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Nope. It doesn't even IMPLY it.
I think the OP is just making it up - either that or he/she is just passing on something he/she read in some junk chain-mail email.
Sure it does imply it. The term "universal" in referring to the mortgage credit suggests exclusivity, rather than inclusivity.
Given that the language suggests exclusivity, where does Obama promise to not eliminate the mortgage interest deduction?
Sure it does imply it. The term "universal" in referring to the mortgage credit suggests exclusivity, rather than inclusivity.
Given that the language suggests exclusivity, where does Obama promise to not eliminate the mortgage interest deduction?
"Create a Universal Mortgage Credit: Obama and Biden will create a 10 percent universal mortgage credit to provide homeowners who do not itemize tax relief. This credit will provide an average of $500 to 10 million homeowners, the majority of whom earn less than $50,000 per year."
For those who DO NOT ITEMIZE.
[mod cut]
Ken
Last edited by katzenfreund; 11-07-2008 at 01:12 PM..
Reason: be nice!
That would be impossible, especially for people who are self employed. While banks hold my income, (some of it) the government and banks have no clue what my net or expenses are..
For the average employed individual I could see it, because income is reported, but in reality, they would have to remove deductions for all kinds of things, including medical deductions etc for this to work..
Here's what it says:
Obama and Biden will dramatically simplify tax filings so that millions of Americans will be able to do their taxes in less than five minutes. Obama and Biden will ensure that the IRS uses the information it already gets from banks and employers to give taxpayers the option of pre-filled tax forms to verify, sign and return. Experts estimate that the Obama-Biden proposal will save Americans up to 200 million total hours of work and aggravation and up to $2 billion in tax preparer fees.
I bet H&R Block ain't happy.
For some, it will probably work. For others, maybe not. Sounds like it won't delve into deductions (how could they possibly know?), just reported income. I use TurboTax every year and it comes pre-filled with a lot of info, so it only takes me 20 - 30 minutes to do our taxes, including itemizing (so I probably won't take them up on their offer).
Can someone point me to the mortgage credit part? Never mind, thanks LordBalfor.
"Create a Universal Mortgage Credit: Obama and Biden will create a 10 percent universal mortgage credit to provide homeowners who do not itemize tax relief. This credit will provide an average of $500 to 10 million homeowners, the majority of whom earn less than $50,000 per year."
For those who DO NOT ITEMIZE.
Learn to READ.
DUH!!!!
Ken
No, the website says only those who itemize get the tax benefit of mortgage interest deductions. Therefore, in an attempt to provide the tax benefits of mortgage to everyone (including "those who do not itemize"), a universal mortgage tax credit is proposed.
Again, the term "universal" is exclusive of the present tax system, therefore everyone - whether they itemize or not - will receive the $500 tax credit.
No, the website says only those who itemize get the tax benefit of mortgage interest deductions. Therefore, in an attempt to provide the tax benefits of mortgage to everyone (including "those who do not itemize"), a universal mortgage tax credit is proposed.
Again, the term "universal" is exclusive of the present tax system, therefore everyone - whether they itemize or not - will receive the $500 tax credit.
That's not the point. The OP stated specifically that Obama was going to eliminate the mortgage deduction. There is NOTHING that says ANYTHING like that. The mortgage deduction is NOT going away, The "universal mortgage tax credit" is an entirely separate issue.
Obama and Biden will dramatically simplify tax filings so that millions of Americans will be able to do their taxes in less than five minutes. Obama and Biden will ensure that the IRS uses the information it already gets from banks and employers to give taxpayers the option of pre-filled tax forms to verify, sign and return. Experts estimate that the Obama-Biden proposal will save Americans up to 200 million total hours of work and aggravation and up to $2 billion in tax preparer fees.
I bet H&R Block ain't happy.
For some, it will probably work. For others, maybe not. Sounds like it won't delve into deductions (how could they possibly know?), just reported income. I use TurboTax every year and it comes pre-filled with a lot of info, so it only takes me 20 - 30 minutes to do our taxes, including itemizing (so I probably won't take them up on their offer).
Can someone point me to the mortgage credit part? Never mind, thanks LordBalfor.
Actually, you can do this now, more or less, now. Just check the box to have the IRS figure your tax for you. It isn't a good idea to do that unless you have very simple taxes.
Then I must have mixed you up with another poster. My apologies.
No need to apologize. There are so many damn postings, threads etc it's easier to just be wrong that to go through hundreds of threads to find out
If the condition of the economy was like this 3 months before the primaries no one would have run for office. I mean who in their right mind wants to take over now?
Actually, you can do this now, more or less, now. Just check the box to have the IRS figure your tax for you. It isn't a good idea to do that unless you have very simple taxes.
Thanks, didn't know that (not that I would use it).
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