Home Mortgage Interest Deduction...

[GarMan]

I heard mention of something about it several times this past weekend, but I didn't know enough about the details.  Now, I do... 

http://online.wsj.com/article/SB123559630127675581.html?mod=todays_us_page_one

FEBRUARY 26, 2009
$318 Billion Tax Hit Proposed
Upper-Income Americans Would See Deductions Cut on Charity and Mortgage Interest

By LAURA MECKLER
WASHINGTON -- President Barack Obama on Thursday will propose $634 billion in new taxes on upper-income Americans and cuts in government spending over the next decade to pay for his promised health-care expansion.

The tax increases and spending cuts will be included Thursday in Mr. Obama's comprehensive budget blueprint, and signal his ambition to overhaul the health-care system, one of the main planks of his presidential campaign.

The tax increases would raise an estimated $318 billion over 10 years by reducing the value of such longstanding deductions as mortgage interest and charitable contributions for people in the highest tax brackets. Households paying income taxes at the 33% and 35% rates can currently claim deductions at those rates. Under the Obama proposal, they could deduct only 28% of the value of those payments.

The changes would be phased in gradually over the next few years. For the 2009 tax year, the 33% tax bracket starts with couples with taxable earnings of $208,850, when adjusted for personal exemptions and various deductible expenses. A taxpayer in the top bracket paying $1,000 of mortgage interest, for example, would see a tax break worth $350 reduced to $280...

This is just sick...  The short-sided view on this is to say that this won't impact you, but it's going to depress the entire housing market for years to come.  Don't these clowns ever think through the logical conclusion of their actions?  Actually, I think that's what separates us the most.  Many of us understand basic cause and effect relationships.  We understand that actions and decisions have consequences.  Some people don't, or do they...  It's just be more of that Clinton era wealth envy and get-even-with-'em-ism.   

[Tarheel]

Fucking Democrats socialists sticking it to 'the Rich' again.  Of course this will depress the the values of all houses...but that's exactly what they want to do.  It's all part of an effort to destroy or at least substantially depress all forms of wealth in this nation.  They want us all dependent on FedGov.