Posted on 03/24/2011 6:24:09 PM PDT by rabscuttle385
RICHMOND, Va. – House Majority Leader Eric Cantor (R-Va.) on Thursday said Congress is unlikely to take away the popular mortgage interest tax break.
Speaking to a crowd of real estate professionals in his hometown, Cantor said the tax would be considered as part of the larger tax reform discussion.
But he suggested a change is probably not in the cards.
“Honestly, there’s not a lot of support for getting rid of the mortgage deduction on Capitol Hill,” Cantor said to loud applause from the audience.
Cantor was speaking to nearly 200 members of the Richmond Association of REALTORs. It was his second speech this week on economic issues.
“Before we start thinking about some other scheme that the government can do to help us, let’s get government to stop harming us,” Cantor said in response to a question from the audience about ways to increase purchases of distressed housing.
Much of Cantor’s address repeated his remarks earlier this week at Stanford University, where he called for the government to allow companies to repatriate income back to the U.S. at a reduced tax rate to stimulate the economy and discussed the need to cut regulations.
He also discussed the need to improve the housing market and suggested any GOP-led reforms to Fannie Mae and Freddie Mac would be done in a way that would not damage the real estate industry. The two government entities back more than 90 percent of the nation’s mortgages.
“Our goal is to create an environment for the private sector to engage in lending again, where the federal government has filled a void in the market through Fannie and Freddie and FHA,” Cantor said.
“We will work to eliminate the systemic risk that GSEs pose to our nation, but are committed to doing it in a way that does not jeopardize the prospects for a rebound in the real estate industry,” he continued. “We need smart regulations for mortgage applications that mitigate risk but do not close the doors to homeownership to responsible borrowers.”
What schemes are you thinking of, Rep. Cantor? Another bailout (like the ones in 2008 that you supported)?
"The nine most terrifying words in the English language are:
'I'm from the government and I'm here to help.'"
Don't worry...they'll get you another way...
BTW, I’m going to see Eric Cantor tomorrow (Friday) in Greeley, Colorado.
Anyone have anything you want me to ask him if I get a chance?
What’s wrong with not getting rid of the mortgage interest deduction?
In a perfect world, we’d turn Social Security into a Welfare program (which it is, in actuality)...we’d also get rid of the mortgage interest deduction (which is simply IDIOTIC, the idea being to reward debt).
However, we don’t live in that world. So, if the House passes the above...the Senate kills it, Obama DEMOGOUGES it, and the Republicans get their heads handed to them in 2012.
So why do it? How about we take the Senate in 2012, and take the Presidency, with Michelle B....and then deal with the problems - when we could actually fix them.
Remove the mortgage exemption and watch the bottom really fall out of the housing market. Everyone will be walking away from “underwater” mortgages (and many more that are not under water).
Because it gives preferential treatment to home buyers who purchase with debt over home buyers who purchase with cash or those who must rent.
Because it's a form of social engineering through the tax code.
Why does that make him a RINO? Are you laboring under the false belief that most Republicans want the interest deduction taken away?
Yeah, ask him why Palin and Bachmann have more bulk in their Jockey shorts than he does.
Interesting that the author of the article cites Cantor as saying the tax (mortgage deduction) would be linked with a larger discussion on tax reform. Again, MSM is trying to link Cantor/Repubs as wanting to raise taxes.
I support Cantor in this statement. Any tax reform should be done as part of a total tax package, and not line item changes to the current tax system. Reduce the budget and fix the tax system, but keep the legislation on both items separate.
So?
It is falling now. How much government intervention do you want to keep it up?
Speaking of Michelle, or any other woman who might think of running for President, after 4 years of Obama-trauma the American people may well be very tired of “variety” in their Presidents.
I DO!
What is it going to take to get him to resign.
I’m really sick of his BS!
Is eric cantor gay?
Depends, for those who believe that all money belongs to the governement first, tax deductions are idiotic.
For those of us who believe that the money we earn belong to us, well, it's just an earnings punishment avoided.
I would be fine with doing away with the mortgage int. deduction if I only had to pay some sort of comsumption tax, but at this point it’s a way for self employed people to lower their taxable income.
There's nothing wrong with debt - so long as it's a manageable part of your budget, and you acknowledge up front that it is going to be an expense that you are willing to shoulder.
This idea that we're all supposed to throw our money down the toilet renting until we finally have the $150,000 or whatever saved up to plop a suitcase full of money down on the broker's table and buy a house outright is ludicrous nonsense in this day and age. Hate to break it to people, but we no longer live in an America where you can buy a homestead for cents and acre. Real estate is an increasingly demand-side commodity, and despite the recent downturn, we should not expect that market to stay tanked forever.
Bush was right to laud the personal and societal benefits of home ownership - he was just wrong in using the government to pressure lenders to make high-risk loans to people who didn't have either the wherewithal or the discipline to otherwise be able to get a bank to loan them money.
As it stands, I think it's a pretty stupid thing to expect everybody to rent apartments except for the 1% who can reasonably expect to have the ready cash available to buy a house outright. From a housing standpoint, I can think of few things that would make the Marxists happier.
It’s the left that wants to get rid of the mortgage interest deduction. More gubmint revenue. Unfair to minorities. Helps the wealthy. Blah, blah, blah.
BTW: Do renters pay property tax? How’s that fair.
Removing it is also an instantaneous transfer of wealth from home owners to non-home owners. People buy homes based on cash flow. Remove it and everyone who owns a home has it reduced in value instantly. Sounds a little like redistribution of wealth.
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