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.”
Yeah, it will take the 5 off the 1.65 trillion dollar deficit for the year. And the Boomers are just getting started.
“Yeah, it will take the 5 off the 1.65 trillion dollar deficit for the year. And the Boomers are just getting started. “
It is still a start...and if we can actually get rid of this one program, it will be a big start. But yes, it is nowhere near solving the problem, we are decades beyond that luxury.
What shocks me though, is that so many on this forum think it will. The way they throw numbers and agencies around, they lead you to believe that they think the Department of Ed. has a 400 billion dollar a year budget and foodstamps are a half-trillion. Slice those and we're golden they think. They have no idea they're talking about budgets in the tens of billions and we're talking numbers in the tens of trillions.
And if they are that ignorant as to what really is the overwhelming spending now and in the future for the gov., imagine those that wouldn't be caught dead on a political forum think.
The situation is truly hopeless if the top 5% of the politically astute can't grasp the gravity of the situation.
Only $50 billion?
Oh, okay then.
“And if they are that ignorant as to what really is the overwhelming spending now and in the future for the gov., imagine those that wouldn’t be caught dead on a political forum think.
The situation is truly hopeless if the top 5% of the politically astute can’t grasp the gravity of the situation.”
That’s why my posts on the future of this country are so depressing...there is NO WAY that the people will come around for the sacrifices needed to restore the US to what it was. It is truly over...and that is very, very, sad.
I’m just glad one other person here is actually able to run the numbers.
Sure, but never a word out of you about FIRST cutting off the parasites who never paid in a dime.
As for your doom and gloom I have one word for you: “gold”.
Okay, and two more words: “fertile land”.
I have acres and acres of fertile land, plenty of deer and other game, and am mostly debt free. Private well and septic, generators, plenty of guns and ammo... I worked hard for what I’ve got, and (unfortunately) am not real far away from collecting SS checks. ...And the DC scum better keep them coming. I like occasional trips to the casino.
Anyway, you better stay inside - - the sky is falling.
“I have acres and acres of fertile land, plenty of deer and other game, and am mostly debt free. Private well and septic, generators, plenty of guns and ammo...”
Jeeze, you’re more PARANOID than I am. I haven’t gone that far yet...but I’ve certainly taken steps to withstand what will be some mighty big shocks to the way we live, and VERY SOON.
Yeah, just 50 billion. So that takes the deficit for the year from 1.65 trillion to 1.6 trillion. Now what?
You want to eliminate food stamps? Ok, now the deficit is 1.53 trillion. Now what?
Section 8 Housing eliminated. Ok, now the deficit is 1.512 trillion. What now? Department of Ed.? Sure now it's a 1.44 trillion deficit.
What now? You get my point? This thing can not be fixed without slashing Soc. Sec. and Medicare. No way no how. And it's only going to get worse.
Bob, I guess one man's paranoia is another man's common sense.
FRegards,
LH
>> Ya think.....You’d have people burning down DC.
LOL - exactly.
You want to eliminate food stamps? Ok, now the deficit is 1.53 trillion. Now what?
Section 8 Housing eliminated. Ok, now the deficit is 1.512 trillion. What now? Department of Ed.? Sure now it's a 1.44 trillion deficit.
What now?
You're doing great. Keep going.
Well, everything else is just nibbling around the edges so the really big one would be the Dept. of Defense.
You want that gone? Ok, now the budget deficit is 800 billion. Now what?
Anything for you to get your paws on that check, huh?
You youngsters better just keep working hard and paying your taxes.
“Bob, I guess one man’s paranoia is another man’s common sense.”
That, I agree with. In most societies, I’d be locked up for the preparation steps that I’ve taken...you maybe also. What’s coming is as obvious to me as a freight train, if I were standing on the tracks just ahead of it. The crash must come, it’s just a matter of who gets through it with the least pain. I can take a lot...as I’ve spent thousands in the past two years getting ready (all but food). Once it hits...it will be too late to do anything. No different than the Cold War...if the attack comes, you must fight with what you have, you (obviously) have no time to build new weapons.
Oh, that's not how it's going to go down. You're going to get your 1300 check, but it won't buy you two weeks worth of groceries. I hope you like Meow Mix. They have chicken, tuna, beef and other flavors so at least you'll have variety.
Maybe he can take that Elvis hairdo and that slick air sucking smile and start an act as a Midway Carny at the state fair.
Oh, I'll still be eating better than you. My SS checks will be strictly for casino trips and extra vacation money, etc. And the checks better not stop for me before they stop for the parasites. So you better put in overtime, too, lol.
Yeah, right. Which orifice did you pull that one out of?
You know what’s really funny about “BobL”’s whole rant on this thread? By eliminating the mortgage deduction the federal govt. would stand to gain billions every year in increased revenue. Yes, the beast would gain a whole additional teat to suckle off of and guys like “BobL” would start crying anew over the overspending of the federal govt. never realizing it was his idea that gave them the extra teat.
Bull Shit!
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