Caps the home mortgage tax deduction to $500,000 in home value.
This would be a serious problem for some areas of the U.S. A modest 1,200 sq ft, 40 year old home in San Diego was over $500,000 just a few years ago.
$500,000 homes might be mansions in Coburn's midwest but it's an old tract house in places like Southern California.
California home prices have always seemed insanely high to me. A friend of my daughter in one suburb of LA lived in a house valued at about a half million that would go for under 100 grand in the DFW area.
“Why back anything that does not legitimately cut trillions. I am tired of these fools dicking around.” - freekitty
Coburn’s plan does cut trillions, dude. Nine trillion. A phone-book’s worth of specific cuts.
Coburn is the man. He has Rand Paul's sense of honor, but w/ the knowledge that our system was designed so that both parties have a say.
The idea that Repubs can get what they want w/out concessions to Dems is not courageous. It's a child's “I want a pony” fantasy. The filibuster rule prevents one party from dominating.
People here had better get real. The last time I checked in-trade they were listing Obama’s chances of being re elected at 59%.
His approval rating is consistently in the 45-50% range. Clearly, around 1/2 the people in the country agree w/ what he's doing.
Even if Repubs take the white house and the senate, Dems are likely to retain a big enough minority to filibuster easily (especially since it's likely to be the liberal ones, in the safe seats, who survive a good Republican year).
My solution? Only a balanced budget amendment that literally takes the decisions out of the hands of not only the politicians, but the citizens, will work. They only balanced in the 90s because of enhanced revenues, not tough choices (IMO).
But Grover N., and the club for growth, and everyone else had better realize that a balanced budget amendment will lead to an increase in taxes.
Fiscal conservatives who don't support a balanced budget at all costs (including higher taxes) are a disgrace to the term, and frankly, make me sick to my stomach.