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Homeowners Lose Break In Obama Tax Bill
BillLawrenceOnline.Com ^ | 1-18-11

Posted on 01/18/2011 11:25:29 AM PST by 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.

(Excerpt) Read more at BillLawrenceOnline.Com ...


TOPICS:
KEYWORDS: 111th; bho44; bhotaxincrease; democrats; liberalfascism; obama; taxandspend; taxes
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1 posted on 01/18/2011 11:25:32 AM PST by Tribune7
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To: Tribune7

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


2 posted on 01/18/2011 11:27:47 AM PST by Steely Tom (Obama goes on long after the thrill of Obama is gone)
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To: Tribune7

“rotten Easter egg”

More like doodie in the punch bowl.

LOL


3 posted on 01/18/2011 11:28:35 AM PST by freedomlover (Make sure you're in love - before you move in the heavy stuff)
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To: Tribune7

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.


4 posted on 01/18/2011 11:29:30 AM PST by Saltmeat
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To: Tribune7

I wonder if that affects 2010 taxes or 2011 taxes?


5 posted on 01/18/2011 11:29:59 AM PST by OB1kNOb (You are free to choose your actions, but never the resulting consequences.)
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To: OB1kNOb

Probably retroactive to 1900.


6 posted on 01/18/2011 11:31:08 AM PST by 43north (BHO: 50% black, 50% white, 100% RED)
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Comment #7 Removed by Moderator

To: Tribune7

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

fantastic link to teacher salaries!


8 posted on 01/18/2011 11:33:31 AM PST by silverleaf (All that is necessary for evil to succeed, is that good men do nothing)
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To: Tribune7

This sucks for me.


9 posted on 01/18/2011 11:33:48 AM PST by GATOR NAVY ("The bigger the government, the smaller the citizen." -Dennis Prager)
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To: Tribune7

10 posted on 01/18/2011 11:34:26 AM PST by Razzz42
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To: Tribune7

Not according to my tax software.


11 posted on 01/18/2011 11:35:13 AM PST by Peter from Rutland
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To: Steely Tom

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


12 posted on 01/18/2011 11:37:15 AM PST by justlurking (The only remedy for a bad guy with a gun is a good WOMAN (Sgt. Kimberly Munley) with a gun)
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To: Tribune7

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


13 posted on 01/18/2011 11:37:21 AM PST by EagleUSA
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To: Hoodat

That’s just gross.


14 posted on 01/18/2011 11:37:31 AM PST by ichabod1 (Hail Mary Full of Grace, The Lord Is With Thee...)
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To: Tribune7

incomplete link as usual


15 posted on 01/18/2011 11:38:38 AM PST by jiggyboy (Ten percent of poll respondents are either lying or insane)
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To: Peter from Rutland

Which version of software?


16 posted on 01/18/2011 11:40:01 AM PST by listenhillary (20 years in Reverend Wright's church is all I need to determine the "content of his character")
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To: Tribune7

The US news media is worse than worthless.


17 posted on 01/18/2011 11:40:55 AM PST by skeeter
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To: justlurking
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.

18 posted on 01/18/2011 11:41:08 AM PST by SeeSac
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To: Hoodat
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.

19 posted on 01/18/2011 11:41:22 AM PST by OldSmaj (I am an avowed enemy of islam and obama is a damned fool and traitor. Questions?)
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To: Tribune7
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.

20 posted on 01/18/2011 11:41:54 AM PST by thackney (life is fragile, handle with prayer (biblein90days.org))
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To: Steely Tom

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


21 posted on 01/18/2011 11:43:48 AM PST by Right Wing Assault (Our Constitution: the new Inconvenient Truth)
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To: Tribune7
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.
22 posted on 01/18/2011 11:44:42 AM PST by Bronzy (We Remembered In November.)
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To: Hoodat
Ewww.
23 posted on 01/18/2011 11:46:03 AM PST by Bronzy (We Remembered In November.)
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To: ichabod1; OldSmaj; Admin Moderator

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.


24 posted on 01/18/2011 11:47:48 AM PST by Hoodat (Yet in all these things we are more than conquerors through Him who loved us. - (Rom 8:37))
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To: SeeSac

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.


25 posted on 01/18/2011 11:48:03 AM PST by justlurking (The only remedy for a bad guy with a gun is a good WOMAN (Sgt. Kimberly Munley) with a gun)
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To: skeeter
The US news media is worse than worthless.

Worse than that... they're complicit.

26 posted on 01/18/2011 11:48:10 AM PST by ScottinVA (The West needs to act NOW to aggressively treat its metastasizing islaminoma!)
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To: OB1kNOb

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.


27 posted on 01/18/2011 11:50:17 AM PST by GrandmaPatriot
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To: Tribune7

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.


28 posted on 01/18/2011 11:51:09 AM PST by Buckeye McFrog
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To: justlurking
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.

29 posted on 01/18/2011 11:51:32 AM PST by SeeSac
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To: thackney
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.

30 posted on 01/18/2011 11:53:14 AM PST by Tribune7 (The Democrat Party is not a political organization but a religious cult.)
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To: Hoodat
That does look like crap.

What did you THINK it looked like? A Snickers bar? lol
31 posted on 01/18/2011 12:05:07 PM PST by LostInBayport (When there are more people riding in the cart than there are pulling it, the cart stops moving...)
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To: LostInBayport

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


32 posted on 01/18/2011 12:08:41 PM PST by Hoodat (Yet in all these things we are more than conquerors through Him who loved us. - (Rom 8:37))
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To: justlurking
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.

33 posted on 01/18/2011 12:17:39 PM PST by Steely Tom (Obama goes on long after the thrill of Obama is gone)
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To: Saltmeat

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.”


34 posted on 01/18/2011 12:32:49 PM PST by ebysan (ebysan)
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To: LostInBayport

A Baby Ruth, from Caddyshack.


35 posted on 01/18/2011 12:35:31 PM PST by GnuHere
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To: ebysan

Ping for later research.


36 posted on 01/18/2011 12:49:09 PM PST by MissNomer
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To: Steely Tom

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


37 posted on 01/18/2011 12:50:19 PM PST by HamiltonJay
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To: ebysan

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


38 posted on 01/18/2011 12:53:49 PM PST by freekitty (Give me back my conservative vote; then find me a real conservative to vote for)
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To: Temple Owl

ping


39 posted on 01/18/2011 12:59:11 PM PST by Tribune7 (The Democrat Party is not a political organization but a religious cult.)
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To: Hoodat

I kinda liked it. Hee Hee


40 posted on 01/18/2011 1:08:38 PM PST by Temple Owl (Excelsior! Onward and upward.)
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To: Tribune7
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.
41 posted on 01/18/2011 1:11:41 PM PST by Carry_Okie (The environment is too complex and too important to manage by central planning.)
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To: Hoodat
Hey, at least there wasn’t steam coming off of it.

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

42 posted on 01/18/2011 1:33:26 PM PST by TheThinker (Communists: taking over the world one kooky doomsday scenario at a time.)
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To: Hoodat

Thats disgusting!

/saved....


43 posted on 01/18/2011 1:35:06 PM PST by Yehuda (Land of the free, THANKS TO THE BRAVE!)
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To: ebysan

Do you have a source for that?


44 posted on 01/18/2011 1:38:42 PM PST by listenhillary (20 years in Reverend Wright's church is all I need to determine the "content of his character")
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To: ebysan
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.

45 posted on 01/18/2011 1:38:57 PM PST by TheThinker (Communists: taking over the world one kooky doomsday scenario at a time.)
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To: Hoodat

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


46 posted on 01/18/2011 2:03:42 PM PST by dan on the right
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To: listenhillary

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


47 posted on 01/18/2011 2:15:52 PM PST by ebysan (ebysan)
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To: ebysan

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.


48 posted on 01/18/2011 2:22:42 PM PST by listenhillary (20 years in Reverend Wright's church is all I need to determine the "content of his character")
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To: Hoodat

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.


49 posted on 01/18/2011 3:01:21 PM PST by Candor7 (Obama . fascist info..http://www.americanthinker.com2009/05/brack_obama_the _quintessentia_1.html)
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To: ebysan
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.

50 posted on 01/18/2011 3:04:25 PM PST by Candor7 (Obama . fascist info..http://www.americanthinker.com2009/05/brack_obama_the _quintessentia_1.html)
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