Mortgage Deduction Looks Less Sacred

[UAL_TECH]

Mortgage Deduction Looks Less Sacred

The president's budget seeks to raise $318 billion over the next decade by lowering the value of itemized tax deductions for the wealthy -- including interest paid on home mortgages. Households that currently pay income taxes at the 33% and 35% rates would only be able to claim deductions at the 28% rate. That means that for every $1,000 in deductions, a household in the top tax bracket would realize a tax savings of $280, down from the current $350. The proposal wouldn't take effect until 2011.

B)

 

[delldude]

Looks like its :mf_boff: :mf_boff: time....


Change you're gonna believe in

 

[tech2101]

Mortgage Deduction Looks Less Sacred
B)

I hope I am effected by this thing soon. If I get to $250,000/year, then I will whine.

 

[delldude]

I hope I am effected by this thing soon. If I get to $250,000/year, then I will whine.

Stop and think.....aside the itemizing factor in the higher taxes.......those who make 250k or more are the ones who provide you with a myriad of services in your life whether you realize it or not.

 

[NewHampshire Black Bears]

I'm with 'tech,...........................let me get to "$250 Large' FIRST,...................then I'll deal with the "unpleasantness"

Short of hitting the "Powerball",.....................I ain't gonna have ta worry bout' it !

 

[delldude]

I'm with 'tech,...........................let me get to "$250 Large' FIRST,...................then I'll deal with the "unpleasantness"

Short of hitting the "Powerball",.....................I ain't gonna have ta worry bout' it !

You will when your plumber,baker,mechanic...etc...etc winds down due to cutbacks from high taxes..........Joe the Plumber dude.

And don't forget those filthy rich who invest to make money in all kinds of ventures that have supported those stupid middle income families all through the years.

 

[dapoes]

I'm with 'tech,...........................let me get to "$250 Large' FIRST,...................then I'll deal with the "unpleasantness"

Short of hitting the "Powerball",.....................I ain't gonna have ta worry bout' it !

Yes you will soon enough. Those tax bumps for those over 250k aren't going to be enough to fund Obama's lofty goals. That bar will be dropped sure enough and will affect all of us in the middle class.

Thats a change you can believe in...for sure.

 

[Seatacus]

The housing market is so damaged already, this just might ruin it for good. Has anyone heard from realtors about what they think about this?

 

[UAL_TECH]

The housing market is so damaged already, this just might ruin it for good. Has anyone heard from realtors about what they think about this?

NAR Opposes Mortgage Interest Deduction Provision

As currently drafted, the plan changes the Mortgage Interest Deduction by reducing the amount of mortgage deductibility on families earning over $250,000. This proposed change in the Mortgage Interest Deduction will result in further erosion of home prices and home values. If this proposal is enacted it will set of a new round of price depreciation, will cause greater distress on the balance sheets of banks as the collateral value of mortgage backed securities declines. A second credit crisis could emerge before the first one is resolved.

IMHO, here is a little part of the problem.
Once you open Pandora's Box and allow one modification, it's always easier to modify it further.
So, the people 'today' who think this is a great idea, as it does not affect them 'today', may change their minds when further modifications or removal of mortgage interest deductions apply to them as well.
Of course, it will be too late then.

B) xUT

 

[southwind]

Obama's new policy :

"Trickle Down Taxes"

Easy to figure out , too !

When the wealthy and small business owners end up paying more taxes, guess what happens ? ..........................Thats right folks, they charge you and me more for their products and services !


"Trickle Down Taxes" copyrighted

 

[NewHampshire Black Bears]

Yes you will soon enough. Those tax bumps for those over 250k aren't going to be enough to fund Obama's lofty goals. That bar will be dropped sure enough and will affect all of us in the middle class.

Thats a change you can believe in...for sure.

NO dapoes,................NO I won't, because I've positioned myself to("officially" ) be part of the $$ lower class !

No matter who's in office, they'll NEVER find the $$ Money buried in the back yard, OR the under the table jobs !!!!!

What a Country

 

[Seatacus]

No matter who's in office, they'll NEVER find the $$ Money buried in the back yard, OR the under the table jobs !!!!!

Hey Bears, The gaffemeister Joe Biden says its patriotic to pay taxes. You gotta do your part.

 

[NewHampshire Black Bears]

Hey Bears, The gaffemeister Joe Biden says its patriotic to pay taxes. You gotta do your part.

Seatacus,

Before I reply to your post, about JB,..........First I gotta give you "Mega Ditto's" on your latest avatar, and your "Dennys breakfast special". WELL DONE my Man.

Now as to the patriotic fact of payin' Taxes,.........well there's the Official version, ...and the..(you know),....."wink and a nod" version h34r:

 

[Seatacus]

Seatacus,

Before I reply to your post, about JB,..........First I gotta give you "Mega Ditto's" on your latest avatar, and your "Dennys breakfast special". WELL DONE my Man.

Bears- sometimes life is so bizarre you just have to laugh.

 

[UAL_TECH]

3 new S.F. rent laws in the works

Excerpt:

Daly and tenants advocates said that nearly two-thirds of San Franciscans are renters, and that as the federal government steps in to provide relief to homeowners facing foreclosure, governments also should help renters stay in their homes, particularly in a notoriously expensive city.