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 ...
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.
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...
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...
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)
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.
They live in rural KY. I don’t know whether it is a policy of the state or county.
I pay my real estate taxes in person. For years I’ve told the same county employees, “I’m here to pay my rent.”
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.
I don’t think they plan on ever having elections again...
Two things are necessary to establish a dictatorship. The disarming of the populace and the destruction of the middle class.
“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.
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.
Every penny that you earn and keep with yourself, is an EXPENSE to the government.
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...
Pretty much the same here, tax, water bill, whatever; seems everytime I go in that county building, I'm interupting someone's birthday party.
how is letting people keep more of their own money a subsidy?
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.
Cool, where’s that?
More incentive for people to stop paying their mortgage. Morons!
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