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Old 02-27-2009, 04:47 AM
 
Location: Irvine, CA to Keller, TX
4,831 posts, read 6,180,927 times
Reputation: 844

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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
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Old 02-27-2009, 06:41 AM
 
Location: Las Flores, Orange County, CA
26,346 posts, read 82,809,176 times
Reputation: 17500
Quote:
Originally Posted by Soccersupporter View Post
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.
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Old 02-27-2009, 09:33 AM
 
11,715 posts, read 35,879,215 times
Reputation: 7510
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.
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