The problem with taking away that deduction now: house prices have just dropped out of sight. My property taxes are not going down - if anything they will be going up. What we have now is the situation where people nearing retirement age that face increased property taxes can no longer say ‘this neighborhood has gotten too expensive - lets sell our house for a nice profit and retire’.
So, we are stuck where we are, can’t sell, taxes going up, so lets take away that mortgage deduction on current mortgages?
All of this to fund obamacare.
just locally in my community
an upcoming extra $200 per month in property taxes for the “average residence”, hikes of $1000 per year in utility fees (water sewer), unaffordable electric rates (guess who's living without central a/c this summer) plus an extra couple hundred (or more) per month in tax obligations
sends a lot of middle class out of their homes, and looking for a whole new way of life in the future
tax bills that force people to come up short on money to pay basic living expenses and hopefully leave some leftover for savings - will make many lives a whole lot more basic
and I do not thin k these cloistered oligarchs inside the Beltway realize that
I bet the obamas do not know ANYONE living on $250K a year, except maybe some trust fund babies who get that as an allowance
it is coming to this
Excoriate people all you want for not saving enough or being prepared, but it sure has been hard trying to do that since 2008 when many started to realize the game is changed - forever
Paying your mortgage and worrying about next year's tax increases when all around you are people squatting and govt-ordered banks chasing minorities to give them homes??
I don't think so