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This is just insane. A 12% tax credit means something in the neighborhood of $2000, as opposed to what you would normally deduct for mortgage interest. That's an incredible tax hike on the majority of Americans and would annihilate what's left of the economy.

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.

1 posted on 03/13/2011 9:11:19 AM PDT by Bean Counter
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To: Bean Counter

The child credit needs to be eliminated before the mortgage interest deduction is touched.


2 posted on 03/13/2011 9:14:55 AM PDT by andyk (Wealth != Income)
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To: Bean Counter

Flat Tax. No IRS. Stop the insanity.


3 posted on 03/13/2011 9:14:59 AM PDT by Don Corleone ("Oil the gun..eat the cannolis. Take it to the Mattress.")
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To: Bean Counter

Yes but 95% of you got a tax break under Hussein’s fuzzy math, so quit yer bellyaching.


4 posted on 03/13/2011 9:15:17 AM PDT by YankeeReb
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To: Bean Counter

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.


5 posted on 03/13/2011 9:15:19 AM PDT by bgill (Kenyan Parliament - how could a man born in Kenya who is not even a native American become the POTUS)
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To: Bean Counter

This ought to open up several thousand more vacated homes for Section 8 “resettlement”.


8 posted on 03/13/2011 9:17:35 AM PDT by digger48
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To: Bean Counter

They are socialists out of OPM and tying for every last drop of blood.


9 posted on 03/13/2011 9:17:42 AM PDT by screaminsunshine (34 States)
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To: Bean Counter

This will just be a huge kick in the ass to lower income home owners.


13 posted on 03/13/2011 9:20:05 AM PDT by Tolsti2
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To: Bean Counter
Lefties consider the mortgage interest deduction "middle class welfare."

Obama considers it "spending."

16 posted on 03/13/2011 9:23:38 AM PDT by Oratam
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To: Bean Counter

God, please bring sanity back to this country before it is absolutely too late. Show me one righteous man.


17 posted on 03/13/2011 9:23:49 AM PDT by Jukeman
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To: Bean Counter
The National Commission on Fiscal Responsibility and Reform is recommending that the mortgage interest deduction no longer be an itemized deduction; instead, it would be transformed into a non-refundable tax credit equivalent to 12 percent of interest paid on mortgages up to $500,000.

This is clearly an attack on middle-class America by Washington Elites!

18 posted on 03/13/2011 9:24:07 AM PDT by Uri’el-2012 (Psalm 119:174 I long for Your salvation, YHvH, Your law is my delight.)
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To: Bean Counter
One of the Obamunists said, "the era of home ownership may be over" way back in early 2010. If I remember right, he said most Americans would probably be better off renting than owning and that his comments came while discussing the rise in foreclosures. He was talking of the government owning the homes reclaimed from faulty Fannie Mae mortgages.

it seems the way he was going was to say that the government would become the landlord for millions of Americans.

20 posted on 03/13/2011 9:24:47 AM PDT by Baynative (Truth is treason in an empire of lies)
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To: Bean Counter

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.


21 posted on 03/13/2011 9:24:58 AM PDT by macquire
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To: Bean Counter

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?


22 posted on 03/13/2011 9:27:05 AM PDT by GOPJ (http://hisz.rsoe.hu/alertmap/index2.php - It's only uncivil when someone on the right does it.- Laz)
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To: Bean Counter

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.


26 posted on 03/13/2011 9:29:18 AM PDT by napscoordinator
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To: Bean Counter

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.


28 posted on 03/13/2011 9:30:13 AM PDT by TruthShallSetYouFree (Obamacare: Not just dreck. Unconstitutional dreck.)
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To: Bean Counter

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.


31 posted on 03/13/2011 9:31:04 AM PDT by wizwor (http://danvilledelivery.wordpress.com/)
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To: Bean Counter

I have never been able to take advantage of the interest deduction. You need quite a few other deductions in order to itemize.


34 posted on 03/13/2011 9:35:34 AM PDT by scrabblehack
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To: Bean Counter

Once again I can’t understand why there are people who do not believe his goal is to destroy this nation.


37 posted on 03/13/2011 9:40:08 AM PDT by Terry Mross (We need a SECOND party.)
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To: Bean Counter

Totally support this. Never made sense to me why we reward debt, which is at best a necessary ill.


42 posted on 03/13/2011 9:47:58 AM PDT by babble-on
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To: Bean Counter

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.


44 posted on 03/13/2011 9:50:21 AM PDT by Rational Thought
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