Posted on 06/10/2010 2:35:30 PM PDT by Bell407Pilot
The popular tax break for mortgage interest, once considered untouchable, is falling under the scrutiny of policymakers and economic experts seeking ways to close huge deficits.
Although Congress last year rejected the White House’s proposed cut to the amount wealthier taxpayers can deduct for home mortgage interest payments, the administration included it again in its 2010 budget — saying it could save $208 billion over the next decade.
(Excerpt) Read more at thehill.com ...
Never happen.
Yes, let’s drive home prices down another 20-30%.
Geniuses.
Many people bought houses because of this deduction.
Keep it up donkeys...I can see November from my house.
why do we think every tom dick and harry should be a homeowner? ownership is expensive and requires a lot of maintenance. weed the irresponsible homeowners out of the system and let the deserving folks benefit from the interest deduction.
>>Never happen.<<
Probably true. I’d love to see it happen, though.
That said, right now it would only cripple the real estate market further. It would be the equivalent of kicking it while it’d down.
This will definitely not help the housing markets. Increasing the after tax cost of home ownership can only drive home prices down. It might be a good thing in the long run, but the transition could be quite rough.
Ya, what are they trying to do, push the housing market down even further?
Though some here on Free Republic accuse Obama of proposing “unthinkable” policies precisely to create controversy and unrest, as part of his plans to remake America in his image, or whatever is we he said about remaking America.
Now what they want is the total collapse of the the housing market and then they can redistribute the housing to those that didn't get their fair share....
There will be hell to pay.
Right, so go make a law to screen out those people who ‘shouldn’t’ own homes.
Go ahead and define that law.
Better to let the banks fail, let the homeowners fail with no bailouts. The situation would take care of itself.
I bought my home/farm in central Kentucky for less than one year’s wages, and the interest on the loan is not enough to bump me into anything more than the standard deduction. I simply don’t ever want to owe that much on a home any more. It would be interesting to see them phase it out over, say, 20 years, knocking 5% off the amount you can deduct every year until it is zero.
R-e-v-o-l-u-t-i-o-n
Saves $208 billion over 10 years. Hmmm... how much does continually bailing out Fannie & Freddie cost? So far it has been much more than that. Here is a suggestion.
Reform Fannie & Freddie first. Then take a look at the tax deduction. Of course it will never happen. 0zer0 and the dumbcrats are stuck on stupid.
exactly, im mad that we have so many programs to promote homeownership, i think the market should work this process
What a disengenuous way to phrase this; “it could ‘save’ 208 billion over the next decade”. The elimination of the mortgage deduction could allow the government to take at least 208 billion more from taxpayers over the next decade. Save money my ass.
The bottom line is ...Would I buy my home again if I knew from the get-go that I wouldn’t have an interest deduction? Give me one nanosecond to think about it.
Hell no!
Please please please do it.
I can taste victory in them just bringing this up.
Lets see: We lose our Mortgage interest tax break and the “Bush” tax cuts end this December.
If they also ram through “Cap & Tax” I will go from having no problem owning and maintaining my home to probably having to sell it if I can get any money as the prices plummet.
The Dims wonder why they are so reviled by responsible people while destroying the entire free market system and thus our country.
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