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.”
LOL - you’re the one that wants to TAKE and not give a bit.
I don’t have a problem paying some taxes for government services, you HAVE STATED that you do (specifically: “I believe the money I earn belongs to me.”).
Sorry...get some sleep, and I’ll accept your apology tomorrow.
Amen!
“They can reward who they want to keep more, and to punish those they choose to by taking more.”
It’s this system that politicians use to divide us up into us and them.
Waiting for Congress to determine what kind of and what size of a deduction or credit one might be eligible for based on personal circumstances is not the position of a free man.
It’s not much different than people who are dependent on a government check wondering how much they will be given this year. Very sad.
You know all those houses in Gary, Detroit, East St. Louis, etc. that you can buy for 500 bucks on block after block?
I can tell you from experience, good luck trying to get the assessor's office to tax you on that price.
Also, when the crackheads burn it down, good luck getting the insurance company to give you anywhere near the value the assessor has it at.
I told one assessor I would sell him any of the properties I owned for 25 cents on the dollar of his assessed value. He wouldn't take me up on it and they didn't lower my taxes. Go figure.
“I’m going to bed, so I will respond to any further comments tomorrow. “
Get some sleep...it was fun. The problems were due to probably 10 factors...but the deduction is a HUGE one, or the Real Estate Lobby would not fight so hard to keep it. I heard it most of my adult life (and half of my childhood life), about the way I’d get to screw Uncle Sam if I took out a mortgage. It has a HUGE psychological effect, even if the net amount is not very much.
But yes, it was STUPID LOANS that were the rut of the problem...but they were still loans and still deductions.
I’m upset because we have TRILLIONS of dollars that could have gone to productive purposes (like modernizing factories) but instead were diverted to STUPID MORTGAGES (particularly in Florida, Arizona, Nevada, and California)...and now are in the process of becoming part of the national debt (i.e., being thrown on the backs of my kids and [future] grandkids). I have a HUGE PROBLEM with that.
But yes, where were the credit rating agencies, the pension holders, everyone in the system that could have stopped this crap? I don’t know where they are, but they should be in jail...along with the regulators.
Sure it is. Get a clue.
CONFIRMED: One in 19 Americans today get SSDI or SSI. That's one in 19 Americans who are "disabled".
But as you said, the IRS code punishes those trying to gain wealth while rewarding the very wealthy by only taxing income and not taxing consumption.
And on top of that they allow very generous deductions in income produced by politically favored investments and sheltering income and benefits from “IRS Approved†foundations. See Bill Gates and Warren Buffett. They have avoided both the regular income tax and the Death Tax entirely via trusts and foundations designed to provide a continuing source of income for themselves, and their heirs for generations to come.
By the way, you seem awfully supportive of the scumbag Democrats’ schemes to squeeze even more money out of productive citizens in order that they, the scumbag Democrats, can have the money they need to continue buying the votes of their parasite “base”.
Maybe you should investigate political discussion forums that are more in tune with your brand of “thinking”.
“Sure it is. Get a clue.”
Still not...SSI is still less than 10% of Social Security. Get rid of it all, and Social Security is still in debt and that debt only grows...and grows...and grows.
http://en.wikipedia.org/wiki/Supplemental_Security_Income#Beneficiaries_and_Costs
http://en.wikipedia.org/wiki/Social_Security_%28United_States%29#Beneficiaries_and_Costs
Sorry...this is a HUGE PROBLEM and can no longer be dealt with around the edges. But as I promised no one will touch YOUR MONEY. It will soon be worthless, but you will get YOUR MONEY. So don’t worry, and sleep comfortable...as long as you don’t think about the hell the your kids and grand kids will have to soon deal with.
“By the way, you seem awfully supportive of the scumbag Democrats’ schemes to squeeze even more money out of productive citizens in order that they, the scumbag Democrats, can have the money they need to continue buying the votes of their parasite “base”.”
...and you seem to think that money THAT HAS ALREADY BEEN SPENT will be available to others to use at will.
I suggest that you check which site your at. Here at FR, we deal in REALITY.
In other words, THE MONEY IS GONE, whether it was spent the way they promised, on who it was promised to be spent on, IT IS GONE. It is up to people on this site to understand that and then try to figure out what to do next. It’s really not that hard to understand - they money is GONE.
And all you seem to want to do is explore new ways to screw even more money out of productive Americans who have worked their whole lives. Either tell me that's not true or drop dead.
Why does Cantor have to take a hit for doing the right thing? Maybe somebody else can make sense of your crazy post.
Source:
Using the tax code for the purposes of social engineering is not conservative, except to McCainiacs like you.
That makes too much sense
“And all you seem to want to do is explore new ways to screw even more money out of productive Americans who have worked their whole lives. Either tell me that’s not true or drop dead. “
You can go back a bit (a few weeks) on my posts, you’ll see that I’d be just as happy if this country imposed some combination of the following:
1) Double income tax revenues
2) Add $5.00 to the gas tax (per gallon)
3) Impose a Value Added Tax of 12%
Two of the above will also balance the budget (or come close, at least). Then the government will have enough money to pay to people that paid into Social Security.
I would much prefer the above, to CRASHING THE DOLLAR due to our inability to pay our debts (or even borrow any more money)...since the country would at least have a chance of not turning into a Third World cesspool.
But the above will not happen either - people will not stand for the new taxes, especially at those levels (even if they are needed to pay the promised benefits). Instead, we are going to drive off this cliff and wind up as a Third World country.
That’s it - and it is the (liberal) Baby Boomers final revenge on a country they ALWAYS hated.
So, like I say, we will pay Social Security, as promised, it’s just that the checks will be nearly worthless and people will freeze and starve, unless they have other means of support.
...just like what happened in Russia and Argentina. We simply have too much debt and ZERO interest in dealing with it. It’s a sad way for a superpower to end, but it is EXACTLY what will happen, and very soon.
“In fact, renting is a much more safer route for many groups of people, ie. transient workers and those who have had the misfortune of losing large sums of money due to the housing market collapse. If home ownership is such a great, smart and wonderful way of life, it should be apparent to any thinking person and we would not need the government to promote it through the tax system.”
Oh, I see, you’d prefer to live in a communist country where there are no property owners and everyone is a serf who owes allegiance to others and owns nothing. Property rights and property ownership are one of our cherished values. Do away with home ownership, or make it next to impossible to be a property owner, and you will have no middle class, and a socialist country. No thanks.
I'll talk about it. The numbers Paul is putting out there are absolute hogwash. You could shut down all the agencies Paul listed and then some, and without massive cuts to Soc. Sec. and Medicare it won't even move decimal point on the future debt.
In fact, it won't be too long where you could reduce the entire federal government to nothing but a Soc. Sec. and Medicare check mailing facility and still run a deficit.
Please miss the point every time. Don’t let us down. To a conservative, virtually any tax break is a good thing, unless you are a rageaholic who hates everything anyone on your self-styled list of rinos and neo-cons does.
“BobL is quite right here.”
A DEFENDER!!! Thanks, it’s been rare tonight. But $50B is still a LOT of money, and it needs to be dealt with, and quickly. They do have a valid point...but, as you say, not nearly enough to fix the problem.
“That makes too much sense”
Another defender, thanks also. But read on...you’ll see that, while everyone wants to cut wasteful spending, NO ONE wants to cut spending (or tax breaks) that go into their pocket...not even on this site. Look particularly at our lively debate about the Mortgage Interest Deduction and about Social Security. Everyone has their solutions...as long as it doesn’t affect them.
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