TexasCHLforum.com

powerboatr wrote: ↑Thu Apr 20, 2023 9:03 am https://nypost.com/2023/04/16/how-the-u ... od-credit/
Talk about instant blood boil
so now people with GOOD and great credit get skewered to help pay for those persons with bad credit
OMG what is wrong with our country?

loan level price adjustments. if you have credit score above 680 to 7800 get a spike in costs and if you put money down 15% or more you get another fee
but if your credit is bad you get a discount rate on mortgage rates???????????


and people wonder why we the people are fed up with out of control government

OneGun wrote: ↑Thu Apr 20, 2023 10:53 am These policies are all about wealth transfer. I don't work to support people outside of my family. Maybe these people with bad credit need to fix their own problems.

philip964 wrote: ↑Sun Apr 23, 2023 3:40 pm So this is real?

How quickly the world I grew up in and remember has so quickly changed.

Up is down, down is up. Right is punished, wrong is rewarded.

powerboatr wrote: ↑Mon Apr 24, 2023 4:29 pm

philip964 wrote: ↑Sun Apr 23, 2023 3:40 pm And I bet home buyers paying cash, are about to get hit with a 3% fee just watch on top of everything else

The state of our affairs is such that I cannot disagree with that prognostication. If it 3%, I still bet it'll something. One way Brandon's administration is proposing going after the wealthy--by taxing unrealized gains (e.g., the stock for a company goes up; you own a lot of that stock; you should be taxed as income the increased value even if you don't sell a single share of it)--would kinda shoehorn right into taxing unrealized gains on property. You paid $300K cash for your home in 2020 and its property tax appraisal is now $420K? Well, then, Mr. Rich Guy, you should be paying income tax on that $120K you "earned."

And what about those 80,000+ new IRS agents and the massive new IRS budget? Brandon: Nobody making less than $400K will see any new taxes. The new IRS beef-up is all about better customer service and going after those evil wealthy people who our Dimocrat base feels are harming the poor by making so much money.

Uh huh. A study of 2022 IRS tax audit data found that a taxpayer in the lowest income bracket is five times more likely to face an audit that would a member of the highest income bracket. See https://www.foxnews.com/politics/irs-ta ... 022-report.

"The IRS correspondence audit process is structured to expend the least amount of resources to conduct the largest number of examinations – resulting in the lowest level of customer service to taxpayers having the greatest need for assistance," National Taxpayer Advocate Erin M. Collins said of the report during an annual report to Congress.

The Transactional Records Access Clearinghouse (TRAC) at Syracuse University examines internal IRS management reports each month, and the group noticed different trends by reviewing 2022 data. Most notably, the group looked at audits, particularly considering the agency relying more heavily on automatically produced letters sent to taxpayers.

The data showed that the IRS conducted 85% of its audits through these letters, which request additional information and documentation related to specific items of interest....

The rate of income tax audits for those in the lowest income bracket hit 12.7 per 1,000, compared to 2.3 per 1,000 among those in the highest – a nearly five-fold increase. The odds of a millionaire facing an audit were around 1.1%.

(I have no idea why that image is showing as a tiny thumbnail; I've made it a link so you should be able to click on it to see the chart full-size.)

Remember that line, "The IRS correspondence audit process is structured to expend the least amount of resources to conduct the largest number of examinations"? A corollary to that is: Poorer people can't afford high-powered tax lawyers. It's a huge hassle and cost to the IRS to go after the very wealthy, and the very wealthy have a fleet of attorneys that would rather take the person's money than have the IRS get it.

You and me Average Joe? How much do we have to spend on tax attorneys? Add to that the fact that very little of that massive bump in the IRS's budget is actually going toward customer support. People report that they can reach a live agent--even when it isn't tax season--in only 1 in 5 attempts. And I don't expect that to change. The bulk of the HR budget increase is going to be in revenue agents.

On a per-case basis, it's far more cost-effective and efficient to go after the majority of the population that has a family income of around $250K or less. The IRS may not get a whole lot per case compared to going after the wealthiest, but it also doesn't drag out for years while attorneys battle it out. And COVID introduced a lot of people to "side gigging," freelancing for income to fill the gap when they were unemployed...and the employment participation rate would imply that a lot of them continue to do that, some as their exclusive source of income. Keeping track of a freelance sole proprietorship like that makes for rich IRS audit fields.

Despite what the Dimocrats say, the middle class and the lower-middle are getting hammered by inflation (in aggregate, the Brandon inflation years are adding up to around a 15% cumulative increase in many consumer goods and, if history tells us anything, those increases won't come down appreciably even if the inflation rate does); he's still fighting to whitewash student loans, at taxpayer expense; the undocumented are flooding across the border at unprecedented rates and costing taxpayers on both the front (enforcement and processing) and back (transportation, welfare, medical care) ends; so why not continue to penalize the hard-working people who pay their bills and always try to file honest tax returns? After all, a lot of them are those are religious, conservative types who vote Republican anyway.

Rafe wrote: ↑Tue Apr 25, 2023 12:19 pm

powerboatr wrote: ↑Mon Apr 24, 2023 4:29 pm

philip964 wrote: ↑Sun Apr 23, 2023 3:40 pm And I bet home buyers paying cash, are about to get hit with a 3% fee just watch on top of everything else

The state of our affairs is such that I cannot disagree with that prognostication. If it 3%, I still bet it'll something. One way Brandon's administration is proposing going after the wealthy--by taxing unrealized gains (e.g., the stock for a company goes up; you own a lot of that stock; you should be taxed as income the increased value even if you don't sell a single share of it)--would kinda shoehorn right into taxing unrealized gains on property. You paid $300K cash for your home in 2020 and its property tax appraisal is now $420K? Well, then, Mr. Rich Guy, you should be paying income tax on that $120K you "earned."

And what about those 80,000+ new IRS agents and the massive new IRS budget? Brandon: Nobody making less than $400K will see any new taxes. The new IRS beef-up is all about better customer service and going after those evil wealthy people who our Dimocrat base feels are harming the poor by making so much money.

Uh huh. A study of 2022 IRS tax audit data found that a taxpayer in the lowest income bracket is five times more likely to face an audit that would a member of the highest income bracket. See https://www.foxnews.com/politics/irs-ta ... 022-report.

"The IRS correspondence audit process is structured to expend the least amount of resources to conduct the largest number of examinations – resulting in the lowest level of customer service to taxpayers having the greatest need for assistance," National Taxpayer Advocate Erin M. Collins said of the report during an annual report to Congress.

The Transactional Records Access Clearinghouse (TRAC) at Syracuse University examines internal IRS management reports each month, and the group noticed different trends by reviewing 2022 data. Most notably, the group looked at audits, particularly considering the agency relying more heavily on automatically produced letters sent to taxpayers.

The data showed that the IRS conducted 85% of its audits through these letters, which request additional information and documentation related to specific items of interest....

The rate of income tax audits for those in the lowest income bracket hit 12.7 per 1,000, compared to 2.3 per 1,000 among those in the highest – a nearly five-fold increase. The odds of a millionaire facing an audit were around 1.1%.

(I have no idea why that image is showing as a tiny thumbnail; I've made it a link so you should be able to click on it to see the chart full-size.)

Remember that line, "The IRS correspondence audit process is structured to expend the least amount of resources to conduct the largest number of examinations"? A corollary to that is: Poorer people can't afford high-powered tax lawyers. It's a huge hassle and cost to the IRS to go after the very wealthy, and the very wealthy have a fleet of attorneys that would rather take the person's money than have the IRS get it.

You and me Average Joe? How much do we have to spend on tax attorneys? Add to that the fact that very little of that massive bump in the IRS's budget is actually going toward customer support. People report that they can reach a live agent--even when it isn't tax season--in only 1 in 5 attempts. And I don't expect that to change. The bulk of the HR budget increase is going to be in revenue agents.

On a per-case basis, it's far more cost-effective and efficient to go after the majority of the population that has a family income of around $250K or less. The IRS may not get a whole lot per case compared to going after the wealthiest, but it also doesn't drag out for years while attorneys battle it out. And COVID introduced a lot of people to "side gigging," freelancing for income to fill the gap when they were unemployed...and the employment participation rate would imply that a lot of them continue to do that, some as their exclusive source of income. Keeping track of a freelance sole proprietorship like that makes for rich IRS audit fields.

Despite what the Dimocrats say, the middle class and the lower-middle are getting hammered by inflation (in aggregate, the Brandon inflation years are adding up to around a 15% cumulative increase in many consumer goods and, if history tells us anything, those increases won't come down appreciably even if the inflation rate does); he's still fighting to whitewash student loans, at taxpayer expense; the undocumented are flooding across the border at unprecedented rates and costing taxpayers on both the front (enforcement and processing) and back (transportation, welfare, medical care) ends; so why not continue to penalize the hard-working people who pay their bills and always try to file honest tax returns? After all, a lot of them are those are religious, conservative types who vote Republican anyway.

Democrats will not be happy until they have destroyed the entire middle class.

The Annoyed Man wrote: ↑Tue Apr 25, 2023 6:06 pm My guess is that people with mortgages, who aren’t poor, are going to desert the DNC (AKA “commies”) in 2024.

Paladin wrote: ↑Thu Apr 20, 2023 9:25 am Sounds like a great plan to collapse the economy.