Tax Break on Mortgage Interest May disappear (generation, Reagan, dollars)
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The popular tax break for mortgage interest, once considered untouchable, is falling under the scrutiny of policymakers and economic experts seeking ways to close huge deficits.
If this goes through you can basically kiss housing goodbye. There is no demand for housing as it it. The mortgage write off was one of housing's strongest selling points.
Obama please stop with your radical ways...
Although as a homeowner I could conceptually see Obama and his mentally challenged congress pulling something like this, the 100 million+ American homeowners would most certainly balk at this and have his and his constituents' butts thrown out faster than one can say "Section 8."
This isn't going to happen. Even the most market-challenged lib would likely reject this notion. Charitable contributions would be yanked first before mortgage interest.
Does anyone else remember when ALL interest was deductible? CC's, car loans, personal loans, etc. Times do change. And I don't believe in "sacred cows". If it ever makes logical sense to eliminate the mortgage interest deduction then it should be eliminated, no matter how many folks disagree with it.
Yes, I remember..any and all interest paid out on loans.
Must have been what..early 80's I think.
If homeowners lose their tax benefits, then renters should pay 15 percent annual tax on their Rent Expense. And those living in government-paid housing should have their monthly welfare allotment cut by 15 percent. Everyone should pitch in and help out during these trying times of hope and change.
Looks like a lot of conservatives here favor keeping the government involved in the housing market and continuing to artificially prop it up with the mortgage interest deduction. Seems ironic.
Conservatives: Why are you in favor of government welfare in this case, but not when it comes to, say, extending unemployment benefits?
Our tax code is total socialist right out of Marx's manifesto where it is described " A heavy progressive or graduated income tax.The {R}s always give lip service on ending it but there has been no major push to do so.During the years our leaders have used it to reward behavior such as marriage,having children,or buying a house.This is what I call centrarlized planning some thing that most {R}s claim they are against.
I mean is it fair you get taxed to death if you are single have no children and do not own a home?And why is it fair that you did the wild thing and popped out a baby that you deserve a tax break?See it is not just the mortgage deduction it is the whole tax system itself.
But the mortgage tax is going to be cut because the banksters at the IMF are asking for it:
Quote:
The IMF suggests taxes will have to be raised to deal with the deficit. It suggests raising more tax revenue by limiting the mortgage interest deduction and imposing higher energy taxes, a national consumption tax and a tax on financial activities
"Socialistic" country of Canada doesn't give any tax deduction of home interest payments as incentive for home ownership. Guess, just like the implementation of National Health Care, this takes us one step deeper into the world of Socialism like our neighbors to the North.
Notice how no one has posted a link to back up this supposed "news". Can we conclude that it's just another hysterical rant from a right-winger?
It's a mere google click away...
Quote:
Sen. Max Baucus (D., Mont.), the Senate's top tax writer as chairman of the Finance Committee, told Mr. Geithner he was especially concerned about paying for expanded health coverage with a deductions curb that "has nothing to do with health care." He added: "I'm wondering about the viability of that provision."
"We recognize there are other ways to do this," Mr. Geithner responded during a hearing Wednesday. "We are willing to listen to all ideas that meet these broad principles."
Some lawmakers questioned whether it was smart to reduce mortgage-interest deductions in the midst of a housing-market crisis.
Sounds like even Obama's own party is having serious reservations about limiting/eliminating the home mortgage interest deduction to fund Obamacare costs. I thought that was supposed to be self-supporting? Obama is an idiot
Normally, when we post a news topic here, we introduce the discussion with a link to back it up. I'll assume the OP was too lazy to do it, so here's one that I found:
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