Mortgage deduction eyed in deficit talks

[No Elephants]

Mortgage deduction eyed in deficit talks

Published: Nov. 27, 2012 at 3:30 AM

WASHINGTON, Nov. 27 (UPI) -- <snip>

High-income taxpayers would likely be most affected by such a decision, the newspaper said.

Excuse this interruption of your reading pleasure, but bullshit.

Since when does paying a little more for anything impace the wealthy more?

High income taxpayers have little to no trouble paying cash for a home. Even $20 million co-ops in Manhattan get bought with cash. And, if the deduction is such a big problem, a high income taxpayer has the option of buying a less expensive home. Or, they can rent a danged nice place.

It's the person making lower income for whom eliminating the deduction will make the difference between being able to afford a home and having to rent in some undesirable location all his, her or their lives.

Oh, and so much for Obama's promise about not raising taxes on the middle class. This will not only have the effect of increasing them, but will force working poor and middle class people out of the homes they now own and will lead to another glut of homes up for sale.

I posted another story yesterday about the home building industry opposing this and this story says the realtors are opposing it too (duh). I hope to heaven they succeed.



Now, back to the story.

<snip>

After the commission's {Simpson Bowles} recommendations failed to garner enough support, Bowles and the panel's Republican co-chairman, former Sen. Alan Simpson of Wyoming, started the group Campaign to Fix the Debt.

That group offered a debt-reduction plan last fall in line with Republican principles, GOP aides say. The plan called for $800 billion in new revenue by overhauling the tax code and making significant spending cuts, including big changes to Medicare and other government health programs.


Democrats said they were encouraged by Boehner's talk of a "balanced approach" -- a phrase used by Obama to refer to tax increases on wealthy individuals as well as spending cuts -- but they said they wanted details of the GOP position.

Read more: http://www.upi.com/Top_News/US/2012/11/27/Mortgage-deduction-eyed-in-deficit-talks/UPI-40751354005000/#ixzz2DQfxP19w




Why in hell are Democrats waiting for Republicans to come up with a plan?

Meanwhile, Obama already offered $2.50 in spending cuts for every $1 of revenue.

When Republicans describe something as in line with Republican principles, you know most people are going to be in for a world of hurt.



New Democrats = same old, same old Republicans

[Enthusiast]

1. Now now. Everyone must sacrifice.

[No Elephants]

2. Gaah, indeed. Isn't funny what the 1% think should be all theirs and what they want to share?

Where was the shared sacrifice in the bailout? They would not even give up a dollar of bonus.

Al Sharpton put it well. The people who did not get to share in the transfer of weath since 1980 should not be asked to participate in sacrifice now.