I hope this takes Congressional action to implement, because if Premier Hussein can inflict this by Executive order or some other means, we are screwed to the wall.
The child credit needs to be eliminated before the mortgage interest deduction is touched.
Flat Tax. No IRS. Stop the insanity.
Yes but 95% of you got a tax break under Hussein’s fuzzy math, so quit yer bellyaching.
That’s why you shouldn’t buy more than you can afford, shop the best rate, get the shortest loan period, and pay it off asap.
This ought to open up several thousand more vacated homes for Section 8 “resettlement”.
They are socialists out of OPM and tying for every last drop of blood.
This will just be a huge kick in the ass to lower income home owners.
Obama considers it "spending."
God, please bring sanity back to this country before it is absolutely too late. Show me one righteous man.
This is clearly an attack on middle-class America by Washington Elites!
it seems the way he was going was to say that the government would become the landlord for millions of Americans.
Hmm. Somebody is leveraged to the hilt I guess. I am all for this. Sick & tired of people overbuying homes while counting on the tax deduction for the interest to help them cash flow the house payment.
More democrats rent than Republicans... this plan takes money from the middle class and gives it to lower income democrats...( yes, there are new ‘programs’ for members of dem victim groups. How else to buy their votes?
Put a National Sales Tax and put it all towards the debt. Even poor folks who don’t pay taxes and middle class folks who have 100 kids would pay taxes.
So, currently, if a married couple, filing jointly, is making, say, $80,000 per year, they would be in the 25% tax bracket. If they pay mortgage interest of $10,000 per year, that would reduce their tax burden by .25 * 10,000 =$2,500.
Under the new proposal, they would only get a credit of .12 * 10,000 = $1,200.
In general terms, the tax increase would be (current tax bracket-12%)* amount paid in mortgage interest. For a couple making above $210,000, in the 33% bracket, paying $20,000 per year in mortgage interest, this is a tax increase of (.33-.12) * $20,000 = $4,200. This is clearly a soak the rich scheme, as it severely impacts those in the higher brackets who often have higher mortgage interest payments.
This is a good idea. In fact, eliminating ALL tax deductions is a good idea. You shouldn’t buy a home or donate to charity because it is a tax deduction.
The cost of housing would drop, and this would erode the value of my home, but it would also make it less expensive for my kids to get a home.
This would also put downward pressure on interest rates as people would be less inclined to buy at high rates absent the writeoff.
Of course, less deductions means less work for tax accountants and the IRS...I’m OK with that.
I have never been able to take advantage of the interest deduction. You need quite a few other deductions in order to itemize.
Once again I can’t understand why there are people who do not believe his goal is to destroy this nation.
Totally support this. Never made sense to me why we reward debt, which is at best a necessary ill.
You do realize there are many who don’t own real estate (including some here) whom view this as fair. It really is another variation of “Tax Those Evil Rich People”, only in this instance, the “Rich” are the middle class.
What they don’t realize is the incredible tax increase would further the growth of Government and crush out what little life is left in our economy, as Real Estate was a major part of the overall economy.