Tax deduction for mortgage interest could be on the chopping block
I posted the link to the story on facebook.
The story was by By Don Lee, Los Angeles Times on December 20, 2010.
The first paragraph in the story:
Much the same has been true for millions of Americans up and down the income scale. Perhaps the most sacred of all the sacred cows in the tax code, the home mortgage deduction has long been seen as crucial to a major element of the American dream — owning your own home.
My comment: I guess for folks in the multi million dollar tax bracket with those extended tax ...breaks the property tax will inflict less pain than it will for those who slip a little further behind each month.
I was discussing this with someone a month back and they didn't believe me. If this were to be implemented it would hit both the West and East coast very hard. People would flee this state. The population of San Jose last year dropped by 60K. Most home owners at least partially accepted the enormous cost of getting a home in the Bay Area because of these critical tax deductions.
I don't know if you caught 60 minutes last night, but numerous States may actually go into default and that will blow a hole in the bond market into which many people fled to. What we have is hyper-Socialism for the rich and super-richer. The general wealth of the nation is not being created from any sort of tangible output, but it's being transferred up to the top incomes.