Home : Blogs : Shaun Greer - Real Estate Marketing Expert, Sell Your House Fast Nation Wide : Shaun Greer - Investor - Sell Your House Fast Blog

Game Changer! - Obama Mortgage Interest Tax Law

"ok", so most Americans, not all voted for our new president and wanted major change. Well major change we are getting. President Obama is make very fundamental changes in every aspect of the American life. He is changing taxes, health care, social security, banking, and almost everything else that affects our life.

I with most folks who are happy to see a change, but also not too sure large government and major change is just what the doctor ordered. I think we can all agree that change from the last president for 8 years is well do. I just have questions that too much change too fast can be too much to manage.

Now I read that Obamas new tax plan will affect the amount of money you can itemize deduct from mortgage principal on your taxes. This change comes very close to my heart and very close to all home owners.

As a real estate professional and real estate investor we all know that paying interest and leveraging properties is the name of the game. Well, if there are new tax procedures put into law that affect real estate, the game will change.

When most of us voted for a change we never signed up to pay more taxes to support a larger government. We did not sign up to have to get a loan from a bank who is operated by the government. Nothing against government but they are just not efficient. Anyone who has dealt with government knows there is a better way.

So while I am happy to see change come to our soil and bring in new vision for our wonderful nation. I can never seem to get the the answer to my lingering question.......Is too much change too fast, just too much for our government to manage?

Posted by Shaun Greer - Real Estate Marketing Expert, Sell Your House Fast Nation Wide on 02/27/2009 09:57 PM

Comments (7)

Mortgages in the Mortgage / Finance Channel

mortgage interest, taxes, we buy houses, sell my house fast, selling real estate, obama tax laws

7 Comments on Game Changer! - Obama Mortgage Interest Tax Law

FEB

Shaun, the government managing almost anything is too much. They build in so much waste and inefficiency that the costs are unmanageable. I don't want bigger government; but it looks as if we're getting it--and at a cost that will be with us for decades.

Shaun,

I'm going to have to take issue with a couple of things.

1) I don't think most folks are happy to see a change. In fact I would say that at least 50% never wanted or never voted for this change

2) I'm not really sure why you are surpised by any of this. Obama is doing exactly what he said he was going to do. If you voted for the change then you also voted for the bigger gov and higher taxes that go with it.

I would however be interested in hearing about the details of the new tax plan. Do you have a link?

Michelle

Shaun - I think that government spending is out of control. This new bill that just got passed is going to cause more problems.

Thank God we get to vote for change every few years. I enjoy having conversation with people who thought Obama would be the answer to all our prayers. They don't have a lot to say right now.

FEB

Shaun, the funny thing is that Obama did exactly what he said he would do. He said taxes would go up on people making $250,000 or more per year. This new proposal does just that. Will it have an effect on our business, yes, profoundly, but don't forget our business began this whole downward spiral.

It is funny how all of us that feel that the government can't do anything efficiently never seem to consider that our troops fighting overseas are a government run entity. There is also an alphabet soup of government agencies that most us seem to find fault with, but the reality is that these agencies are what separates great nations from third world countries.

Look at our postal service, we complain about the cost of a stamp while allowing independent enterprise to siphon off the profitable part of postal delivery. Less than half a dollar will get your mail to any address in the US in two days. Complain all you want that is a great value. When was the last time you Fed-Exed your post cards to your farm? Do you think they could compete with the post office if they had to bulk deliver junk mail and all those fliers?

My father once told me it takes nature a hundred years to grow a beautiful tree and a fool with an ax just minutes to chop it down. Like that tree our once thriving economy won't grow back overnight, lets give our new leaders at least another month or two. Last I checked the term of office was 4 years.

MAR

Shaun, I agree that the government is growing and this is not a way to help. Just like us average americans, they need to cut the budget, cut out spending, freeze any spending by the government. Mike, in response to you saying the President is only raising taxes on people making $250,000 or more is true to a point. Who do you think is really going to pay for those people and business getting hit with higher taxes. It will be thrown back to the consumer in regards to cost of the product. We lose a major benefit of owning a home, (interest write off) That is not just for people that make over $250,000 or more, in turn for me, it is paying more in taxes.

MAR

Here is a link to the latest tax updates. You can even sign up to receive updated e-mails on the tax laws.

http://www.ustreas.gov/topics/taxes/

Thanks for the conversation.

Leave a response…

Name:

Email:
(optional)

Comment:

What does the graphic say?