The home interest deduction is the last tax haven. It is there to get people to buy, not become just another payment that can not be deducted. It looks like he is going after the those that make quite a bit of money and changing the percentage that can be written off.

Welcome to big government. It was voted for...remember?

In some places, $250,000 is a lot of income. In others, it's pretty close to minimum wage relative to the cost of living. If he's gonna tax folks based on how rich they are, it should, at least, be adjusted for cost of living. But, again, for a politician that would make too much sense.

I think it makes for too much work really. True, $250,000.00 in NY is much different than the same amount in MD or any other state for that matter. Personally, I think he should keep away from this and this is a very bad move. The incentive to purchase a home does get smaller. People do want homes and I have heard it over and over, 'oh, the interest is a write-off." The write-off that one receives on the interest usually provides a nice return on taxes. This money goes right back into the economy. I does in my household. New appliances and other items for the home. Vacation, etc. He is effectively giving more money to himself. The the economy.....AIN'T THAT PROBLEM RIGHT NOW....THE ECONOMY???????:06: :06: :down: That spendable cash is now gone.

Genius is all relative. Do you understand the implications of this? Do you realize this maneuver takes spendable cash out of the consumers hands? Do you understand that to get the economy moving is to have consumers spend money? For years homeowners would take the interest write-off and use this cash for other things. Things that spur-on the economy. Nice down payment on a vehicle. Appliances or furniture. Clothing for the kids. Making a payment on a college tuition. Effectively he is taking cash out of the consumers hands. Last time I checked, Washington wants you to spend and get the economy going. I can't buy anything when I have nothing to purchase goods with. I do not think you understand how this will affect the other end of the spectrum...the economy. Millions of households with thousands to pour back into the economy. People do not sit on it. They spend it. Effectively this will take that buying power out of the consumers hands. It is a bad deal concerning the end result. :down: Furthermore, this write-off is an incentive to purchase a home. Washington knows home purchases drives the economy....go figure Enigma....housing crisis, home foreclosing=the situation we are in today. This incentive was offered by the US government to help people make that decision to purchase a home thus driving the economy. He needs to stay away from this notion.

So when the government gives incentives to buy houses it is fueling the bubble which leads to an economic crash , and when it takes away incentives it is stopping people spending money which will lead to an economic crash .

Close but not quite, what caused the bubble was the goverment "suggesting" that the banks make bad loans to people whom obviously could not afford them, artifically inflating the demand, driving up the home prices. Tax incintives had little to do with that.

When these artifically priced houses forclosed or devalued due to market adjustment has a lot to do with the economic crash. Tax incintives had nothing to do with that.

The other factor driving the market down down down is all the doom and gloom and trepidation over the massive debt the Oministration is saddeling the country with. Taxes have a lot to do with that.

Tax incintives for buying a new home should be left alone. After all arent we trying to create jobs? Now is not the time to be dicking around and slapping even more hurt on the people trying to do things 'the right way'.

But cash strapped and in debt beyond measure every feasable way to tax american citizens will be conisidered.

It is true. The more money you have, naturally the more you spend. The problem is that for it to be viable the money spent has to be real and not credit which gets defaulted. Credit is OK so long as it gets paid in a relatively short amount of time. Credit should only be given to those who are credit worthy. It is just good business.

Amen! Speaking of the right way...I do not qualify under the new plan for mortgages. I do not get to partake in the reduced income to cost ratio of 31% for the mortgage payment. It would reduce my mortgage by $250.00/month. In short, I get nothing for doing the right thing. Now he wants to reduce my interest write-off to boot. What next?

Why all your property will go to the goverment of course.

I do not think it will come to that but I believe he is getting into things he has no business getting into judging by his experience. Not only that, it is getting stupid. What was last week? It was an entire week of going after Rush Limbaugh:06: Get back on track in Washington!!!!!!!! WTH does Rush Limbaugh have to do with anything?

Just a diversion tactic, with the added benifit that if they actually do 'demonize' Mr. Limbaugh they may be able to silence voices of discontent.

Pay no attention to the man behind the curtain. :rotfl:

Warhawk,

I understand your points, yes.

I still stand firmly to the fact that accusing Obama of being Anti - Home ownership is so silly it's hilarious. That's all.

Your right Im sure that O is not "anti home ownership" but I seriously doubt that he has thought through all the consiquinces of his and his cabiinets actions.

Right now its the "We need money and we need money NOW" mindset.

No, Obama is not anti-home ownership. Hell, he got his for a song, perhaps a dance, but that is neither here or there. However, the end result of this preposed plan is less money in he consumers hands. This is not the direction we need to go to boost the economy. If anything, get those in default back on track. Must be qualified and who seemly have the longevity to carry the house after all is said and done. The more you get back onboard the stable mortgage train the more you have every year with thousands to spend at tax time.

I don't see this as being anti-home ownership - I agree however that its an absolute HORRIBLE move for the economy. This was done without enough thought, thats for sure. Don't count on it getting the support needed to happen.

Boy - doing away with taxes except for a true consumption tax is looking better and better ain't it?