I HATE TO SAY "I TOLD YOU SO", but....... "OBAMA TO LIMIT MORTGAGE INTEREST DEDCTION!" This here blog post that I am re-bloging, was written by Lenn Harley, down below you'll find some of the comments that have been left on Lenn's blog post.
This is the comment that I left on the post: I sure do hope the folks that said they were Voten for change. Are happy with the bed they have made to lie (lay) in, just a little play on words.
Lenn, I know that $250,000 sounds like a lot of money but the mortgage deduction is often the only reason people have to itemize. I feel taxed to death. Oh Yeah, now we'll have this great heath care plan. NOT.
NOTHING surprises me from this administration..hang on it looks like we have not seen anything yet!
At the rate the national debt is going up the government has to get the money form somewhere and I am thinking we are a prime target. They need to stop all of the help I can't afford it anymore.
I can only think that this will create even more "strategic foreclosures" why bother owning a home. Seems like they truly want everyone dependent on the government. They have done a fine job taking away any incentive to do well. There is no reason to succeed! Great news. Let's all settle for mediocrity.
It's the classic example of 'watch what the other hand is doing.' While Americans are fed the spin about not raising taxes, the administration slips in the side door and cuts deductions. One way or the other, we pay more.
Pretty soon we are all going to be sitting in an IRS office while they prepare our tax returns and tell us how much money we owe!!! They have got to come up with a way to pay for health care for those who can't or won't work.
In a major market, say DC for example, a 250K income does not allow one to live like royalty, so if that were to occur, the impact could be broad, deep and have a profound and negative impact on the housing industry.
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Via
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate:
LIMITS ON MORTGAGE INTEREST DEDUCTION was once a "sacred cow" of tax law. No more.
The American home owner is square in the sights of the budget released today.
On October 25, 2008, a bolt of lightening struck me and I realized that there is no income protection safe from the government's zeal to play chess with the American tax payer's assets.
An article published by the Wall Street Journal, back in Oct. 2008, discussed the government's need for cash to fund programs that were being discussed by members of Congress.
These days, the Wall Street Journaldiscussed the Obama budget's plan to limit ALL deductions for tax payers earning $250,000 or more.
However, unless I'm missing something, the mortgage interest deduction is the primary interest deduction for home owners. Credit card interest, auto loan interest deductions have been gone for years. What's left??
- Today, $250,000.
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Tomorrow, $100,000.
- 2 years from now? Who knows?
GOING. . . . GOING . . . . GONE!!!
"SORRY, MR. AND MRS. TAX PAYER, THERE IS NO LONGER A DEDUCTION FOR THE INTEREST YOU'RE PAYING FOR YOUR HOME MORTGAGE."
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Dale: Thanks for the reblogging and information. Folks that still hae a job are so busy they can't keep up with what is going on around them. Folks that are going without employment have just given in and don't much care anymore. This is one heck of a mess this country is in.