Mortgage Deduction Cap (real estate, 2010, high income)

[Soccersupporter]

This is going to really hurt any possible housing recovery in CA.

Obama plans mortgage-deduction cut.

In what would be another blow to the California housing market, the Obama administration’s new fiscal year 2010 budget proposes to cap the mortgage deductions on “higher income” households — well, if you consider making $208,850 extremely high income!

Obama plans mortgage-deduction cut - Lansner on Real Estate - OCRegister.com

[Charles]

Originally Posted by Soccersupporter

if you consider making $208,850 extremely high income!

That is extremely high income. I don't have the numbers in front of me but it is probably something like two to three standard deviations from the US mean.

[EscapeCalifornia]

Yes $208k is high income but its not exactly rich in places like OC or SF/SJ. Comrade Obama is going to do everything he can to make the tax rates even more progressive than they already are. All the more reason to live in a low cost state where you don't need to make $100k+ to have a nice life.