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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...
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...
The GOP spin machine tried this rumor a couple of years ago too. It was false. Nice try though.
Well that was the last bastion of deduction. Used to be ALL interest you paid out was deductible.
It's not a $1 for $1 deduction anyway so folks SHOULD be in a hurry to pay it off and not look at it as a write-off because it really isn't.
"Although Congress last year rejected the White House’s proposed cut to the amount wealthier taxpayers can deduct for home mortgage interest payments, the administration included it again in its 2010 budget — saying it could save $208 billion over the next decade.
..
The White House says it was included in the president’s budget proposal again this year because it remains a good idea.
“The proposal will correct inequities in our tax code that allow millionaires to benefit from higher itemized tax deductions than middle-class families enjoy,†said Meg Reilly, spokeswoman for the Office of Management and Budget (OMB)."
We know SLCPunk is incorrect and where he stands...
Congress last year rejected the White House’s proposed cut to the amount wealthier taxpayers can deduct for home mortgage interest payments, the administration included it again in its 2010 budget — saying it could save $208 billion over the next decade." Do the words "save" and "confiscate" now have the same meaning?
But it doesn't save anything. It takes more from people. To say it save the government money is to assume the money was the government's in the first place.
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...
that would be the day. I doubt that would ever happen. Americans are too used to this deduction. You would have rioting if the mortgage deduction is eliminated.
that would be the day. I doubt that would ever happen. Americans are too used to this deduction. You would have rioting if the mortgage deduction is eliminated.
There won't be rioting but for many there will be a decreased incentive to own a home over renting. Thus, one more weight on the anchor of the slow residential RE market. One that is already experiencing a "double dip" from the government induced bubble.
It will hit all tax payers gradually, not only the wealthy!
Oh don't forget about the wealth tax also...
Yeah..I should have put /sarcasm after that sentence.
So the proposal was for those making $250K and above.
The statement from the WH though said "millionaires".
$250K IS NOT considered a millionaire so why the spin to the public ?
Maybe because people don't bother reading anything for themselves to verify that what was said is the same as is on paper.
Don't for one minute think our beloved government doesn't know that.
"millionaire" in speech and in MSM but $250K in proposal presented to Congress. Which should be corrected here ?
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