I say elimination of Mortgage Credit is A TAX INCREASE!

[corky44]

Why don't the Dems scream bloody murder over this? No fight left?

[BrklynLiberal]

1. You are absolutely right!! This should be media blasted.

[sam sarrha]

7. The "MEDIA" is a 4 corporation Fascist propaganda machine of Bu$hitCo.

they are not going to do to anything against the party line on the Public Air Waves or in print.

[helderheid]

2. has this passed?

[Missy M]

3. IT SURE IS!!!!!!!!!!!!!

[On the Road]

4. Damn Straight It Is

and it's going to cause a wave of foreclosures from people house-poor and overextended. Just raise the tax brackets, for crying out loud, rather try these destructive gimmicks.

[ender]

5. there is no legislation yet...

just a conference report... keep your hat on...

the repubs arent dumb enough to implement this yet...

[gratuitous]

6. Okay, first, it's just a recommendation from an advisory panel

Second, what are they recommending be eliminated? Interest payments on a second or third house mortgage? I'd be okay with that. A limit on the deduction allowed, say, $25,000? I'd be okay with that, too. It wouldn't have any effect on me or 95% of homeowners, but it would result in a revenue stream to the Treasury from folks who could most afford to pay a little more in taxes, and since we're adding to the national debt to the tune of half a trillion dollars annually, it's probably a good idea to generate some additional revenue somewhere.

[progressivebydesign]

13. That's not what they're proposing. It's NOT about 3 houses...

it's about eliminating it for all mortgages. I'm NOT okay with limiting the deduction at all. It's the only thing the working class has, if they are lucky enough to own a home or maybe a rental home (the other American dream).

I'm shocked that someone on DU would not mention the unbelievable tax giveaway of the tax cuts on the uber-wealthy, or the offshore tax shelters by our corporations.. rather you're wanting to hurt homeowners. Shocking.

[gratuitous]

15. I asked the question: What are they recommending?

I didn't answer it, I was asking for information, and giving examples of trims in the mortgage deduction that I would find quite acceptable.

But go ahead and turn up the juice on your vitriol if it makes you feel better. Kick a puppy on the way home, too.

[corky44]

16. Your're missing my point.

IT'S A TAX INCREASE! The right are all about "no taxes"
Hit them with this ! HARD!

[gratuitous]

18. Far be it from me to get in the way of an uninformed rant

Be my guest.

[corky44]

27. I'm talking about hitting back

with any club we can find.

[tx_dem41]

28. Well, before you do it, make sure your club doesn't have holes in it.

They are talking about lowering the exempt amount for home mortage to around $300,000 approximately (adjusted regionally). They have not talked about eliminating it entirely.

[corky44]

29. Where I live

you couldn't buy a broom closet for $300,000
So make sure your ideas don't have holes in it-Get real.
It's a TAX INCREASE.

[tx_dem41]

30. Ummm...what ideas are you talking about?

I didn't state any. I was correcting your misstatement about eliminating the exemption.

[corky44]

31. Answer me this: If congress were to pass

a bill that changed the mortgage deduction would middle class
people be paying the same amount in taxes or more?

[tx_dem41]

34. Why do you continue to argue with me about something I didn't

even say?? Strange.

I corrected your error. That is ALL.

[tx_dem41]

33. Self -delete

Self-delete

[ProfessorGAC]

8. You Should Say That! You're Right!

Just as the Repubs saying that a reduction to an increase in spending is not a cut, now they're saying an increase in deductions is not a tax increase.

They were wrong before, and they're wrong now. Only in their tiny minds, does this make any sense.
The Professor

[MissMarple]

9. Republicans in Colorado are saying foregoing a tax rebate is an increase.

Actually, they are frothing at the mouth and jumping up and down with rage. I expect a full rolling on the floor hissy fit if Referendums C and D are voted in.

So, I wonder how they will rationalize this travesty against the middle class? Hmm...oh gee, it's how we "create wealth"?

God give me patience. :nuke:

[progressivebydesign]

10. Of course it is! The republicants would say it...

But our Democratic "leadership" is so completely useless right now... that they are afraid to make a peep. So.. where are they? Where are our spokespeople? I know that Pelosi and Conyers are doing a great job right now, but I'm CERTAIN we must have a few leaders left out there. Have they finally muzzled Howard Dean?

That's the problem with the Democrats. We are leaderless.

[HereSince1628]

11. It's a tax on suburbanites, it is aimed at the wallets of Republicans

as well as Democrats. If ever there was an issue that promised to give Democrats gains in the suburbs this is it.

By removing money from the suburban economy it will erode retail sales and the revenues of local governments that depend on sales tax.

[tk2kewl]

12. It's a SERIESLY HUGH tax increase for a lot of people!

Hell... in my neighborhood, a mixed white-collar and blue-collar middle class neighborhood, property taxes run between $5,000 and $15,000 per year. State income taxes are among the highest in the nation, and home prices are out of site.

Just property taxes and mortgage interest on a modest home of less than 2,000 sq ft can easily amount to $25,000! Add to that the state income tax and you've got anywhere from $30,000 to $40,000 worth of deductions.

Take those deductions away and you've got a tax increase north of $10,000! And we're not talking rich people.

[HereSince1628]

17. And think about what items won't be bought in local retail stores.

This tax competes with the revenue stream of small retail businesses.

Do you have a local sales tax?

Imagine 10K times that your sales tax multiplied by the population of your community and you will see how that will impact local services including the first responders the republicans think so much of.

This _has_ to be a good issue for Democrats to use against the R's.

[tk2kewl]

19. and with the lost sales tax revenues...

local governments are going to turn where? to your property tax!

state sales tax is 4.25% and add on anther 3% to 4% for local sales taxes depending on your county.

[HereSince1628]

21. If Sennsenbrenner supports this one, his district will turn on him

and suburban communities around the country that are predominantly red will turn on their congresscritters, too.

I say lets try to manuever the debate into the spring so it can be an issue fresh in the minds of voters in the mid-term elections.

[tk2kewl]

24. Hang 'em all with it!

[doodadem]

14. Tax Increase!

Trying to take away the deduction for our home equity account, and the deduction for state/local taxes, limit deduction for first mortgage. That's going to negatively affect MOST people.

Does anyone else remember the days when you could deduct the interest on any loan or credit card?

[pitohui]

22. yes, reagan got rid of that one

what a thief & a liar

but no one cares if taxes are increased on the middle class, they only care if the rich are asked to pay their fair share for the media is owned by the rich

[SammyWinstonJack]

23. I do. nt

[elehhhhna]

20. Citibank (Saudibank) owns HRC. She'll comment after they instruct her.

I can't imagine the banks, RE, Construction or Mort. co's will back this...so it'll be a non-starter.

[mzteris]

25. WHAT?????/

Thank goodness for DU! I've heard nothing about this.

Is there some sort of organized resistance/protest/petition/letter campaign for this?

[SheilaT]

26. Actually, I'm somewhat in

favor of at least scaling back on the mortgage credit. At least cap it at some reasonable level.

Too many people get overextended on mortgage payments because of that credit. It's an important reason why there's a bubble in housing costs in many places. If people only bought the homes they actually could afford, well, that would be a novelty in some quarters.

And yes, my home is paid for.

[politicat]

32. Most people don't over-extend.

That credit is as important for the middle class as the earned income tax credit for those in the 10% tax bracket.

People don't use the credit to get big refunds - they use the credit (it is non-refundable) to lower their tax liability.

You're lucky yours is paid for and you benefited from that interest credit every year while you were paying it off - you're as bad as those who bitch about paying for schools because they don't have kids in the local system. Our house is a 10th the house we're qualified for, and yes, it will be paid for in 10 years on a 15 year instead a 30, but that interest credit is still very valuable and keeps us from having to go deeper into debt each year to pay off the tax bill.

Most people would be in a world of hurt if they don't get that credit, and we're going to have huge numbers of people in trouble with the bankruptcy bill as it is. Do you really want to bring about a Depression that makes the 30s look like a minor reversal?