Proposals could cut mortgage deductions (Welcome to the New Hope and Change)
…Earlier this month the nonpartisan Congressional Budget Office delivered its latest revenue-raising options for Senate and House consideration as they write this fall’s tax and budget legislation.Tucked away in the report are several incendiary plans that could — if adopted — cost homeowners billions of dollars. Though not formal legislative proposals, the CBO’s options represent a handy fiscal menu for legislators to pick and choose from to reduce the deficit — now at unprecedented levels — or to pay for new programs they might want to advance.
Tops on the CBO’s hit list for housing: Slash deductions for homeowner mortgage interest from the present $1.1 million limit to $500,000, phased in with $100,000 annual reductions starting in 2013 and extending to 2019.
Under current law, taxpayers can write off mortgage interest on their principal home debt up to $1 million, and on home equity debt up to $100,000.
Under the CBO’s option, that maximum mortgage debt amount would shrink yearly until it hit $500,000.
Over a 10-year period, this change alone would boost federal tax collections by an estimated $41 billion.
The CBO offered up a second option if Congress wants to raise a lot more money: Replace the current mortgage interest deduction with a flat 15 percent tax credit for everybody with mortgage amounts below the declining limits in the first option. Rather than taking write-offs that are tied to your personal income tax bracket, every homeowner would get a credit worth 15 percent of mortgage interest paid.
Who’d benefit? Primarily lower- and moderate-income taxpayers who don’t itemize on their returns. Who’d pay more? People with big mortgages and higher-than-average incomes, who are far more likely to itemize under current rules.
(Excerpt) Read more at mercurynews.com …
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This Blog was inspired by one of my friends but it’s not written to him.
If your going to tell me that you hate our president at least have a valid fucking reason. None of you complained about Bush, and he actually did some fucked up shit. HE started a war under false pretenses. He tried to raise the alert level during his reelection. Not to mention that he didn’t win the presidency in the first place. So if your going to pretend that Obama is a “bad guy” pull some evidence for me.
The republican offense on Obama. First fact, then bullshit idiots and assholes made up.
1 Fact: His parents are foreigners… Bullshit: He was not even born in America.
2 Fact: His middle name is Hussein…. Bullshit: He’s a Muslim
3 Fact: He wants to make health care affordable….. Bullshit: He’s a socialist
4 Fact: He wants to make health care affordable….. Bullshit: He’s a Nazi
I don’t even get that last one. I never heard of Hitler’s health care plan.
You know what else they called socialist before it was put into action. Social security. Medicare. Unemployment.
If you talk about what he said in resent speeches, watch the speech and not some 3 second video clip over and over again. Otherwise you don’t know what he said. No matter how smart you think you are you can’t just guess the context and be right.
Fun fact: The only reason Obama got elected is because of Bush. Bush was so terrible that it forced us to realize that we need change. Real change. And I bet if Obama is a total success you will all still talk your shit. That will just prove that you don’t care if he does a good job. You just want a republican president. No matter the consequences.
If you watch faux news you might as well be watching wrestling. Limbaugh is full of shit. Glen Beck is full of shit. Savage is full of shit. O’Reilly is full of shit. You know this to be true so stop watching. All they care about is ratings. Not news. NOT THE WELFARE OF THIS COUNTRY.
I believe, if Obama has his way, America will move into a golden age. The poor will have money to invest. The economy will be making money instead of bleeding it like the last 8 years. One day we may even knock out our deficit and start loaning out money instead of borrowing it. But its going to be hard without respect despite party affiliation.
You people are really pissing me off. So I’m going to use one of your sayings. AMERICA…. LOVE IT OR LEAVE IT. OR AT LEAST GET OUT OF OUR FUCKING WAY. Because the times are a’changing. Like it or not. This is not your country. It’s everybody’s. Stop pretending that your opinion is the only one that matters. Because your opinions don’t matter. Neither do mine. But our vote does and It has spoken.
Lastly, if you think that all politicians in this country are corrupt, then why vote at all? If you think all politicians are corrupt why don’t you run for office and change things… Oh yeah you don’t care that much.Do you?
Republicans are politicians too. If you don’t have any hope for the future of this country than you can’t claim you are a patriot. Your a naysayer. That’s it.