Any "Latest & Greatest" about Delta?
07-26-2011, 10:24 AM
Gets Weekends Off
Joined APC: Aug 2010
Posts: 2,530
Realty Check with Diana Olick - CNBC
Mortgage Interest Deduction Big in Budget Play
Right now, home loan borrowers can deduct the amount of interest they pay on their mortgages from their taxable income. This goes for principal residences and second homes. The interest deduction is capped at the first million dollars of debt on the home. For home equity loans it's capped at $100,000 in debt.
The deduction costs the U.S. Treasury about $100 billion a year. There are proposals now to either reduce the cap to $500,000 and/or to eliminate the deduction on second homes. Eliminating the deduction on second homes would save about $15 billion, and reducing the cap to $500,000 would save another $15 billion, according to economist William Wheaton at MIT. 10.5 percent of existing home sales in June were of homes over $500,000 according to the Mortgage Bankers Association.
Then there's the idea from the President' bipartisan commission of turning the interest deduction into a 12 percent credit, limited to $500,000 in mortgage debt, only on primary residences. That could save the Treasury $65 billion.
Mortgage Interest Deduction Big in Budget Play
Right now, home loan borrowers can deduct the amount of interest they pay on their mortgages from their taxable income. This goes for principal residences and second homes. The interest deduction is capped at the first million dollars of debt on the home. For home equity loans it's capped at $100,000 in debt.
The deduction costs the U.S. Treasury about $100 billion a year. There are proposals now to either reduce the cap to $500,000 and/or to eliminate the deduction on second homes. Eliminating the deduction on second homes would save about $15 billion, and reducing the cap to $500,000 would save another $15 billion, according to economist William Wheaton at MIT. 10.5 percent of existing home sales in June were of homes over $500,000 according to the Mortgage Bankers Association.
Then there's the idea from the President' bipartisan commission of turning the interest deduction into a 12 percent credit, limited to $500,000 in mortgage debt, only on primary residences. That could save the Treasury $65 billion.
07-26-2011, 10:46 AM
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Joined APC: May 2007
Posts: 593
07-26-2011, 10:54 AM
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Joined APC: Jul 2010
Position: window seat
Posts: 12,544
I had a 777 Capt. in the jumpseat last week. He was talking about the 100 seater announcement and that ALPA didn't know what they were going to do about them. I said, "what do you mean." He said, "Would you fly Captain on it for less that your making in the right seat of the 320?" I said "We have 100 seat pay rates. It's called a DC-9 and it's more than I make, are you suggesting we give that flying away to get pay raises?" He said, "Well, no, but ALPA doesn't know what they're going to do." I said, "They better know what they're going to do or they won't be around very much longer." It was clear the he and I had a different Idea of "what to do" about the 100 seater.
If ALPA or anyone really has the power to sabotage us on this issue though, then yes it would be better to fly then at any rates than to outsource them. Although I would have told him all we have to do is give the company 757/767 rates for the 777 and that could fund proper 100 seater pay, and since we only have a very small number of 777's it won't effect many pilots and we would be getting more 100 seaters than we have 777's anyway so it would be a net win for the pilot group, most of which will never see the 777 anyway especially if they don't want to sit 10 years on reserve on it.
shack?
07-26-2011, 11:00 AM
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Joined APC: Jul 2010
Position: window seat
Posts: 12,544
Entitlement mindset. Everyone thinks that's about 20 year olds and younger. That's stupid. Its about 777 Captains who want to throw Delta pilots under the bus as much as it is about the greatest generation with their hands out for more free surgeries, drugs and motorized wheelchairs with no regard to future solvency as well as college kids who don't want to leave the cushy lifestyle their parents provide them until they get the $60,000 a year job they think they deserve.
Entitlement.
Entitlement.
Then the more mass quantities of money (federal, state, 529, etc) we throw at this monstrosity the more the already inflated price balloons out of control which hurts everyone. It is the next crisis brewing, the education bubble, and you can better believe they will expect a full bailout. Student loan debt eclipses consumer credit card debt already. When we make a 4 year 6 figure vacation an entitlement for every single child in the country at whatever the price, its a bubble thats guaranteed to pop. Not to mention a bubble that if we didn't have it, a LOT more guys would take these early outs!
07-26-2011, 11:48 AM
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Joined APC: Jun 2006
Position: A-320A
Posts: 18,563
I think the easiest way is to start asking not telling pilots what they should be concerned with. (Yeah, yeah, I know we do, but when the pilot's do not think that way, it does not matter what those that do the work think, because the root of the problem is with those that matter)
07-26-2011, 12:06 PM
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Joined APC: Feb 2008
Position: Working 5 to 9
Posts: 522
Anyone having trouble non-revving with the 22" LW Stealth bag? Saw a retired pilot and a pax asked to check their's due to FAA regs.
07-26-2011, 12:21 PM
Moderator
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Position: B757/767
Posts: 13,088
07-26-2011, 12:23 PM
Happy to be here
Joined APC: Jun 2006
Position: A-320A
Posts: 18,563
07-26-2011, 12:24 PM
Moderator
Joined APC: Oct 2006
Position: B757/767
Posts: 13,088
Start trimming the ALPA National fat, & cutting unnecessary bloated allowances and maybe people will contribute to ALPA-PAC again.
07-26-2011, 12:25 PM
No longer cares
Joined APC: Mar 2008
Position: 767er Captain
Posts: 12,109
No... it has nothing to do with ALPA. Some of us do not believe in contributing to the corruption of elected officials. Sorry.. I know that is how business is done in DC, but I am not going to participate. Thank those of you that do.
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