It's Carter all over again--proposal to cap mortgage interest deduction at 28%!

[auditor0007]

How about reading the article, Oreo?

Okay, which is it? The way Oreo worded it, it sounded as if you could only write off 28% of the interest on your mortgage. What this says is something completely different, however, I'm still confused. Does this mean that people will only be able to write off up to 28% of their income, or does it mean they can only write off whatever amount that will get them to the 28% tax bracket, which would be a bit like the AMT?

The entire article should clear it up.

Mortgage deductions: Wealthy on the losing end - Feb. 27, 2009

Oreo, you're a skank.

So, they can only deduct so much as to bring them to the 28% bracket. I wouldn't mind this at all since I actually would like to see the mortgage interest deduction abolished completely. The only problem is that now is not the time to do this. The article goes on to further state that this is likely to put more downward pressure on the housing market, specifically bigger, more expensive homes. This could actually force quite a few more people into foreclosure. If we are ever to phase out the mortgage interest deduction, it should be phased out with a grandfather clause so it doesn't effect those who already count on that deduction. Some people would claim it to be unfair to new home buyers, but what is truly unfair is to change the rules in the middle of the game.

 

[sarahgop]

we need everyone to pay the same% of tax.

 

[PubliusInfinitum]

Yep--they would never do that. A fair flat tax--then they couldn't campaign on the rich vs. the poor./QUOTE]

Bullcrap. The biggest resistance will be from the republican rich who will lose their loop holes. Hell, Reagan campaigned for the rich over the poor and middle class. It's called trickled on theory. I guess you like the warm feeling as it trickles over you.

If this doesn't happen, I guess you will find something else to bitch about and move one.

Also, it wasn't the DNC that put out the add, Oreo.

ROFLMNAO... "Reagan campaigned for the rich over the poor and middle class." Ain't delusion GRAND?

Pogue, why don't ya give us an example of 'Reagan campaigning for the rich over the poor and middle-class'... Of course we will not have any valid example ever speaking in ANY WAY where ANY reasonably intelligence person could infer that he was advocating for the wealthy over ANYONE ELSE...

I love this gals posts... The Pogue here, (Pogue being a Marine groupie... a wanna be that pretends to have qualified as a Marine at some point in their sad little life...) she really illustrates beautifully why the US desperately needs an intelligence test to establish who is intellectually qualified to vote...

 

[PubliusInfinitum]

What the fuck is the deal with bush voter's fetish for lying? Oreo "forgets" to provide a link and lies about what the article says. Joe the War Correspondent lies about who he is so he can parrot a rightwing talking point. Some conservative McCain supporter in Pennsylvania lies about a scary black obama supporter attacking her. Some gal in Annie's link lies about taxes on her small business, to promote rightwing myths.

what the fuck is going on.

Your lyin... But hey, that's what liars DO...

 

[WillowTree]

What the fuck is the deal with bush voter's fetish for lying? Oreo "forgets" to provide a link and lies about what the article says. Joe the War Correspondent lies about who he is so he can parrot a rightwing talking point. Some conservative McCain supporter in Pennsylvania lies about a scary black obama supporter attacking her. Some gal in Annie's link lies about taxes on her small business, to promote rightwing myths.

what the fuck is going on.

Your lyin... But hey, that's what liars DO...

With every breath they suck,,I mean they really really suck!