Home › Forums › Financial Markets/Economics › Proposed Mortgage Interest Deduction Phase Out?
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July 8, 2011 at 12:23 PM #709535July 8, 2011 at 12:24 PM #708329
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Participant[quote=Huckleberry]
What about the affect of Obama repealing the mortgage interest deduction or significantly reducing it? I HEAVILY lean toward the belief that high end home prices will degenerate quickly if this tax provision is eliminated!Other thoughts?[/quote]
Oh yeah, home prices would collapse. Also, people will moonwalk away from the mortgages en masse. I know I probably would!
July 8, 2011 at 12:24 PM #708427Participant[quote=Huckleberry]
What about the affect of Obama repealing the mortgage interest deduction or significantly reducing it? I HEAVILY lean toward the belief that high end home prices will degenerate quickly if this tax provision is eliminated!Other thoughts?[/quote]
Oh yeah, home prices would collapse. Also, people will moonwalk away from the mortgages en masse. I know I probably would!
July 8, 2011 at 12:24 PM #709025Participant[quote=Huckleberry]
What about the affect of Obama repealing the mortgage interest deduction or significantly reducing it? I HEAVILY lean toward the belief that high end home prices will degenerate quickly if this tax provision is eliminated!Other thoughts?[/quote]
Oh yeah, home prices would collapse. Also, people will moonwalk away from the mortgages en masse. I know I probably would!
July 8, 2011 at 12:24 PM #709177Participant[quote=Huckleberry]
What about the affect of Obama repealing the mortgage interest deduction or significantly reducing it? I HEAVILY lean toward the belief that high end home prices will degenerate quickly if this tax provision is eliminated!Other thoughts?[/quote]
Oh yeah, home prices would collapse. Also, people will moonwalk away from the mortgages en masse. I know I probably would!
July 8, 2011 at 12:24 PM #709540Participant[quote=Huckleberry]
What about the affect of Obama repealing the mortgage interest deduction or significantly reducing it? I HEAVILY lean toward the belief that high end home prices will degenerate quickly if this tax provision is eliminated!Other thoughts?[/quote]
Oh yeah, home prices would collapse. Also, people will moonwalk away from the mortgages en masse. I know I probably would!
July 8, 2011 at 12:59 PM #708339Huckleberry
ParticipantHas anybody hear the latest on the status of the Obama administration eliminating or modifying this tax benefit?
Also, what is the current proposed structure of any modification?
July 8, 2011 at 12:59 PM #708437ParticipantHas anybody hear the latest on the status of the Obama administration eliminating or modifying this tax benefit?
Also, what is the current proposed structure of any modification?
July 8, 2011 at 12:59 PM #709035ParticipantHas anybody hear the latest on the status of the Obama administration eliminating or modifying this tax benefit?
Also, what is the current proposed structure of any modification?
July 8, 2011 at 12:59 PM #709187ParticipantHas anybody hear the latest on the status of the Obama administration eliminating or modifying this tax benefit?
Also, what is the current proposed structure of any modification?
July 8, 2011 at 12:59 PM #709550ParticipantHas anybody hear the latest on the status of the Obama administration eliminating or modifying this tax benefit?
Also, what is the current proposed structure of any modification?
July 8, 2011 at 1:53 PM #708359briansd1
Guest[quote=Huckleberry]Has anybody hear the latest on the status of the Obama administration eliminating or modifying this tax benefit?
Also, what is the current proposed structure of any modification?[/quote]
Actually Libetarians want the mortgage interest deduction totally eliminated because it represents government welfare and intervention.
Here’s an article from libertarian CATO:
http://www.cato-at-liberty.org/now-is-the-time-to-end-the-mortgage-interest-deduction/The libertarian wing of the Tea party embraced the elimination of the MID; but the Tea Party discovered that the MID is very popular so they are now playing up the populist appeal of MID.
President Obama’s proposal is a modest rollback of the MID.
The president once again proposed in his budget to curtail high-income earners’ tax deduction for mortgage interest payments and charitable contributions.
Under his proposal, taxpayers in the 33% and 35% tax brackets would only be able to deduct their contributions and mortgage interest payments at the 28% rate. It would affect those with taxable income of $250,000 and up and bring in $321 billion over 10 years, according to the White House
http://money.cnn.com/2011/02/15/news/economy/mortgage_interest_deduction/index.htm
July 8, 2011 at 1:53 PM #708457Guest[quote=Huckleberry]Has anybody hear the latest on the status of the Obama administration eliminating or modifying this tax benefit?
Also, what is the current proposed structure of any modification?[/quote]
Actually Libetarians want the mortgage interest deduction totally eliminated because it represents government welfare and intervention.
Here’s an article from libertarian CATO:
http://www.cato-at-liberty.org/now-is-the-time-to-end-the-mortgage-interest-deduction/The libertarian wing of the Tea party embraced the elimination of the MID; but the Tea Party discovered that the MID is very popular so they are now playing up the populist appeal of MID.
President Obama’s proposal is a modest rollback of the MID.
The president once again proposed in his budget to curtail high-income earners’ tax deduction for mortgage interest payments and charitable contributions.
Under his proposal, taxpayers in the 33% and 35% tax brackets would only be able to deduct their contributions and mortgage interest payments at the 28% rate. It would affect those with taxable income of $250,000 and up and bring in $321 billion over 10 years, according to the White House
http://money.cnn.com/2011/02/15/news/economy/mortgage_interest_deduction/index.htm
July 8, 2011 at 1:53 PM #709055Guest[quote=Huckleberry]Has anybody hear the latest on the status of the Obama administration eliminating or modifying this tax benefit?
Also, what is the current proposed structure of any modification?[/quote]
Actually Libetarians want the mortgage interest deduction totally eliminated because it represents government welfare and intervention.
Here’s an article from libertarian CATO:
http://www.cato-at-liberty.org/now-is-the-time-to-end-the-mortgage-interest-deduction/The libertarian wing of the Tea party embraced the elimination of the MID; but the Tea Party discovered that the MID is very popular so they are now playing up the populist appeal of MID.
President Obama’s proposal is a modest rollback of the MID.
The president once again proposed in his budget to curtail high-income earners’ tax deduction for mortgage interest payments and charitable contributions.
Under his proposal, taxpayers in the 33% and 35% tax brackets would only be able to deduct their contributions and mortgage interest payments at the 28% rate. It would affect those with taxable income of $250,000 and up and bring in $321 billion over 10 years, according to the White House
http://money.cnn.com/2011/02/15/news/economy/mortgage_interest_deduction/index.htm
July 8, 2011 at 1:53 PM #709207Guest[quote=Huckleberry]Has anybody hear the latest on the status of the Obama administration eliminating or modifying this tax benefit?
Also, what is the current proposed structure of any modification?[/quote]
Actually Libetarians want the mortgage interest deduction totally eliminated because it represents government welfare and intervention.
Here’s an article from libertarian CATO:
http://www.cato-at-liberty.org/now-is-the-time-to-end-the-mortgage-interest-deduction/The libertarian wing of the Tea party embraced the elimination of the MID; but the Tea Party discovered that the MID is very popular so they are now playing up the populist appeal of MID.
President Obama’s proposal is a modest rollback of the MID.
The president once again proposed in his budget to curtail high-income earners’ tax deduction for mortgage interest payments and charitable contributions.
Under his proposal, taxpayers in the 33% and 35% tax brackets would only be able to deduct their contributions and mortgage interest payments at the 28% rate. It would affect those with taxable income of $250,000 and up and bring in $321 billion over 10 years, according to the White House
http://money.cnn.com/2011/02/15/news/economy/mortgage_interest_deduction/index.htm
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