Posted on 02/14/2011 2:49:47 PM PST by fightinJAG
Earlier today, the White House released a budget proposal that included trimming the mortgage interest deduction for taxpayers in the top income tax brackets.
This is the first step in eliminating what many economists view as an expensive and inefficient housing subsidy.
Unfortunately, many of the critics of the mortgage interest deduction focus on its immediate costs. If it were eliminated, it might bring in more than $2 trillion of new revenue for the government or—as I proposed this morning—allow up to $2 trillion of new tax cuts for the American people.
Actually, I think getting rid of the housing subsidy could be an even better deal than that—providing it is done by expanding the deduction into a general tax cut instead of closing the “loophole” and raising taxes.
(Excerpt) Read more at cnbc.com ...
WTF....Just STOP all the STUPID SPENDING NOW.
Please note: when I post something written by John Carney, a staffer at CNBC, some posters confuse him with JAY Carney, the new WH press secretary.
Two very different guys!
Enjoy.
Why not save all the time and Money on all this crap and just send in your Pay check and line up for the Cheese
Give me a flat tax, where everyone has ‘skin in the game’, and I’ll consider it.
Two words:
Flat. Tax.
Cool. As long as I can eliminate the expensive and inefficient subsidy I provide the county called 'property tax'.
Otherwise, the administration can shove it.
Canada survives without the deduction. For decades I’ve felt it needs to be eliminated. And not on the rich, but across the board. I hate this “just on the rich” nonsense.
‘Couse, if I had my way, the income tax would be the same rate for everyone, even if you made only a dollar a years. We’ll take a dime please.
Exactly.
The time for a flat tax is NOW.
I’m learn’n to speak chi com
Carney practiced corporate law at firms such as Skadden, Arps, Slate, Meagher & Flom and Latham & Watkins, primarily representing banks, hedge funds and private equity firms.
As if anyone here didn't know, this is the core of this idea. This is just a transfer of wealth collected from the mortgage payers, i.e., the productive people, to the indolent, i.e., Obama freeloaders. [BTW, Carney, they're not "tax cuts" if you didn't pay the tax in the first place.]
Shell games don't get any more obvious than that.
But that's easy for me to say since it only saves me about $350 per year now.
Take away the mortgage deduction and lose the votes of the handful of productive people who still support you, idiot.
This guy seems determined to commit political suicide.
The Wall Streeter derivatives boy who wrote this article is dishonest.
Not only will the taxpaying homeowner have to pay thousands more in taxes every year, the value of his/her home will plummet another 20% or so, wiping out a lot of equity.
You don’t abolish a tax exemption that people made a 30-year investment decision on and on which they have much if not most of their accumulated wealth.
HORRIBLE idea. Next.
If it were eliminated, it might bring in more than $2 trillion of new revenue for the government or—as I proposed this morning—allow up to $2 trillion of new tax cuts for the American people.
Hahahaha LOL Only a democrat could say that ending a tax, thereby increasing your taxes, could spur a big tax cut
The author is an ass clown, like most of the idiots working at CNBC, owned by NBC.
If you ‘re talking flat tax with no deductions OK, otherwise we’re back to the subsidy shell game with the deductions. Get rid of ALL federal taxes and institute a federal sales tax and then the Commiecrats will have a reason to make the economy grow.
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