Lately, housing is on the mend and one of the few bright spots in a lumbering economic recovery. Taking away a key tax break could throw a wrench into home buying plans and hurt a long-sputtering recovery.
Lawmakers in both parties are on the lookout for tax revenue as a way to avert the fiscal cliff.
But the housing industry is preparing to fight against any move to get rid of the mortgage interest tax break.
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Look, the Democrats have no intention of removing this deduction. Unfortunately whn the Republicans talk of "expanding" the tax base this is code for imposing more tax burden on the middle class. The home mortgage tax deduction is the favorite target of the Republican party members in Congress.
ReplyDeleteThe Democrats have no intention of removing or cutting anything it would seem, I believe that is the problem 2:31. The whole liberal vs conservative, Republican vs Democrat, you vs me train of thought is destroying this country.
ReplyDelete231-Middle class tax rates are at 30 year lows. You're either part of the problem, or part of the solution.
ReplyDeletebtw, the Dem leadership has talked the last 4-6 years about removing the home mortgage tax deduction for "high earners" and high priced homes.
Think it will never happen? Remember before Reagan we could deduct interest on car loans and credit cards.
ReplyDeleteThis is like a tax on the middle class.Hey dems,where's more taxes on the rich?
ReplyDelete2:56, you're wrong, the Democrats have made significant cuts and are willing to make more cuts. The revenue side is the rub, the wealthy are not paying their fair share, that goes for corporations as well.
ReplyDelete3:07, that is simply not true. Check your facts, the only mortgage interest deduction the Dems have looked to get rid of is for non primary residence.
You know, I'm pretty damned tired of people saying the rich don't pay their fair share when have of the country don't pay anything! What exactly is their fair share? Just because they have more, doesn't mean they deserve to pay more. Maybe, just maybe, they have more because they work more!!
ReplyDeleteWell 4:40, it's true as a percentage of income the wealthy pay less taxes. Thats a fact.
ReplyDelete333-Federal spending is a trillion dollars more per year than it was in 2007. 4 straight trillion+ deficits. You're either grossly misinformed or just lying through your teeth.
ReplyDeleteA very high % of the infamous 47% aren't homeowners..therefore wouldn't be effected by this...so this is simply another form of class warfare. Its the spending thats the problem...WTF
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