Homeowners Lose Break In Obama Tax Bill

BillLawrenceOnline.Com ^ | 1-18-11

[Tribune7]

A rotten Easter egg for homeowners is part of the tax bill passed by the lame-duck Democrat Congress and signed into law by President Obama, Dec. 17.

A provision to allow homeowners to deduct local property taxes without itemizing was let lapse. About two-thirds of Americans don't make enough money to make it worth itemizing. The provision saved homeowners about $1.6 billion per year.

[Steely Tom]

You’ll hardly miss it, and those funds are needed to help politicians buy votes.

[freedomlover]

“rotten Easter egg”

More like doodie in the punch bowl.

LOL

[Saltmeat]

Why would anyone not know this. After all the Democrats and the lame stream media made this know at every opportunity as the tax bill worked its way through the Congress. Remember that Obama promised the most transparent administration ever.

[OB1kNOb]

I wonder if that affects 2010 taxes or 2011 taxes?

[43north]

Probably retroactive to 1900.

[silverleaf]

http://blog.billlawrenceonline.com/2010/02/19/teacher-salaries-listed-for-pa-and-nj.aspx

fantastic link to teacher salaries!

[GATOR NAVY]

This sucks for me.

[Razzz42]

[Peter from Rutland]

Not according to my tax software.

[justlurking]

I know you are being sarcastic, but it will cost us a bit over $1,000 this year alone.

[EagleUSA]

Sleeping with the enemy. We warned — they did not listen.

[ichabod1]

That’s just gross.

[jiggyboy]

incomplete link as usual

[listenhillary]

Which version of software?

[skeeter]

The US news media is worse than worthless.

[SeeSac]

I know you are being sarcastic, but it will cost us a bit over $1,000 this year alone.

The deduction was only $1000 for MFJ. Even in the 35% tax bracket that would only be $350.

[OldSmaj]

Awwww....man.

That's...that's just too damned graphic.

Save that for a thread on the wookies garden party or something.

Looks like what obama and the wookie will be serving after the State of the Union address.

[thackney]

A provision to allow homeowners to deduct local property taxes without itemizing was let lapse. About two-thirds of Americans don't make enough money to make it worth itemizing.

Sounds like it is worth it for them to itemize now.

[Right Wing Assault]

Yeah, cool! Another $1.6 billion to play with!

[Bronzy]

Homeowners lose and renters probably continue to receive a $3000 deduction in Indiana: >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> You may be able to deduct up to $3,000 of the rent paid on your Indiana home. You may be able to take this deduction if: ■You paid rent on your principal place of residence, and ■The place you rented was subject to Indiana property tax. Your "principal place of residence" is the place where you have your true, fixed, permanent home and where you intend to return after being absent. >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> I have a rental, pay property taxes, state income taxes and, of course, all of the property upkeep.

[Bronzy]

Ewww.

[Hoodat]

My apologies. That does look like crap. Once I posted it, I realized it was way over the top. I think the orange background really messed it up. Maybe we can get it deleted.

[justlurking]

The deduction was limited to $1,000? Our property taxes are nearly $4,000/year.

2010 will be the first year we won’t itemize, due to no mortgage interest.

[ScottinVA]

The US news media is worse than worthless.

Worse than that... they're complicit.

[GrandmaPatriot]

It affects 2010 as I have already found out from my tax software and from the IRS website. Made me have to pay federal tax when I usually break even or get a little back.

[Buckeye McFrog]

Potentially a good thing. In fact the GOP may want to consider ending all deductability for state and local taxes. If they did a whole lot of blue states would turn suddenly a whole lot redder very fast.

[SeeSac]

The deduction was limited to $1,000?

$500 Single, $1000 Married filing jointly.

Our property taxes are nearly $4,000/year. 2010 will be the first year we won’t itemize, due to no mortgage interest.

Be thankful.

[Tribune7]

Sounds like it is worth it for them to itemize now.

But that's the point, not necessarily. They had been getting the property tax deduction automatically.

The standard deduction may still be greater than an itemized deduction even including the property tax deduction, whereas under the previous policy even without itemizing they would still get a break.

IOW, Obama, Pelosi and Reid have given the royal shaft to low-income homeowners.

[LostInBayport]

That does look like crap.

What did you THINK it looked like? A Snickers bar? lol

[Hoodat]

Hey, at least there wasn’t steam coming off of it.

[Steely Tom]

I know you are being sarcastic, but it will cost us a bit over $1,000 this year alone.

What's $1000 you can't spend on your family, compared with the satisfaction of knowing that incumbant politicians can sleep well at night. I'm sure you'll agree that your personal needs must take a back seat to that, even if it is money you had to earn yourself.

[ebysan]

Obama recently signed an executive order “allowing” the feds to confiscate all 401ks and retirement accounts.

Friday,1/7/11 Judge Roll issued a critical “preliminary ruling” against the Obama administration to prevent them from acting on an FDR Executive Order (6102),

which allowed the government to seize personal savings when no proof of a crime was committed?

(”USA v. $333,520.00 in US Currency et al”, Case number: 4:2010cv00703 .......Filed Nov 30, 2010).

Obama recently signed an executive order allowing the feds to confiscate all 401ks and retirement accounts.

Our media forget to inform us of this fact!

A single judge adjudicated that Obama did not have that authority and stopped the confiscation.

The judge, USDC court of Arizona Presiding Judge Roll, was shot and died on Saturday by a “crazed gunman.”

[GnuHere]

A Baby Ruth, from Caddyshack.

[MissNomer]

Ping for later research.

[HamiltonJay]

Just means you have to itemize to get it.. no need to lose the deduction, just have to put in a little more effort.

[freekitty]

Hmmm. The judge was murdered just after the Clinton people decided to move back into the WH.

[Tribune7]

ping

[Temple Owl]

I kinda liked it. Hee Hee

[Carry_Okie]

They want more foreclosures. It consolidates the entire banking system into those both too big to fail and subsisting on government bailouts. The "debt forgiveness" will only be extended to lower income people which means that the middle class will be taxed until they join them.

[TheThinker]

Hey, at least there wasn’t steam coming off of it.

LOL, glad I wasn't drinking anything when I read this.

[Yehuda]

Thats disgusting!

/saved....

[listenhillary]

Do you have a source for that?

[TheThinker]

A single judge adjudicated that Obama did not have that authority and stopped the confiscation.

The judge, USDC court of Arizona Presiding Judge Roll, was shot and died on Saturday by a “crazed gunman.”

Just wonderful. So the real crazy that shot Giffords is now being used as an excuse and a cover to assassinate judges on behalf of the Left's agenda. I can't say I'm surprised. That how deep we are down the rabbit hole, Alice.

[dan on the right]

That is either a really small punch bowl or....

[ebysan]

This was my first source... just google it.

http://www.repubx.com/

“We the People” never knew that Obama recently signed an executive order allowing the feds to confiscate all 401ks and retirement accounts.

Judge Roll over-ruled Obamas Confiscation the day before he was assisinated!!

The media has forgotten to mention this judge..... Is it because he was blocking Obama’s executive order??

http://69.84.25.250/blogger/post/Judge-Roll-over-rule-Obamas-confiscation-of-401ks-days-before-the-Tuscon-tragedy.aspx

[listenhillary]

There aren’t any secret executive orders. The exist or they don’t.

If there was any truth to this we would have a Dow Jones level of 3000 tomorrow.

The executive order would have to exist for the judge to rule against it. This would be all over the internet.

[Candor7]

All scatology haters aside, I must say that your graphic put it across nicely. It is exactly what Obama has done.And it is NOT pretty.

So I for one, support the truth of it, even if it does ruin my taste for punch.

[Candor7]

The judge, USDC court of Arizona Presiding Judge Roll, was shot and died on Saturday by a “crazed gunman.”>>>>>>>>>>>>>>>>>>>>>>>>>>>

Intersting connection. I hope whoever takes over the case is equally disposed to face down the pesidents theft attempt.