HERNDON, Va. (WUSA) -- On Wednesday, President Obama outlined his plan to reduce the deficit. In his speech, he did not refer directly to the mortgage interest deduction (MID), but he did say he wants to build on the fiscal commission's model. That commission, appointed by the President, recommended reducing the MID.
"So goes the housing market, so goes the economy," says Realtor Karen Briscoe, referring to the idea of scaling back or eliminating the MID.
"They're going to see an immediate devalue, decline in their property. Then, they're going to see an impact, if they're using the mortgage [interest] deduction on their taxes, they're going to see an immediate impact in their purchasing power of other goods and services," said Briscoe.
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7 comments:
Has there ever been a president who hates the American people so much. Free citizenship and hand outs to the illegals. Protects the muslim terrorist and stabs the hard working real Americans in the back. I really don't know how anyone can defend this man and call themselves American.
Every since he has been in office we see something terrible every day; same sex issues, the destruction of our Constitution, and other mind altering concepts.
I think it is time to start the IMPEACHMENT PROCESS for failing to carry out his assigned duties as Commander in Chief, and what he is sworn to uphold.
The knife in the heart to the middle class. Which is EXACTLY what this President, in his quest to eliminate the middle class (part and parcel in a drive toward socialism, which he and his friends have been proposing for 20 years --- look it up) wants to do. Allow all consumer goods to double and triple in price, let gasoline triple in price, let other energy prices double and triple (heating oil and natural gas...), and now, take away the one thing that helps the tax-paying middle class keep their tax burden under control. The banks get to re-pop millions more homes, too. And our senators and representatives (our "leaders", the ones we send to D.C to SERVE us...) are going to let this happen???
We did our taxes last night and when we entered in our mortgage interest it changed nothing. So they've already taken it away actually. People just don't realize it. Some think just because you enter it on the form, you're getting something for it...wrong!
12:38 pm,
Speak for yourself. My mortgage interest deduction sved me this year from paying more taxes. I tell you what, if the government take that away, the bank can have my home. I would rather rent.
It will eventually be phased out. Starting with higher end mortgages(750K+) and eventually work it's way down. Truth be told, the average homeowner(who's home is 250K or less) receives about 1000$ in rebate. Personally, it won't make a difference to me on whether I'd own a home or not. It's another handout the gov't doesn't need to do. But also get rid of all farm subsidies and corporate tax loopholes!
The banks are repossessing homes. The banks are owned / run by the Fed. The Fed is taking over ownership of private homes via foreclosure, making renters. The Federal government is building row housing like crazy these days. The unemployed are filling these row apartments as they lose their homes. The wave is a tsunami in this direction.
Am I the only one who sees this trend? Is this the direction we want this country to strive for?
I hope not....
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