so that my doctor wouldn't have to worry about how to feed his family. So glad I could contribute.

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Hello All,
Try being your office manager that you pay avg 50k per year and has to put up with you! Available 24/7 and at your beck and call to keep his/her lousy schedule up with your lousy work schedule and in tune with your personal schedule to boot!(sound familiar?) Unless your credentials are G.O.D. you are not above anyone else who earned a 4.0 in college and has a Master's degree with student loans regardless of the chosen profession! 50k...too little for tax breaks...too much for tax breaks! I'll trade you jobs and salary! Need a tax break? Funnel some of those profits to your staff rather than the IRS then maybe we'll all be 'the same!' and you can wipe your own nose all by yourself?

I know what you are saying, CPA. As you know, people actually believe that the rich get breaks, even as we foot the entire tax bill of the country so they don't have to. It is easier for them to say 'tax cuts for the rich!!' than to say a simple 'thank you for your hard work'.
Of course, they would trade SALARIES. They figure that would be fair.

For that I get to pay half of the income in state and federal taxes, so that you guys don't have to pay anything. Then I get to hear you and candidate Edwards talk about how it isn't fair that you and I are paid different salaries, or fools like doug beebe talk about 'diverting tax dollars to wealthy folks' (Oh, that happens ALL the time!). I won't trade with any of you, but guess what? You don't have to! You can just go do it all by yourself, like I did! You have the same chances-- ever notice that? In fact, if you are a minority you don't even need the 3.9 GPA-- a 3.0 will be fine, because we need more people like you, even if you don't study as much and you don't get good grades. In fact, you don't even have to borrow the $160,000 that I did ($40K per year for tuition alone) because they will even pay YOU to go to their school-- bad grades and all!

Ever notice how those making 'less than $100K' want to 'trade salaries,' rather than 'trade jobs'? You could trade with my doctor job and get my $300K salary! Of course, you would have to get a 3.9 GPA at a good four year college, which means no parties or socializing... then 4 years of med school, where you will be in lectures all day and the library all night.. then residency, where for 4 more years you will work 80-120 hours per week, and you will have to learn to do things that are quite uncomfortable at times... then to keep the job you will need to put in 80 hours per week, and take phone calls all night, sometimes getting up to drive in to the hospital at 4 AM, only to work all the next day... THAT is what comes with a good paying job.

Wo, 2 million dollars is 17 times my loan. But where should the line be drawn. I don't see that as a tax break for anyone, rich or poor. That is just correcting an inequity.

What this means is someone loses their home or it is sold for less than they owe and the 'bank' forgives the additional debt owed. Where does congress get off calling that income in the first place. Why should anyone have to pay taxes on 'money they didn't get' regardless of their sophistication.

The government and congress act like taxes is their money. It out money. Taxes are necessary but should not be viewed as a redistibution of wealth.

Is this a great country or what?

Hey Monkeyfurball hellofa name.I KNOW where furballs come outta!! LOL
If you find any of those POOR PEOPLE,making over 100K looking to downgrade I'll be HAPPY to trade salaries!!! And accept all THAT MISERY!! FOFLOL

Well well....I don't think anyone should get a 'forgiveness debt tax BAILOUT', least those homeowners(investors) who lost their axxes on a speculation and lied getting loans. The lender & homeowner deserve each other and I hope they both go down in flames.......just my take on all of this

To monkeyfurball-- for any of your clients making over $100k who genuinely believe that those making under $100k have it so much better, there is a simple solution: I'm sure that the companies they work for would be happy to cut their pay down to five figures if they requested, thus saving them from having to pay tax on the difference. (Heck, if they ask for their salaries to be cut to four figures, they can get out of paying any tax at all! They should be lining up to slash their salaries!)

Someone who has a 2 million dollar loan can get that debt forgiven by the lender?? Where do I sign up?

Yes, certainly, thank goodness we're protecting the TOP 15% of the economy from the consequences of their financial incompetence.

I can understand (though not agree) helping to bail out people who don't have the knowledge to understand the risks they're getting into. Higher income earners who choose to remain ignorant, I simply have no sympathy for.

And monkeyfurball, did you REALLY say that the 'whiners making $100k or less don't know how GOOD they have it'? I think you meant, 'Let them eat cake'

The law didn't say COD income only applied to 'low income' homeowners, and I don't see why it should. A lot of these people are having their homes confiscated by the bank also, so why should they be strapped with forgiveness of debt income even if the loan is $2 mill. on top of losing their residence? I'm glad Congress saw fit to do this. You know, the vast, vast majority of 'tax breaks' are for people making less than $100k a year. It's about time those making more than this got a few breaks. I'm a CPA and see all of this first hand when I prepare tax returns each year. The whiners making $100k or less don't know how good they have it. They should shut up.

From the article:

'Under the exclusion, a homeowner can have up to $2 million of federal-income-tax-free COD income from 'qualified principal residence indebtedness,' which means debt that was used to acquire, build or improve your principal residence and that is secured by that residence.'

Did anyone else think that this was supposed to be relief for lower-income, financially-distressed people? That $2MM cap sure doesn't say 'lower-income' to me. If you can qualify for a $2MM loan, I seriously doubt that you're financially unsophisticated enough to get caught with an ARM you couldn't pay. Something's missing here, and if this is just another way to divert tax dollars to wealthy folks who gambled on a $1.5MM condo in Miami and timed things wrong, then taxpayers should rise up.