Forgiven Mortgage Debt should not be considered as an Income - Free Essay Example

Forgiven mortgage debt should not be considered as an income and people should not be taxed based on that because those who are in this situation already are in trouble and basically à ¢Ã¢â€š ¬Ã…“underwaterà ¢Ã¢â€š ¬Ã‚ . Taxation based on forgiven mortgage debt causes business unfairness and a lot of troubles for our economy in general and especially for lower and middle class families as well as for first time home buyers. During the economic recession which started in 2007, many people lost their job and many of them ended up losing their homes as well because of financial problems. Many of these people who had mortgage loans had trouble paying it, also many of them owe more on their mortgage than their home is worth it. Homeowners who were underwater they were able to sell their houses in short sale which means they sold their homes for less amount of money that their mortgage was and this was done with the bank agreement which allowed them to do so. The number o f these underwater homeowners is decreased, however a lot of people still are struggling with their mortgage payments and according to IRS the number of tax fillings for mortgage debt exemption from 2007 until 2011 is increased. Difference between mortgage and forgiven debt is considered as income by government and is taxable, even though is à ¢Ã¢â€š ¬Ã…“phantom incomeà ¢Ã¢â€š ¬Ã‚ , income that you do not get in reality. Example, someone who owns $150,000 on his/her mortgage and they agree with the bank who lend the money to sell the house in short sale for $100,000 the difference which is for $50,000 is considered as an income and this difference is taxable. Mortgage Forgiveness Debt Relief Act was granted temporary by Government in 2007 until 2009 by President G. Bush and was extended twice by Obamas administration, first until December 31, 2012 and second until December 31, 2013. This Act was more than welcome for all those people who were down on their luck financiall y. According to this some people may argue that mortgage forgiven debt should be taxable just like government thinks, regardless that those homeowners who came to this situation to sell their homes in short sales are people who did a lot to keep their homes and they have different reasons for doing it. Many of those people have lost their job due to a bad economy and simply cannot afford the home anymore. Sometimes there are large medical bills that suddenly came into play, also divorce can cause financial hardship. There are dozens of other legitimate reasons why someone is unable to afford his/her home. Simply these people are not dumb and didnt read what they were getting themselves into. I personally know people that I have worked with and that they lost their homes, they did not lose their home because they are not intelligent or they are not very well educated people actually they are very intelligent and educated people but it happen that they got themselves into a very sad and unfortunate situation e.g. one of them got divorce and couldnà ¢Ã¢â€š ¬Ã¢â€ž ¢t effort to pay the mortgage by them self, also we have families who went through medical problems and so on. However; this bad situations some of them they survived somehow to keep their homes till now bur after expiration of the mortgage forgiveness debt relief act many of them are going to get tax bill on their phantom income. In interview given for New York Times, Senator Isakson said that à ¢Ã¢â€š ¬Ã…“forgiven debt was nothing more than à ¢Ã¢â€š ¬Ã…“phantom incomeà ¢Ã¢â€š ¬Ã‚  and should not be taxed. à ¢Ã¢â€š ¬Ã‚ ¦is unfair to end the exemption for those families who have manage to hold on their homes.à ¢Ã¢â€š ¬Ã‚  And more over he stated that à ¢Ã¢â€š ¬Ã…“These are the people who have tried the hardest to hang on their homes and keep the economy strongà ¢Ã¢â€š ¬Ã‚ . [Shaila Dewan à ¢Ã¢â€š ¬Ã…“NYTimesà ¢Ã¢â€š ¬Ã‚ ] When I mentioned at the beginning that taxation base d on forgiven mortgage debt causes business unfairness is that there are other common situations in which cancellation of debt is not taxable example Bankruptcy where debts discharged during this process are not deemed taxable income. Moreover, we have to make difference between those people who bought house for investment, and people who they took out a home equity loan and took that world trip that theyà ¢Ã¢â€š ¬Ã¢â€ž ¢ve been dreaming of instead of using the money to improve their house from those who bought a house to live in it and invested in it. So here is a big issue government should make difference between these categories. I agree with K. Phillips when she question about exclusion thatà ¢Ã¢â€š ¬Ã‚  à ¢Ã¢â€š ¬Ã‚ ¦why keep putting a band-aid on it? Why stop with one year? Why not five years? Or ten years? Why not make it a permanent exclusion?à ¢Ã¢â€š ¬Ã‚  [K. Philips Erb à ¢Ã¢â€š ¬Ã…“Forbesà ¢Ã¢â€š ¬Ã‚ ] making permanent exclusion is the best way to help at l east those people who worked hard to keep their house such as those people who invested in their house and faced finance troubles because of their unfortunate situations. It is clear that debt forgiveness is effective at preventing foreclosure. Theres an obvious reason and a not-as-obvious reason that principal reductions result in fewer foreclosures. The obvious reason is that less debt equals a smaller monthly payment. People get modifications because they have trouble making their mortgage payments, so smaller payments tend to help. Im just curious as to where IRS expect a homeowner to come up with $25-100,000 to pay for taxes when they cant come up with $1,000-1,500 a month for a house payment. Its not like they can go to a bank and get an unsecured loan, their credit score has just taken a 150 point hit according to Credit Score regulations. By taxing these people for their forgiven debt government not just is going to make extra trouble for these category of people s but it is going to make more dependent people to government; example maybe many of them that they will end up asking for help from government e.g. asking for food stamps because of their financial problems. In one way IRS is collecting some extra money but on the other hand government is making people more dependent on food stamps or on other government programs. One thing is clear that if government is not going to extend mortgage forgiveness debt relief act many lower and middle class families as well as first time home buyers are going to be in trouble because of many reasons that were mentioned above and à ¢Ã¢â€š ¬Ã…“Housing advocates argue that not extending the Act is simply bad policy, punishing those already facing serious financial difficulties and pushing off a potential recovery in the housing market.à ¢Ã¢â€š ¬Ã‚  [K. Phillips Erb] I understand your frustration with others seemingly getting free money because of a tax exemption. What you maybe arent thinking about are the various reasons for a short sale. I have helped multiple families with short sales, and they have different reasons for doing it. Many times they have lost a job and simply cannot afford the home anymore. Sometimes there are large medical bills that suddenly came into play. A divorce can cause financial hardship. There are dozens of other legitimate reasons why someone is unable to afford his/her home. Was some of this due to inflated housing prices? To an extent, sure, but I dont think that very many of us could foresee how drastically prices would fall from their peak in 2005-06. I also reject the notion that all of these people that have found themselves in this situation were simply dumb and didnt read what they were getting themselves into. The people that I have worked with are very intelligent, educated people who got themselves into a very sad and unfortunate situation. Im just curious as to where you expect a homeowner to come up with $25-100,000 to pay for t axes when they cant come up with $1,000-1,500/month for a house payment. Its not like they can go to a bank and get an unsecured loan, their credit score has just taken a 150 point hit. And yes, most of them tried to refinance/restructure their loans with the bank, but were declined or the offer they were given was not any better than their current situations. Maybe one of you will loan it to them? All this is due to faulty trickle down economy . We dont need this trickle down economy (Top Down Approach) anymore in which bankers get money from govt. then spend it as they like and do all kinda ponzi business, sub-prime crisis , etc etc. Now due to the fear of collapse they want more free money from govt. Why , why should they be rewarded for the problem they created in the first place . Is US govt. their puppet? Is the govt. by the bankers , of the bankers for the bankers. Or are these bankers have united as a secret organisation to squeeze out as much money from US govt. and US citizens. These bankers fat capitalists should be allowed to rest in peace (RIP) and US govt should change their economic policy drastically by accepting the Bottoms UP Approach in which govt. gives sustenance allowance DIRECTLY to each citizens bank account. This is because govt. is the only institution that can create free money. People no longer need jobs and factories should be run by robots completely. Only niche areas should have jobs such as robotics research but that also by the committed dedicated interested people. Since money would go directly to bank accounts of individuals, the money is still with banks. But now bankers and industries would have to provide quality products and services to earn that money from the individual citizens. So with this approach all poverty , hunger, homelessness, unemployment will vanish. This will be true democracy. None of this changes the fact that people signed a contract stating they would pay the bank x amount of dollars. If I bou ght ABC Company stock for $60/share and it plummets to $20/share, do I get any money back, no I do not. If I sign a legal document stating I owe x to the bank and they pay the difference on my behalf, why shouldnt I have to pay taxes on it? After all, I am the one who signed the note promising to pay them back. Sites: Dewan, Sh. (February 4, 2014). Welcome Relief for Homeowners, Until the Tax Bill Arrives. In The New York Times. Retrieved February 10, 2014, from https://www.nytimes.com/2014/02/05/business/economy/lenders-see-write-off-while-underwater-homeowners-face-stiff-taxes.html. Kelly, K and Rich, S. (December 30, 2013). New Maryland bill could shorten debt collection after foreclosure. In The Washington Post. Retrieved February 10, 2014, from https://www.washingtonpost.com/investigations/new-maryland-bill-could-help-foreclosed-homeowners-avoid-lengthy-debt- Swanson, J. (January 24, 2014). Official Argues Against Short-Sale/Foreclosure Deficiency Counting as Income in 2014. In Mortgage News Daily. Retrieved February 11, 2014, from https://www.mortgagenewsdaily.com/01242014_loan_modifications.asp. https://www.forbes.com/sites/kellyphillipserb/2013/12/27/tax-break-ending-for-underwater-homeowners-is-it-the-right-time/

Of Suicide by Hume Free Essay Example, 1500 words

In some instances it is in our best interest to intervene in nature to end our own lives, based on this same line of reasoning. Secondly, with regard to the laws of nature wiled by God, which reason allows us to discover for the purposes of securing our happiness, then certainly there are instances that it is reasonable to end our own lives, when such is in the spirit of procuring our better well-being and happiness, as in the case of extreme illness and irremediable distress. Thirdly, with regard to God’s consent, the universal principle that Hume applies is that in essence God consents to all of our actions, unless he decides to stop them, in which case suicide would not have been possible. If in the course of our lives we decide to end this life, then God must be cooperative of this decision, in the same way that he implicitly cooperates with all of our other actions by virtue of his implicit consent (Hume). Finally with regard to how suicide does not go against our duty to other people, Hume employes the principle of reciprocal benefit, and in the case where a person for instance is no longer of service or value to others, and is himself unable to care for his own self, then it becomes a virtuous act to end one’s life. We will write a custom essay sample on Of Suicide by Hume or any topic specifically for you Only $17.96 $11.86/page Weighing In On the Cogency of Hume’s Arguments This paper weighs in on the lucidity, the logical merits, and whether the arguments by Hume have the power to persuade definitely and convincingly. This is what we mean by weighing on the cogency of Hume’s arguments, of whether the arguments above are cogent or not. There are certainly some arguments within the body of arguments presented by Hume in defense of suicide as an act that can be undertaken with no guilt.

How Did Walt Disney Create Mickey Mouse - 2914 Words

Glogovac 1 Bianca Glogovac Ms. Gysin English 102 21st April 2013 How Did Walt Disney Create Mickey Mouse? The public is filled with Disney products and endorsements. Disneyland is known as the happiest place on Earth and all in thanks to the creator, Walt Disney. Children now look up to Disney as a source of hope, faith and inspiration for the future. Disney left behind tracks to what a child needs to grow and to become happy with the idea that magic exists. His first creation was brought to life by placing upon the name â€Å"Mickey.† It is interesting to note that Mickey Mouse started out as an impish, mischievous character that played a cows teeth like a xylophone in his first movie. He also performed other nasty little tasks as†¦show more content†¦This new Oswald model was adapted directly from a non-Oswald character in another Lantz cartoon: the Cinecolor Fox and the Rabbit (1935), released some two months earlier as the last of the early Glogovac - 4 Cartune Classics series. It subsequently took his company 78 years to get back the rights to the Oswald character when in 2006 the Walt Disney Company reacquired the rights to Oswald the Lucky Rabbit from NBC Universal. (Bellis, 3). Mickey was created as a replacement for Oswald the Lucky Rabbit. In the spring of 1928, Disney asked Ub Iwerks to start drawing up new character ideas. Iwerks tried sketches of various animals, such as dogs and cats, but none of these appealed to Disney. A female cow and male horse were also rejected. They would later turn up as Clarabelle Cow and Horace Horsecollar. Walt Disney got the inspiration for Mickey Mouse from his old pet mouse he used to have on his farm. â€Å"Mickey Mouse popped out of my mind onto a drawing pad 20 years ago on a train ride from Manhattan to Hollywood at a time when business fortunes of my brother Roy and myself were at lowest ebb and disaster seemed right around the corner.† (Disney, 5). Hugh Harman drew some sketches of mice around a photograph of Walt Disney. These inspired Ub Iwerks to create a new mouse character for Disney. Mortimer Mouse had been Disneys original name for the character before his wife, Lillian,Show MoreRelatedWalt Disney Ha s Left On Society And How His Legacy Continues1393 Words   |  6 Pagesabout the impact Walt Disney has left on society and how his legacy continues on. Thesis/Central Idea: To understand the impact Walt Disney has left on society, it is important to learn that his empire all started with a mouse, how his newfound success contributed to his ability to create accomplished film works, and eventually bring his imagination to life through the construction of Disney parks. Organizational Pattern: Topical I. Introduction A. Attention Getter: Walt Disney once said â€Å"all ofRead MoreCasey Blackwell. Spc 1608. Professor Workman. 7 February1234 Words   |  5 PagesWorkman 7 February 2017 Walt Disney Introduction I. Open With Impact A. 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Walt Disney first discovered his interest in drawing when he was seven-years old. Though he sometimes didn’t have paper to draw on, he used napkins or drew on what he could find. Walt made money when he was onlyRead MoreWalter Elias Disney Had A Great Impact On American Television And Entertainment All Over The World Essay1138 Words   |  5 Pages Walter Elias Disney had a great impact on American television and entertainment all over the world. Walt Disney was born on December 5, 1901 just outside of Chicago, Illinois (â€Å"Walt Disney Biography†). Walt Disney moved to Missouri when he was five years old, where he began to develop a love for drawing (â€Å"Walt Disney’s Life†). When Disney was sixteen, he dropped out of school and was sent to France with the American Red Cross (Nix, Elizabeth). In 1919, Disney moved to Kansas City to become a newspaperRead MoreWalter Elias Disney746 W ords   |  3 Pages Walter Elias Disney was born on December 5th, 1901 in Hermosa, Chicago, Illinois. Disney, unfortunately, died on December 15th, 1966, 10 days after his 65th birthday. He is well-known because of his family entertainment company. He had many accomplishments throughout his life, being an ambulance driver in WWI, incorporated Laugh-o-gram, created Mickey Mouse which lead to Steamboat Willie (A cartoon that synchronizes sound and animation), Mickey Mouse Club passes one million people, Three LittleRead MoreAnalysis Of Walt Disney s Disney 1575 Words   |  7 PagesWalt Disney Thesis: Many of us enjoy Disney movies and theme parks, but not many of us know the story and life of Walt Disney himself. I.Early Life Birth Dec. 5, 1901, Chicago, Illinois Fourth Child Childhood 1. Loved drawing animals 2. Had Siblings 3. Moved Often C. Teenagehood School 2. World War I Red Cross Ambulance Corps II. Career Education Apprentice Cartoon Classes Jobs Paper Boy Film Ad Company Laugh-O-Gram Films, Inc. 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China Economic Condition & Compare With Australia Economic Condition

Question: Discuss about the china economic condition and compare the china and Australia economic condition, identify similar trend and GDP during same time period . Answer: The Chinese Economy China is is the worlds largest economy by nominal GDP and by purchasing power parity (PPP). It has a low inflation rate along with a low level of unemployment. The population below poverty line in china has been around 51% with a public debt of 16.7% of GDP in 2015 Though china has faced considerably high real GDP growth rates in the previous year, but the growth has slowed in recent years ,with only 6.7% growth in 2016 .The reason for this can be attributed to a significant decline in the manufacturing and construction output. It is observed that the middle class consumers of china is experiencing increase in their income and it has become worlds second largest importer and largest exporter and of merchandise goods along with being the worlds top receiver of FDI. The Australian Economy The country of Australia comprises the mainland of its continent and many other islands including the Tasmania Island. It is considered as the thirteenth largest economy whose per capita income keeps it in ninth position all over the globe with a relatively low level of poverty. The Australian economy has gone through a wide range of changes in its structure of production which can be accredited to reasons like technological changes, or becoming highly integrated to the global markets, competition from countries with lower wages in manufactured goods production and also changes in consumption pattern (Trudgian, 2016). Unemployment rate is considered as a crucial indicator of an economys excess capacity (Sowell, 2010). According to ABS data, besides the unemployment rate the trend with the GDP growth rates from 2005 to 2016 can also be correlated. As we see in 2009 with the high unemployment rate in Australia can be attributed to the negative growth rate of -13.7% whereas highest unemployment rate of 6% in 2014 is accompanied by a recessionary phase in the economy with a fall in growth rate by 9%. In 2015 with a considerably very high growth rate of 14.6% in real GDP resulted in the unemployment rate at 5.8%. Australian Economy Vs. Chinese Economy China and Australia is found to adapt very differenteconomic system by allowing different degrees of government interference and market forces so as to solve their basic economic problems. China posses higher government interventions due to their communist ideologies while Australian believe in more market system. The figure below shows the GDP of both the economics: Figure 1: - GDP of Australia vs. GDP of China In reality, though we find higher GDP for china, but considering other indicators like per capita GDP, environmental efficiency standard of living and the entrepreneurial resource efficiency, Australia is far ahead than china. It is also found that Australian economy is relatively well positioned in terms of equity when compared at global level. References Reserve Bank of Australia, 2013, Statement on Monetary Policy Box 3, viewed 20 May 2017, https://www.rba.gov.au/publications/smp/2013/nov/box-b.html. Sowell, T 2010, Basic economics, Basic books, USA. Chowdhury Subhanil (2015) : An overview of Contemporary Chinese Economy, Taken from a paper read at a seminar titled, OUR ECONOMY, THEIR ECONOMIES LESSONS TO LEARN TEACH at Heramba Chandra College on 14th January 2015.

Is Marijuana Dangerous To Your Physical Health Essays -

Is Marijuana Dangerous to your Physical Health? Recreational use of marijuana has been going on for many years, and like cigarettes many people refuse to listen to health reports. More and more reports are coming out on the effects of marijuana on the body. Just how harmful marijuana can be is questionable. Some health reports state that it is very detrimental to the body while others are explaining how chemicals extracted from the marijuana plant are being used as medication. The problem is, just what are the effects, and how bad is it for someone who uses this drug? I have picked this topic because I am very interested in the effects of marijuana on the body. It is commonly known that marijuana is a widely used drug. Many movies depict people having a great time, smoking marijuana, and laughing as hard as they can. But is this really what is behind the drug? Without looking at health reports, one may think so. If so many people use it, how can it be bad for you? After seeing so much positive feedback about marijuana, it would really be nice to see just what is behind this mysterious plant. In this paper, the researcher will explore whether or not marijuana is harmful to your physical health. It will be shown that marijuana is popular and that many people may not know what they are taking into their bodies. It will be shown just what parts of the body marijuana effects and how it effects them. The main purpose of this collection of information is to see just what marijuana does to the body and to determine whether the effects are good, bad, or a combination of both. Many different areas of research will be used. The report "Marijuana Retains Popularity Despite Anti-drug Attitudes" in The Dallas Times Herald by the Associated Press shows just how popular marijuana remains despite health warnings. A 40-something woman referred to as Ruth has a little something to say. "It's a very nice high," she said. "Often in these drug stories, people forget to mention that part" (The Associated Press, A-6). Ruth is among the 17 million Americans who use marijuana regularly. Part of the reason for marijuana's popularity is its cheap price. John, a scientist who uses the drug says an ounce can cost him from $40 to $100 (The Associated Press, A-6). Another reason for its popularity that is that "the cops basically ignored it" a few years ago, said Bill FitzGerald, of the County Attorney's Office (The Associated Press, A-6). Today, the county boasts a "Do Drugs, Do Time" program targeting all drug users (The Associated Press, A-6). "Marijuana: Is there a new reason to worry?", an article in the March 88 issue of American Health by Winifred Gallagher had a lot to say about just what parts of the body marijuana effects. The majority of the effects of marijuana are caused by a chemical called THC (delta-9-tetrahydrocannabinol). Marijuana, when smoked, enters the body though the lungs and is passed to the blood stream. According to Doctor Billy martin, a professor of pharmacology at the Medical College of Virginia, THC seems to turn on a number of biological systems (Gallagher, 92). Harvard's Dr. Norman Zinberg studied a group of marijuana smoker and concluded that "essentially, marijuana doesn't cause psychological problems for the occasional user" (Gallagher, 92). Heavy use however, is thought to create a lack of motivation, or commonly called "burn-out". New York Hospital's Millman prefers the term "aberrant motivation" to describe the inert attitude of some heavy smokers" (Gallagher, 92). "The Health Hazards of Marijuana," a report in the September 1990 issue of World & I by Gabriel G. Nahas was very informative on the damage caused by marijuana. Marijuana effects memory and behavior. "Marijuana really interferes with short-term memory," says Dr. Richard Schwartz or Georgetown University, and memory loss is one of the main problems with kids who smoke pot" (Nahas, 287). Marijuana also effects the immune system. Guy Cabral of the Medical College of Virginia reported that THC impairs the competence of calls to destroy virus infected cells and tumor cells (Nahas, 293). Marijuana also has devastating effects on human mental development, and cause metal disorders. An article in Newsday on August 14, 1990 by Jamie Talan called "Marijuana as Medicine" had something completely different to say. New findings "give the study of cannabinoids (the family of chemicals in Marijuana) a new respectability", said Donald Moss, professor of psychology at the University of Texas (Talan, D1). Miles Herkenham, chief of functional

Jim Hensen essays

Jim Hensen essays Jim Henson was born in Greenville, Mississippi in 1936. He would soon be known as one of the most memorable puppeteers in entertainment history. His first creations as a puppeteer were puppets made out of cloth that were able to move in a variety of ways. He called these characters Muppets. These Muppets were first used on a television station in Washington D.C... The Muppets became very popular across the United States when Jim Henson used the Muppets in short skits on television variety shows. These Muppets were the rough draft for a program that every child in the U.S would soon grow to love. Later on the show would be broadcasted in other countries as well. The show that was watched in just about every childs household was called Sesame Street. The characters; Bert and Ernie, Oscar the grouch, Big bird, and Kermit the Frog we loved by people of all ages. Henson also created The Muppet Show, which aired in the evening and featured the characters Kermit the Frog and Miss Piggy i nteracting with live actors. The Muppet show has been shown in over 100 countries in the world. Henson also created one of my favorite T.V. shows as a child Fraggle Rock. Fraggle Rock was a new group of puppets shown on the HBO channel. Throughout Hensons career as a puppeteer he directed many movies. The Teenage Mutant Ninja Turtles, The Dark Crystal, The Muppet Movie and also many Muppet Movie sequels were a few of his movies. Henson soon conquered the entertainment empire as his characters were made into cartoons and books as well. In 1990 Henson died of the pneumonia in New York a few days before he was going to sell his company to the Walt Disney Company. I choose Jim Henson as my topic because I am very interested in his life and the way he created his shows. As a child I was one of those children who tuned into Sesame Street everyday, I can remember watching it with my mom. One of his greatest achievements is creating shows years befor...

Photosynthesis Vs Photovoltaic Essay Example | Topics and Well Written Essays - 500 words

Photosynthesis Vs Photovoltaic - Essay Example Plant cell converts sunlight into chemical energy by the photosynthesis process and solar cell converts it directly into electrical energy which is then used by humans. Photosynthesis is a natural process which is automatically carried out in all plants but electricity generation by solar cells is an artificial procedure. Solar cells need to be installed for this purpose and it requires much investment. Therefore, they are much expensive as compared to the plant cell. Another significant difference between both cells is that the bad photosynthetic cell can repair itself whereas there is no such provision in case of solar cells.  Both photosynthesis and photovoltaic energy conversion systems deal with transfer and conversion of heat energy into another form. Thus both systems should show compatibility with the Laws of Thermodynamics. The first law of thermodynamics accounts for the energy conservation of heat systems i.e. energy cannot be created nor destroyed, it only transforms fr om one form to another. According to, â€Å"A change in the internal energy of a closed thermodynamic system is equal to the difference between the heat supplied to the system and the amount of work done by the system on its surroundings†. Both plant and solar cells do not create energy but rather convert one form (solar irradiation) of energy into another. A certain amount of "transformation energy" will be used as the molecules of the "working body" do work on each other when they change from one state to another.