I'll bring the rope.
Posted on 06/08/2010 7:20:43 AM PDT by Justaham
The popular tax break for mortgage interest, once considered untouchable, is falling under the scrutiny of policymakers and economic experts seeking ways to close huge deficits.
Although Congress last year rejected the White House’s proposed cut to the amount wealthier taxpayers can deduct for home mortgage interest payments, the administration included it again in its 2010 budget — saying it could save $208 billion over the next decade.
(Excerpt) Read more at thehill.com ...
This would hurt middle income America. This idiot in the WH needs to go.
Wow....
This trail balloon will BUST!
Hope they try it prior to Nov. elections, to ensure a clean Republican sweep!
Well that’ll do wonders for the housing market.
....prepare for rolling thunder of foreclosures...
I couldn’t think of a much better way to rape middle class America. Bunch of f’in thieves.
Only in the minds of these incompetent morons could a tax increase be described as a 'savings'.
Of course, that's what the libs want - government to own all housing, which is then assigned to the peasants as the ruling elite deem fit.
Everyday I think Berry has run out of ways to destroy our country...and every day he proves me wrong.
I get sick of tax increases being called "saving" or "investing".
Just another way for the Libs and Barry to claim they never raised taxes... UFB!
Beat me by “that much”. {:0)
That's one of the key problems with the morons populating this administration, almost none of whom have private sector experience.
They simply assume deleted deductions will automatically be divereted dollar for dollar into the tax coffers without taking into account the likely possibility their tax suppliers will take appropriate countermeasures to minimize what they have to pay-- closing businesses (or moving them off-shore), curtailing purchases (or making them where taxes are not so high) and scores of other strategies to reduce the tax man's take.
The rich get richer, the poor get poorer and the middle class pay taxes. Welcome to Amerika.
I bought cash....no mortgage, so I don’t have a dog in this fight. However, IMO this would be a VERY bad move.
and completely blow up the housing market since getting rid of the deduction means houses become that much more expensive for current owners.
Once the mortgage holders cannot make their payments after getting hit with what amounts to a $5K plus tax increase per year then the defaults increase, the banks get more keys mailed back to them. The resulting downward price pressure further depletes the asset values on the banks’ respective books and the spiral continues and then more people walk away since their home values go down even further....
I tell you what, take away the tax deduction and I don’t pay anyone else’s SS or medical bills and we can call it even.
Something is gonna give...
Those “permanent” tax deductions for mortgage interest are just gubmint welfare for the rich, don’cha know.
Besides, “subsidizing” home ownership for people making above $250K does so little for our communities, our society and for jobs. And the banks don't need no steenkin’ mortgage business to survive...nor no student loan businesss neither, obama already tooken care of that one
Squatters, stand by
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