We always seem to get the government we deserve.
The problem with the elected representatives is that they do not care about spending you and my money. They should be making every attempt to find ways to SAVE money not spend more and more. I just heard that Maine will now take by force any gift card money that is not spent withing two or three years. Just like old England the road robbers are out in force.
The people need to not elect these scum unless they will find ways to reduce spending not increase it.
No matter how you want to dress it up, it’s just more taxes.
Here's a simpler idea: Cut spending.
Actual headline: “California to ask the rich and corporations to collect new taxes.”
You can’t deduct the interest charged on mortgages above $1 million. Only up to the $1 million. So on a $1.1 million mortgage you can deduct 1/1.1 of the interest.
I believe we should elimnate the interest deduction. It only makes homes more expensive by creating false demand engineered by the tax code.
John
Yep, depress housing values even more so your property tax base shrinks. Brilliant!
“wait’ll the Dems kill the home mortgage deduction in California. Housing prices will collapse”
It isn’t worth that much to begin with.
If it was a deduction from taxes it would be worthwhile but as a deduction from income before taxes, who cares except those that don’t understand math.
Because the mortgage deduction gives individuals too much control over their own lives. "Targeted" means top-down government control.
All governments aspire to be the Soviet Union if you let them.
Why don’t they stop increases in spending for 5 years and allow the state to develop a surplus?
We have so many roads torn up no with street projects with no money to finish them.
Of course that means new bonds will happen to tax property more to pay for this, and in 30 years when bonds are paid, they will still collect that tax with no bond to finance because they never believe in stopping revenue flows for themselves.
They are taxation addicts.
We really need to educate people in California to throw out the clowns and put in responsible people.
I wrote the newspaper and suggested that she be spayed.
ending ... homeowners to deduct mortgage interest off their state personal income taxes.
LOL! Go for it.
Maybe not always. You and I are an endangered specis in California being political to the right and well informed. (Not to be redundant.) We are getting the government the leftists and the Mexican socialists deserve. Fargin bastages.
Regards
A good place for California to start would be to privatize their prisons. Some prison guards are making more than $100,000 a year:
http://www.signonsandiego.com/uniontrib/20060228/news_1n28guards.html
Should five per cent appear too small
Be thankful I don't take it all
Cos I'm the taxman, yeah I'm the taxman
If you drive a car, I'll tax the street
If you try to sit, I'll tax your seat
If you get too cold I'll tax the heat
If you take a walk, I'll tax your feet
Taxman!
Cos I'm the taxman, yeah I'm the taxman
Don't ask me what I want it for (Aahh Mr. Wilson)
If you don't want to pay some more (Aahh Mr. Heath)
Cos I'm the taxman, yeah, I'm the taxman
Now my advice for those who die
Declare the pennies on your eyes
Cos I'm the taxman, yeah, I'm the taxman
And you're working for no one but me
Taxman!
Liberals are such a hoot.
The anti-gunners like to engage in "gun buy backs", implying that the government was the source of people's guns and that perhaps it was a mistake for the government to ever have allowed people to have them.
Similarly now, the liberals would like to treat the deduction for home interest mortgage as if it was money which originated with the government and was then gifted to the taxpayers.
My own home mortgage wouldn't exist except for the tax deduction, both federal and state. If the federal deduction disappeared, my mortgage would probably be paid off that week. The progressive income tax makes it very painful to lose deductions.
Isn't this exactly what the home loan industry needs? Tens of thousands of non-performing loans that will go into foreclosure and an additional tens of thousands of performing loans that will disappear from people's portfolios.
The economic expansion that was occurring just as Arnold took over as Govenator has bought the Kalifornia liberals some time. But naturally the liberals used the opportunity to dig the fiscal hole even deeper than was imagined prior to the recall of Davis.
Regardless of what is done in Kalifornia, any cessation of the prior economic expansion will cause blood to run in the streets; and perhaps not just metaphorically. The government employees are not going to like what is about to happen.
California tax collectors are really going to be screaming when the full impact of the drop in property values significantly drops tax revenue. What Prop # is it that places tax value on latest selling price? Some property values in Cali have dropped 45% in the last year. Throw that in with foreclosures going sky high and the mortgage companies bailing for whatever they can get at auction and the tax revenues will go down the tubes accordingly.
Invest in deportation.
Why should there be a special home mortgage interest deduction, anyway?
If it is already more worthwhile to purchase rather than rent, then purchase without the deduction.
I don’t ‘not’ buy a car because I can’t get a car interest deduction.