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Obama's Budget Seeks to Shrink Tax Benefits of Owning
Wahington Post ^ | 3/8/09 | Kenneth R. Harney

Posted on 03/08/2009 1:10:16 PM PDT by Nachum

The cluster of special federal tax benefits and subsidies for homeowners has long seemed politically untouchable. Those include deductions for mortgage interest, local property taxes and capital gains exclusions on up to $500,000 in sale profits.

Is the Obama administration serious about beginning to limit at least some of these subsidies?

(Excerpt) Read more at washingtonpost.com ...


TOPICS: Front Page News; Government; News/Current Events; Politics/Elections
KEYWORDS: budget; homeownership; homes; nationalization; obama; obamacrash; privateproperty; realestate; seeks; shrink; socialism; taxdeduction; taxes
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1 posted on 03/08/2009 1:10:16 PM PDT by Nachum
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To: SumProVita; HardStarboard; BradyLS; Ernest_at_the_Beach; dervish; Twotone; Free ThinkerNY; ...
The list, ping

Full list at www.nachumlist.com

2 posted on 03/08/2009 1:11:02 PM PDT by Nachum (Documented Obama confusion)
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To: Nachum

A new kind of politics ... “TAX & SPEND”


3 posted on 03/08/2009 1:12:00 PM PDT by dodger
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To: Nachum
There is no property ownership in America, only leasing from the government.

If you don't believe me, refuse to pay the lease next year.
4 posted on 03/08/2009 1:13:15 PM PDT by mysterio
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To: Nachum
Do these fools expect a happy outcome in the 2010 elections?Passing a law to cut deductions on mortgage interest is cutting their own throats.
5 posted on 03/08/2009 1:15:30 PM PDT by Farmer Dean (168 grains of instant conflict resolution)
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To: mysterio

Breaks for not paying your mortgage. Penalties for paying it?


6 posted on 03/08/2009 1:16:45 PM PDT by scooby321
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To: Nachum

the unownership society


7 posted on 03/08/2009 1:16:46 PM PDT by ari-freedom (Hail to the Dork!)
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To: Nachum
...and when they say this'll effect "only the rich", remind them that in hyperinflative Zimbabwe, everyone's a zillionaire.

Placing taxes at high bracket levels and then inflating away the value of money is soooooo obvious.

8 posted on 03/08/2009 1:18:06 PM PDT by NativeNewYorker (Freepin' Jew Boy)
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To: mysterio
"There is no property ownership in America, only leasing from the government."

"If you don't believe me, refuse to pay the lease next year."

Yup, you get it. (The American dream...pay till you die)

9 posted on 03/08/2009 1:18:16 PM PDT by blam
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To: Nachum

If they continue to punish the “wealthy” i.e., job creators and achievers, pretty soon there will be none left.

As a small business owner that has a $250,000 of revenue, I’d be looking at cutting costs to recuperate this money. So the Obamabots better not complain about getting a pink slip after they get their “free” health insurance.


10 posted on 03/08/2009 1:18:52 PM PDT by NoobRep
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To: blam

Don’t forget estate taxes! You pay after you die as well!


11 posted on 03/08/2009 1:19:41 PM PDT by ClearCase_guy (American Revolution II -- overdue)
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To: Farmer Dean
"Do these fools expect a happy outcome in the 2010 elections?"

If the Democrats get amnesty passed, it's all over for us/Republicans/Conservatives.

12 posted on 03/08/2009 1:19:53 PM PDT by avacado
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To: Nachum
Hah. I hope all the idiots in the burbs who voted for this clown lose everything because of these tax hikes.
13 posted on 03/08/2009 1:20:01 PM PDT by pnh102 (Save America - Ban Ethanol Now!)
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To: Nachum

Yes, but did he not say that no one who made less than $250,000 per year would pay more in taxes?

Lesson—

Commies Lie-—

Never Trust a Lying Kenyan Commie!


14 posted on 03/08/2009 1:20:06 PM PDT by Texas Fossil
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To: Nachum
I guess it's time to start herding everyone into Soviet-style apartment buildings. Break down the charities, discourage home ownership, and dismantle the health care system. This is President Barack Mugabe's vision for America, known to him as the USKKKA.


15 posted on 03/08/2009 1:20:18 PM PDT by CASchack
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To: Nachum

Clearly this wouldn’t apply to our hard working, indispensable elected officials! After all, the interest deduction on more than one home was begun for them. Can’t see any of it going away—for them, that is.


16 posted on 03/08/2009 1:20:59 PM PDT by Oldpuppymax (AGENDA OF THE LEFT EXPOSED)
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To: dodger

no...it’s called neo marxism- it’s not for personal consumption rather the good of the commune including the freeloaders...


17 posted on 03/08/2009 1:21:00 PM PDT by God luvs America (When the silent majority speaks the earth trembles!)
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To: mysterio

Where my parents live, no property taxes for owners over age 65.


18 posted on 03/08/2009 1:21:10 PM PDT by jabchae
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To: Nachum
"....subsidies?"

They called them "subsidies"!

19 posted on 03/08/2009 1:22:11 PM PDT by ChicagahAl (Don't blame me. I voted for Sarah.)
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To: Nachum
Of course the ‘O’ wants to do that. There can be no private ownership in the Socialist State. Everything and everyone, whether living or dead belongs to the State.
20 posted on 03/08/2009 1:22:16 PM PDT by SandRat (Duty, Honor, Country! What else needs said?)
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To: pnh102

Either we force them to retreat on this assault.

Or it will force an open conflict.

I gave this 6 months in the beginning, but looks to me like the next 30 days will seal the outcome.


21 posted on 03/08/2009 1:22:19 PM PDT by Texas Fossil
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To: Nachum

I, who have faithfully paid my mortgage for 16 years, will have to cough up more in Federal income tax to pay the mortgage of some slob who should never have gotten one in the first place...


22 posted on 03/08/2009 1:22:33 PM PDT by LibFreeOrDie (Obama promised a gold mine, but he will give us the shaft.)
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To: Nachum; All

btw: “Is the Obama administration serious about beginning to limit at least some of these subsidies?”

since when is paying for something then taking a legal deduction a “subsidy”????? isn’t a subsidy a form of payment???

more socialist theory from the leftists I guess...


23 posted on 03/08/2009 1:24:15 PM PDT by God luvs America (When the silent majority speaks the earth trembles!)
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To: jabchae

Well, please give us a bit of a hint as to the approximate vicinity of this dream place? (no property tax for those over 65)


24 posted on 03/08/2009 1:24:42 PM PDT by Twinkie (Obama is NOT Reagan !)
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To: Nachum
Obama is out to destroy middle class America. His policies are geared to destroy the investments middle class America has in their 401k. This measure will help decrease the value of the homes they own.

Obama says he is going to tax the rich. But the rich will always find a way to protect their money. It is the middle class...those who work hard and follow the rules...that Obama’s policies will break. It would be difficult to believe it is not intentional.

25 posted on 03/08/2009 1:25:07 PM PDT by goldfinch
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To: Twinkie

They live in rural KY. I don’t know whether it is a policy of the state or county.


26 posted on 03/08/2009 1:29:54 PM PDT by jabchae
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To: mysterio

I pay my real estate taxes in person. For years I’ve told the same county employees, “I’m here to pay my rent.”


27 posted on 03/08/2009 1:30:38 PM PDT by Jacquerie (More central planning is not the solution to the failure of central planning.)
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To: Nachum

As if the real estate market weren’t bad enough, this will caues it to crash completely.

Mortgage payments not being fully deductable effectively INCREASES the payments, when people already can’t afford them. Also — once they start to monkey with it, there is no guarantee that they won’t eliminate mortgage interest deduction completely, which will mean that a HUGE number of people will NOT be able to afford their mortgage payments, and with that hanging over people’s heads, nobody who doesn’t already own a house will want to own on, and people will put houses on the market, just to get out of having to pay the mortgage payments.

This is what you do, if you completely want to destroy real estate FOREVER — which is exactly what Obama and the Dems are doing, and they are NOT that stupid, so the only other alternative is that they are doing it deliberately, they WANT to destroy private ownership. Then they will take over all private real estate, it will be owned by the government and people can rent from them. THIS is what was going on in communist countries, there was no private ownership.


28 posted on 03/08/2009 1:38:56 PM PDT by FocusNexus ("Good and evil are present in this world, and between the two there can be no compromise." GW Bush)
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To: Farmer Dean

I don’t think they plan on ever having elections again...


29 posted on 03/08/2009 1:39:15 PM PDT by Steamburg ( Your wallet speaks the only language most politicians understand.)
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To: goldfinch

Two things are necessary to establish a dictatorship. The disarming of the populace and the destruction of the middle class.


30 posted on 03/08/2009 1:41:48 PM PDT by Free_SJersey (Liberty can promote equality- manditory equality will kill liberty. CONSTITUTION FIRST!)
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To: Farmer Dean

“Do these fools expect a happy outcome in the 2010 elections?”

I don’t think you caught on yet — just look at where we are after only 6 weeks of Obama administration. At this rate do you really think there will be free elections in 2010? We will have such tremendous crisis that it will be “counterproductive” to confuse people and hold elections.


31 posted on 03/08/2009 1:42:53 PM PDT by FocusNexus ("Good and evil are present in this world, and between the two there can be no compromise." GW Bush)
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To: Nachum
..Mortgage interest and property tax write-offs cost the Treasury massive amounts annually..

Remember, what you earn is seen by the government as THEIR'S. Everything you are allowed to keep after taxes is an EXPENSE to the government. If you are keeping more of your money with yourself, it is COSTING the government.

32 posted on 03/08/2009 1:44:55 PM PDT by libh8er
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To: libh8er
Let me rephrase that a little:

Every penny that you earn and keep with yourself, is an EXPENSE to the government.

33 posted on 03/08/2009 1:48:36 PM PDT by libh8er
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To: Nachum

People can’t afford their houses now so making it even harder on them is going to make everything better...

I hope people enjoy what is coming...


34 posted on 03/08/2009 1:53:16 PM PDT by DB
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To: Jacquerie
I pay my real estate taxes in person. For years I’ve told the same county employees, “I’m here to pay my rent.”

Pretty much the same here, tax, water bill, whatever; seems everytime I go in that county building, I'm interupting someone's birthday party.

35 posted on 03/08/2009 1:54:32 PM PDT by OBXWanderer
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To: Nachum; All

how is letting people keep more of their own money a subsidy?


36 posted on 03/08/2009 1:55:30 PM PDT by GodfearingTexan
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To: Nachum
Obama says we won't get to deduct state or property taxes on our federal returns. Instead of paying federal tax on your adjusted gross (less state and property taxes), you'll be paying federal taxes on the part the state and county already confiscated. My state and property taxes add up to about $16,000 annually. I'll have to pay 39.6% of $16,000 to the feds on money already confiscated by government (state and local).
37 posted on 03/08/2009 1:55:34 PM PDT by Myrddin
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To: blam

Yeah. Another fun thing to do is to compare your own property rights to the property rights of the average Chinese person. However, it’s a beautiful Sunday out there, so I recommend you don’t do this.


38 posted on 03/08/2009 1:56:22 PM PDT by mysterio
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To: jabchae

Cool, where’s that?


39 posted on 03/08/2009 1:57:01 PM PDT by mysterio
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To: Farmer Dean

More incentive for people to stop paying their mortgage. Morons!


40 posted on 03/08/2009 1:58:52 PM PDT by rbg81 (DRAIN THE SWAMP!!)
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To: ari-freedom

This really doesn’t have anything to do with ownership. The main deduction is the mortgage payment deduction, and that is a deduction for owning not borrowing. We are at the point in our mortgage where we pay mainly principle, and not much in interest. We don’t get much of a deduction. Someone who owns their house outright, will only get to deduct property taxes. We subsidize borrowing, not ownership.

That being said, this is what he said he would do. For all those that stayed home on election day, I guess it made a difference. He is just getting started.


41 posted on 03/08/2009 2:07:09 PM PDT by ga medic
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To: Nachum
deductions for local property taxes

That's going to hurt those in the lib states more than anyone else.

Is he trying to destroy the real-estate market?

42 posted on 03/08/2009 2:11:38 PM PDT by expatpat
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To: Myrddin
Obama says we won't get to deduct state or property taxes on our federal returns.

That will also hurt the Dem states more than the rest.

43 posted on 03/08/2009 2:15:37 PM PDT by expatpat
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To: FocusNexus

Politicizing the Census Bureau is a bad sign.


44 posted on 03/08/2009 2:22:05 PM PDT by USFRIENDINVICTORIA
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To: Nachum

That ought to invigorate the housing market.

What’s a few thousand more abandoned homes.


45 posted on 03/08/2009 2:22:46 PM PDT by Carley (President Obama ~ Leaving No Tax Cheat Behind)
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To: Twinkie

Where I live in Alaska, There is a $150,000 exemption on property values for the primary residence of property owners over 65. If your residence is worth more, you pay taxes on the difference.


46 posted on 03/08/2009 2:34:12 PM PDT by snowtigger (It ain't what you shoot, it's what you hit...)
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To: FocusNexus
Mortgage payments not being fully deductable effectively INCREASES the payments, when people already can’t afford them.

Not really. What it will increase is the amount of federal tax people have to pay. Will they look at their increased taxes and then decide they can't afford their house? Perhaps.

Given the very low interest rates over the last 10 years, I think many people will find that not having that deduction would make only a small difference. I figured my taxes with and w/o that mortgage deduction and it increased my taxes under $1000.

47 posted on 03/08/2009 2:38:40 PM PDT by Dianna (Obama Barbie: Governing is hard.)
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To: FocusNexus

Ding Ding Ding-we have a winner!


48 posted on 03/08/2009 2:38:51 PM PDT by pistolpetestoys (Sarah ROCKS!!!!!)
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To: jabchae

Alaska has a similar policy, but I dont know if its just drastically reduced or eliminated, asking the expert now...(mom)


49 posted on 03/08/2009 2:43:53 PM PDT by intenseracer (Welcome to the Obamanation!!! now where my money at?)
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To: Free_SJersey

Its not the destruction of the middle class—its making all of us the “middle class” in a European Socialist model. We will be living in tiny homes and apartments. The goal for your grandchildren will be to have a government job where they won’t have to worry about inflation since the government will give them their yearly cost of living increase. That’s how it is in Cook County now. At the bottom of the middle class will be the entrepreneurs, expected to work long hours for little compensation. The only other class will the the elites—those with the power/money such as government leaders, big Hollywood and the Oprahs, Media leaders, etc. They will not be affected by the policies put in place, which they are doing for the good of “the people”—everyone but themselves.


50 posted on 03/08/2009 2:50:14 PM PDT by Fu-fu2
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