Why the interest? Interest deduction gone by 2013?

Philly.com ^ | 3/11/2011 | Eric Martin

[Bean Counter]

This is just insane. A 12% tax credit means something in the neighborhood of $2000, as opposed to what you would normally deduct for mortgage interest. That's an incredible tax hike on the majority of Americans and would annihilate what's left of the economy.

I hope this takes Congressional action to implement, because if Premier Hussein can inflict this by Executive order or some other means, we are screwed to the wall.

[andyk]

The child credit needs to be eliminated before the mortgage interest deduction is touched.

[Don Corleone]

Flat Tax. No IRS. Stop the insanity.

[YankeeReb]

Yes but 95% of you got a tax break under Hussein’s fuzzy math, so quit yer bellyaching.

[bgill]

That’s why you shouldn’t buy more than you can afford, shop the best rate, get the shortest loan period, and pay it off asap.

[Ouderkirk]

EITC needs to be ended before the child credit is.

Flat tax is the only solution.

[raybbr]

Yes but 95% of you got a tax break under Hussein’s fuzzy math, so quit yer bellyaching.

Huh? What tax break are you talking about?

[digger48]

This ought to open up several thousand more vacated homes for Section 8 “resettlement”.

[screaminsunshine]

They are socialists out of OPM and tying for every last drop of blood.

[digger48]

The child credit needs to be eliminated before the mortgage interest deduction is touched.

BINGO!!!

[EGPWS]

Flat Tax. No IRS. Stop the insanity.

Absolutely, with a fluctuating tax, it is nothing but wealth distribution via tax rates at the whim of politicians.

[Texas Eagle]

Flat tax is the only solution.

What if the Flat Tax is 65%?

[Tolsti2]

This will just be a huge kick in the ass to lower income home owners.

[Crim]

What?...you didnt notice that 8 bucks a week?

Ingrate.

/sarc

[econjack]

Flat Tax. No IRS. Stop the insanity.

This is the fairest solution, but I would add the following conditions:

If you didn't pay any federal income tax last year, you don't get to vote in a federal election. If you didn't pay any state income taxes, you don't get to vote in state elections.

[Oratam]

Lefties consider the mortgage interest deduction "middle class welfare."

Obama considers it "spending."

[Jukeman]

God, please bring sanity back to this country before it is absolutely too late. Show me one righteous man.

[Uri’el-2012]

The National Commission on Fiscal Responsibility and Reform is recommending that the mortgage interest deduction no longer be an itemized deduction; instead, it would be transformed into a non-refundable tax credit equivalent to 12 percent of interest paid on mortgages up to $500,000.

This is clearly an attack on middle-class America by Washington Elites!

[originalbuckeye]

Agree. 17% across the board. EVERYBODY needs to have ‘skin in the game’.

[Baynative]

One of the Obamunists said, "the era of home ownership may be over" way back in early 2010. If I remember right, he said most Americans would probably be better off renting than owning and that his comments came while discussing the rise in foreclosures. He was talking of the government owning the homes reclaimed from faulty Fannie Mae mortgages.

it seems the way he was going was to say that the government would become the landlord for millions of Americans.