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131 Comments on I HATE TO SAY "I TOLD YOU SO", but. . . . . . . "OBAMA TO LIMIT MORTGAGE INTEREST DEDUCTION!"
Yes Lenn,
I am ready for a new era, you don't hunt then you don't eat, period.
All of this is so unbelievable but true!!! We could all really be in trouble if we don't keep in touch with our congressmen and our local rpac groups. One giant voice really does help.
Lenn, I believe I hear the rumblings of a revolution coming. I pray it is a peaceful one.
Once again, Lenn you raise our heads and make us look around. I have to admit that I am finding it difficult to imagine how we are going to turn this all around. Where is the outrage??
Yikes, my high-end clients may decide renting makes better financial sense than owning.
Well those folks who make 300k will just have to find some other ways to lower their taxes; like max out their retirement accounts or - just pay more taxes.
It will not happen. Lets remember the power of the National Assocaition of Realtors. We will all need to work together and be sure write that check to RPAC. This next election is very important!
Sleight of hand...."Look, we are not raising taxes"...while in the other hand we are taking away deductions. Voila! More revenue.
I'm with Lane, it is a form of taxation to take away a deduction. We end up paying more taxes!
First of all, Lenn thank you so much for this post. It is a subject matter that I'm very interested in. Here is my question, "When will it end?" Will we be able to Rent vs Buy analysis?
C. Lloyd. When will it end. When the American economy is in such bad shape, the people rise up and THROW THE BUMS OUT. We'll put better bums in.
Frank and Sharon. Of course. They think we're stupid.
Michael. I haven't been impressed with the performance of the NAR in the past few years.
James. And, of course, some of those folks making $300,000 will be real estate brokers who will eliminate offices, support staff, advertising, etc. Be careful what you wish for.
Norma. We are nearing the point whereby the only buyers are folks who want a HOME and not merely a shelter.
Bob. I agree. Actually, I see a repeat of 1994 coming if the public isn't turned by lies, trickery and deceit. . . . again.
Barbara. Keep the pressure on the Congresspersons. They worry more about their jobs than the RPACs worry about supporting the right persons.
As a Canadian, I have a different perspective. Not to comment on the right-ness or wrong-ness of Obama's decision (I did watch the State of the Union address), but we don't get to deduct mortgage interest period! Enjoy!
Deena. I'm not surprised.
The other sise of this argument is, limiting/capping tax expenditures to 2009's baseline number vs. discretionary spending, of which mortgage interest deduction is one of the biggest, fastest growing costs to the federal budget, would cut the deficit over the next decade by a little north of $14 trillion. The plan to cap spending being proposed by Republican Senators, to include Medicare and Social Security, is projected to save less than $2 trillion.
Also, Canada never has given a tax deduction for mortgage interest. I am pretty sure many Canadians own homes too.
John.
This isn't Canada.
Yikes, it feels like our entire financial system is starting to unravel & that's a scary thought.
Tina. Indeed. And they keep spending more and more.
What's also of concern here is that any reduction in the amount would adversely impact parts of the country in different ways as the Federal Tax system does not take into account any regional differences.
For example couples making more than $250K a year would have their taxes raised. In some states $250K is a lot of money and the average home price is around that figure.
In California and other coastal states a family making $250K a year is hardly rich and average housing prices are often around 3X that number.
Louis. Indeed. Think of the average NY Efficiency Condo selling for $1,000,000.
I wonder what else this turkey is going to do. I wonder how many people think he is the savior now?
Bill. I suspect that there a a lot of folks who never ever admit to any mistake nor do they ever change their mind.
When I look at our collective national and individual debt, I have become suspicious of the ulterior motive of a complete take over of the U.S. economy by the government and transforming it to a Socialist state except worse, with the government, not just using the power of confiscatory tax collection but actual ownership of vital economic sectors. Wait, that sounds like Communism. GEEZ. Now folks will think me crazy.
Maybe I am.
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