How Obama Will Change Your Taxes

Forbes ^ | Feb 27, 2009 | Joshua Zumbrun

[An Old Man]

Who pays more, less and nothing at all under the president's proposals.

In Depth: How Obama Tax Plan Affects Eight Families WASHINGTON, D.C.--The $787 billion stimulus package passed in February and President Barack Obama's budget plan released on Thursday contain a confusing assortment of changes to the tax code.

[An Old Man]

More Cheerie News

The talk today is that the socialists are going to lower your taxes. As with everything the socialists do, it has to be paid for, and the question is always where are you going to get the money.

And the Answer is! They are going to eliminate most of the Income Tax Deductions beginning with the "Mortgage Exemption"!

[GeronL]

when bread, milk and other foods cost twice as much in a few years I am sure people will be told to blame companies and not government

[null and void]

Alternate answer, they are going to hyper-inflate the currency and put us all in the top bracket.

[null and void]

Alternate answer, they are going to hyper-inflate the currency and put us all in the top bracket.

(Hope this ain’t a dupe, last try went to never-ever-everland)...

[gridlock]

Test

[avacado]

They are going to eliminate most of the Income Tax Deductions beginning with the "Mortgage Exemption"!

That tax credit elimination is only for people who have a proven track record of paying their mortgages. If you can prove that you have defaulted on your mortgage and have no business being in that expensive home, then you still get the exemption. /s

[xcamel]

Except for those who can’t pay their mortgage...

They’ll get a “bailout”

[avacado]

They are going to eliminate most of the Income Tax Deductions beginning with the "Mortgage Exemption"!

That tax credit elimination is only for people who have a proven track record of paying their mortgages. If you can prove that you have defaulted on your mortgage and have no business being in that expensive home, then you still get the exemption. /s

[gridlock]

Test. Ignore this post.

_{(ohmygod! I've done it now!)}

[Myrddin]

From what I've seen, the 35% bracket will rise to 39.6%. The itemized deductions will only benefit you 28% instead of the 39.6% you're paying. The mortgage interest and charitable deductions are generally to two big hitters. Property taxes are also line item deductions. I think those will also be impacted.

[null and void]

You passed...

[null and void]

when bread, milk and other foods cost twice as much in a few years I am sure people will be told to blame companies and not government

...and 0bamagube will seize white owned farms to save us.

[EagleUSA]

The socialist destruction of America. Obama and his Marxist thugs are doing EVERYTHING they can to destroy American capitalism and our freedoms.

I sure as hell hope the STUPID AND SELFISH libs are proud of the monster Marxist they put in the White House.

[July4]

Yes, and listen to the liberal philanthropic organizations squeal! Maybe now these liberals will figure out who has been paying their salaries and supporting the charities all these years. Hint: It's not from the community organizing crowd. Could it be the much despised, but generous, hard-working conservatives?

Many of these philanthropies function primarily as sheltered workshops to employ Democrat activists between demonstrations and elections.

[KittenClaws]

No Mortgage Exemption?

Guess it’s time to gather my savings and pay off that last $40,000. Obama cab KMA!

[Pessimist]

As usual, there’s squat for me. And believe me I’m far from rich by any stretch of the imagination.

Apparently I just suffer from not having the prescribed life (mortgage, kids in college, etc.)

[HardStarboard]

>>>They are going to eliminate most of the Income Tax Deductions beginning with the "Mortgage Exemption"! <<<

Gee, that certainly will help restore housing values, won't it Mr. Geithner.....[/sarcasm]

[An Old Man]

Property taxes are also line item deductions

On Fox yesterday they had a clip of obama stating that all state and local taxes would no longer be deducted. How is that for a heavy hit?

[Bobalu]

[griswold3]

The extravagant love of liberty, which marks democracy, prepares the way, by a natural reaction for tyranny. The future tyrant is, at first, the select
champion of the commonalty in the contest with the oligarchical faction.
Gradually he becomes more and more powerful, and, if he is banished, soon returns with an accession of influence:
next, he obtains a body-guard under specious pretenses, and finally turns out a consummate tyrant.”

The Republic of Plato