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                                            * * * *  HARD CORE REAL ESTATE TALK  * * **

IS IT RUMOR OR IS IT FACT?

"powerful House Democrats are looking at eliminating most of the $80 billion in annual tax breaks for 401(k) investors. "

The Wall Street Journal notes that "the prospect of these tax increases is now hanging over the economy like a pall, as investors and businesses wonder where and how heavily an Obama Administration and Congress would strike."

U.S. News & World Reports details plans to eliminate retirement plans as we know them.

CAN THE HOME MORTGAGE INTEREST BE FAR BEHIND??

If Americans lose the benefits of their private and employer retirement funds to fuel the government's ever increasing need for tax dollars, will this be THE LAST HOPE FOR WEALTH BUILDING OF THE AVERAGE AMERICAN?

If the government changes the retirement benefits of the American citizens to raise Billions in tax money, how long will it be before they target the home mortgage interest deduction???

                                       adults walking

RETIREMENT ON OUR PAID OFF MORTGAGE AND 401(k) RETIREMENT BENEFITS, A THING OF THE PAST?


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26 Comments on WILL THE HOME MORTGAGE INTEREST DEDUCTION SURVIVE THE GOVERNMENT'S NEED FOR $$$$$$$$?

OCT
25
2008
552,536 Points 78 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp

Lenn, indeed scary times may be ahead.  Danger, Will Robinson!
10:11am • #1
616,508 Points 9 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Lets see...I believe the politicians care.....for themselves!
10:12am • #2
779,453 Points 47 Featured Posts Outside Blog Hit Router Attended Rain Camp Called Shot Master

Lenn,  With few exceptions, the government doesn't have a good track record of understanding the future implications of their decisions.  I never underestimate any level of government's creativity as to coming up with new ways to relieve me of my earnings.
10:13am • #3
156,776 Points 1 Featured Post Outside Blog Attended Rain Camp

Lenn - I just keep wondering when the insanity will stop.

 
10:13am • #4
1,063,890 Points 156 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Lenn, wealth building is being destroyed already in the current cycle, not that it won't come back, with lowered home values, and massively shrunk 401(k) values. Who knows what future tax policies will be? I really doubt the home mortgage interest deduction will go away.
10:18am • #5
200,212 Points 6 Featured Posts Outside Blog

We are just hoping an administration does not come into office and decide to over haul everything.... I can deal with a slow market, I can deal with tough sales, but, drastic changes? Now THAT scares the crap out of me....
10:28am • #6
344,478 Points 16 Featured Posts Outside Blog Attended Rain Camp

Everything will be on the table to get more money. It will never be enough. You guys need to be thankful there are conservatives left in the South to slow the train down people realize that there is no money left. 
10:38am • #7
781,701 Points 71 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Lenn - All this change that they like to talk about is going to be interesting to witness. I have a sinking feeling that both the mortgage deduction and retirement could be effected. Change sounds wonderful....ya right!
10:42am • #8

Lenn, a friend and I were just talking about this very thing last night. We were actually talking about social security going away and she said that our tax breaks on our 401K couldn't be far behind being taken away as well.  I just don't understand where the outcry is. I remember all the protests from the late 60's and early 70's. Where has the fire gone??? Are we, as a nation, apathetic?
10:52am • #9
202,167 Points Called Shot Master

This is so scary that it makes any Halloween slasher movie look tame.  The implications of this mess are huge and growing by the minute.
11:03am • #10
1,178,309 Points 133 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

I think everyone needs to get used to paying for stuff with cash and leave the credit to mortgage instruments.  We also need to get used to higher taxes.

Like it or not, here it comes!
11:06am • #11
518,392 Points 5 Featured Posts Localism Sponsor Outside Blog

I guess that's what he means when he says that 95 percent of Americans will have a tax reduction. We just don't understand how it works.
12:24pm • #12
136,668 Points 7 Featured Posts Localism Sponsor

Lenn - the government "looks at" the mortgage interest deduction from time to time.  Luckily, our trade associations have put the full court press on Congress to forgetaboutit whenever it comes up.  This time might be different.  The government is spending money hand over over fist to try and resuscitate the economy by investing in everything in sight (yesterday, banks - today, insurance companies - tomorrow, ???).

They think the housing market is tough now, wait until they remove all the incentives to ownership.

To Linda Scanlin -- In the '60s and '70s the televised war was a new phenomenon and seeing the body bags come home by the planeload was jarring.  Fast forward to today with all the movies and TV shows and video games with violent themes (even the cartoonish violence) and it's easy to see we've been "de-sensitized".  6% unemployment is high but there are still a lot of people who have jobs and pay their mortgage and shop so the pinch hasn't been felt by the masses. ....and, yes, we've become too apathetic....and there is no sense of shared values or community.
12:58pm • #13

Hi Lenn, I'm a newbie to The Rain, and have already enjoyed reading some of your blogs! I think this two party system has caused a big mess in our country... I think that it's important to get a better balance of power... Both sides have too many lobbyists.  In the future, we should look to support more independants and take a moment to consider canidates of smaller parties.

Feel free to check into my blog from time to time as I get more acquainted with the site. If you leave a comment, I promise to reciprocate!

Kurtcares of Tucson 
1:47pm • #14
733,769 Points 231 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Lenn... I am always scared of what the government thinks or tries to do.... and you really wonder if they are looking out for themselves or the general public. But I will leave that answser to myself.  My opinion?  Clean out government and start all over... that sounds much harder, but I think something like that needs to happen.

jeff belonger
4:00pm • #15
282,504 Points 21 Featured Posts Outside Blog Hit Router Called Shot Master

Oh, it will be okay, Lenn...after all, the government is here to help us and we'll all get whatever free retirement the government decides to dole out.  Yep, it's okay...we'll just hand over our income, and in exchange we'll get government run health care, retirement, heck, probably free homes, too, so who has need for those pesky tax deductions?  We won't have any income left to tax!

From each according to his ability and to each according to his need, right?  Change is good! ;-)  Just ask the sheeple.

 
5:07pm • #16
1,545,555 Points 416 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Brian.  Indeed.  I have a deep and abiding faith in the common sense of the U.S. electorate, until now.

I always knew that, if McCain won, the lawsuits would be ready to be filed the next day.  But, I never thought that we'd be faced with serious doubts about the efficacy of the actual votes. 

There are groups in this country that believe that anything goes.  It's scarry.

Gary.  Yes, most are.  However, we now have, for the first time in my memory groups who are dedicated to party and, unfortunately, threw ethics out the window.

Richard.  The world it far too complicated for the average politician to grasp.  Therefore, they just grasp at the brass ring.  An easier target.

Sandra.  Indeed.  It's just so Twilight Zone.

Gary.  It's about $69,000,000,000 a year.

Frank and Jodi.  Indeed.  Everything is fair game with a government that is burning money at the rate this one is.  I fear we ain't seen nothin' yet.

Eric. Not all conservatives are in the South.

Bill.  It's so hard to pin them down about what they intend to "change", but as the details come out, eeeeekkkk.

Linda.  Apathetic??  I don't beleive so.  I believe that many have just thrown their hands up and . . .

Pat.  Yes.  I don't believe we have a hint at the depth to which the changes are planned.

Renee.  I agree completely. 

Larry.  HA!!  If you can figure that math out, let all of us know.

Ken.  Bush was ready to include the end of the mortgage interest deduction back in 2005 but it didn't go anywhere.  However, with the government's need for tax money today, that $70,000,000,000 or so may be hard to ignore. 

The government will be like a Giant Amoeba slithering along gobbling up every dollar they can grab.

Kurt.  I'd love to support independents.  Unfortunately, they are mostly loons.  Besides, unless Bloomburg runs, few have the money.

Jeff.  All we can do is watch and listen and vote and rant a bit.  Except Linda Davis.  There's a lady doing more than her share.

Susan.  I couldn't have said it better.

 

 

 

 

 

 

 
5:49pm • #17
OCT
26
2008
243,154 Points 25 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Loved Susan's comment to just ask the sheeple. Hahahaha.
12:13am • #18
1,545,555 Points 416 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Fran G.

Me too.

I often wonder how many Americans live their lives without any input for news.  I know a number of folks who do not listen, watch or read news. 

 
4:54am • #19
937,104 Points 361 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Lenn, We are certainly in interesting times. Losing the mortgage interest write off would be HUGE! Personally I don't see that happening. But I guess we'll see. I wrote off over $60,000 in mtg interest last year alone!!!
8:51am • #20
1,545,555 Points 416 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Bryant.  The interest deduction is huge.  No question about it.  Of course, we still have to make the mortgage payments first.  Ouch!

I certainly use the mortgage interest deduction benefit when I qualify a buyer. 
9:21am • #21
105,903 Points 1 Featured Post Localism Sponsor

Dear Lenn: I like your comment on my post about taking time off. You can take little breaks working in the yard. I used to like to drive the lawn tractor (minus cell phone) it was my time.


harford county maryland real estate foeclosure agent
3:04pm • #22
1,545,555 Points 416 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Kelly.  I rarely take more than a day off and that's when I have family needs. 

I stick close to my home office to make sure I get the e-mails and phone calls of buyers responding to my web sites.

Agents need buyers.  That's my job.
3:22pm • #23
NOV
01
2008
1 Featured Post

I've enjoyed Lenn's contributions to online real estate discussion for many years, starting with RealTalk ... I am happy to share some link love with this one over at Trulia's new microsite, Surviving the Housing Crisis. External links appear at the bottom left of the page, "On the Web."
10:45am • #24
NOV
23
2008
179,006 Points 13 Featured Posts

When is the government going to learn, you raise taxes on things you don't want; you lower taxes on things you do want.

If you want people to own a home and invest in real estate, you provide a tax incentive.

This is the type of fiscal policy that is missing right now.  We need people to invest in real estate in order to absorb the excess supply of homes.  Yet nobody in Congress is addressing this.

 
8:08am • #25
1,545,555 Points 416 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Mark.  There is no leadership in the White House or Congress.  The Congress bends to their constituancy and I don't mean their voters, I mean their contributors.  The White House turned the management over to Bush's cronies some time ago.

Love George Bush, but he took a hands off this matter.  I wish he had attacked the mortgage mess like he did the folks that harbored the 9/11 folks.

 
9:17am • #26

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