Thanks a ton Obama, really appreciate it.

[Wagner]

We're FU_KED America.......

Obama's rude shock to six-figure earners - Feb. 27, 2009


Love to see how "Joe 6-Pack" would feel if this type of BS was pulled on them, but then again they're probably waiting to see who wins American Idol. Nice job establishing Class Warfare Change boy.

Epic fail. As I wrote my Senator/HR people yesterday, if this were 5 years ago and I was starting my company....I wouldn't. That should tell people something.


Finally, someone from CNN actually wrote an article about this:

Say a family earns $300,000 a year, and pays $50,000 a year in mortgage interest; the family also contributes $5,000 to Boy Scouts, Red Cross and other charities. Under the AMT's top effective tax rate of 35%, they benefit from savings of $19,250 on those deductions.

But under Obama's new plan, the share of that $55,000 that HENRYs can deduct is no longer 35%. It's capped at 28%. Hence, their tax bill rises by almost $4,000. That's a jump in their marginal tax rate, the crucial share of an extra dollar of income they get to keep, from 35% to over 37%.

[LobsterX]

Originally Posted by Wagner

We're FU_KED America.......

Obama's rude shock to six-figure earners - Feb. 27, 2009


Love to see how "Joe 6-Pack" would feel if this type of BS was pulled on them, but then again they're probably waiting to see who wins American Idol. Nice job establishing Class Warfare Change boy.

Epic fail. As I wrote my Senator/HR people yesterday, if this were 5 years ago and I was starting my company....I wouldn't. That should tell people something.


Finally, someone from CNN actually wrote an article about this:

Hey Wagner! I think you are forgetting one important "promise" that he gave during the campaign: 'SPREAD THE WEALTH!" I guess that's the ONLY promise he is going to keep! GO CHANGE!

[Bimmer4125]

Soon you will see mortgage interest no longer be a deductible item. This will truly initiate the screwing of the middle class as only new home buyers and those who f'ed up their "alternative" mortgages will receive any relief. There will be no benefit to owning a home other than having your own basement to hide in when the hoards come. Everytime I watch the news I realize that "work hard, get f$#ked" is becoming more and more true.
Reagan was Right.

[LeMansX5]

Originally Posted by Bimmer4125

Soon you will see mortgage interest no longer be a deductible item. This will truly initiate the screwing of the middle class as only new home buyers and those who f'ed up their "alternative" mortgages will receive any relief. There will be no benefit to owning a home other than having your own basement to hide in when the hoards come. Everytime I watch the news I realize that "work hard, get f$#ked" is becoming more and more true.
Reagan was Right.

Seen this video?
YouTube - Rick Santelli and the "Rant of the Year"

[JVegas]

Hey, Socialism really worked great for Western Europe, right?? Just be glad we have Pelosi, Reid, Schumer, Frank, Dodd and the new guy Burris running the show. Dont know what I would do if we actually had some intelligence running the country...oh wait, we do have Ted Kennedy --- awful.

Jeez, you go from a community organizer to running a 3.5 Trillion dollar budget....who needs experience when you can just screw the people who elected you. Cant wait til everyone actually reads the budget and notices the $1.40 tax per gallon of gas. (that was in the fine print)...

F Obama and his cronies ... I'd take Bush back in a heartbeat !!!

[blondboinsd]

Originally Posted by JVegas

Hey, Socialism really worked great for Western Europe, right?? Just be glad we have Pelosi, Reid, Schumer, Frank, Dodd and the new guy Burris running the show. Dont know what I would do if we actually had some intelligence running the country...oh wait, we do have Ted Kennedy --- awful.

Jeez, you go from a community organizer to running a 3.5 Trillion dollar budget....who needs experience when you can just screw the people who elected you. Cant wait til everyone actually reads the budget and notices the $1.40 tax per gallon of gas. (that was in the fine print)...

F Obama and his cronies ... I'd take Bush back in a heartbeat !!!

I knew he was going to ruining healthcare AND taxes for those that actually work to succeed (how dare we!) but where is this 1.40 cent hike? I want to read this and then post about it in my "anti-Obama" rant blogs

[JCL]

Originally Posted by Bimmer4125

Soon you will see mortgage interest no longer be a deductible item. This will truly initiate the screwing of the middle class as only new home buyers and those who f'ed up their "alternative" mortgages will receive any relief. There will be no benefit to owning a home other than having your own basement to hide in when the hoards come. Everytime I watch the news I realize that "work hard, get f$#ked" is becoming more and more true.
Reagan was Right.

Interesting perspective. I do think that mortgage interest in the US will eventually be eliminated as a deduction. There aren't many countries that let you deduct personal loans, this deduction is a significant exception. I thought that incenting people to borrow money through tax credits was likely a contributor to people borrowing too much in the pursuit of bigger homes and more mortgage debt. Wasn't that household debt one of the problems that led to the current meltdown? Why should home mortgages be deductible unless you want to encourage more mortgage debt?

[FSETH]

Originally Posted by JCL

Interesting perspective. I do think that mortgage interest in the US will eventually be eliminated as a deduction. There aren't many countries that let you deduct personal loans, this deduction is a significant exception. I thought that incenting people to borrow money through tax credits was likely a contributor to people borrowing too much in the pursuit of bigger homes and more mortgage debt. Wasn't that household debt one of the problems that led to the current meltdown? Why should home mortgages be deductible unless you want to encourage more mortgage debt?

What I have heard is that there are some supporters of decreasing mortgage interest deductions for homes over 3,000 sq.ft. and basically eliminating them on homes over about 4,200 sq.ft. for environmental reasons. They basically state that the larger homes have a bigger carbon footprint and should be punished.

The entire real estate industry is a huge part of our overall economy. I really don't think eliminating mortage interest deductions across the board is a good thing. The problem isn't with people wanting to be home owners. It is with the banks giving people who were not economically qualified to be "owners" in the first place a mortgage. Or getting them into a larger house than they could afford with ARM mortgages. This goes back to the loosened Fannie Mae requirements of the Clinton era, IMO.

[Wagner]

Originally Posted by FSETH

What I have heard is that there are some supporters of decreasing mortgage interest deductions for homes over 3,000 sq.ft. and basically eliminating them on homes over about 4,200 sq.ft. for environmental reasons. They basically state that the larger homes have a bigger carbon footprint and should be punished.

The entire real estate industry is a huge part of our overall economy. I really don't think eliminating mortage interest deductions across the board is a good thing. The problem isn't with people wanting to be home owners. It is with the banks giving people who were not economically qualified to be "owners" in the first place a mortgage. Or getting them into a larger house than they could afford with ARM mortgages. This goes back to the loosened Fannie Mae requirements of the Clinton era, IMO.

That kind of crap I find completely....dumb. It doesn't take into account: extended families living together in a larger house, vs Britney Spears living in a mansion. Nor does it address anything real, just a cheap skate class way of making money....going down a toilet USA....head first.

[JCL]

Originally Posted by FSETH

What I have heard is that there are some supporters of decreasing mortgage interest deductions for homes over 3,000 sq.ft. and basically eliminating them on homes over about 4,200 sq.ft. for environmental reasons. They basically state that the larger homes have a bigger carbon footprint and should be punished.

The entire real estate industry is a huge part of our overall economy. I really don't think eliminating mortage interest deductions across the board is a good thing. The problem isn't with people wanting to be home owners. It is with the banks giving people who were not economically qualified to be "owners" in the first place a mortgage. Or getting them into a larger house than they could afford with ARM mortgages. This goes back to the loosened Fannie Mae requirements of the Clinton era, IMO.

That seems silly to me, to have different deductions based on the size of the house. If you want to promote saving energy, tax carbon and not the size of the house, since some large houses have heat pumps and some small houses have single pane glass, just as an example.

The problem that I am talking about isn't just with the unqualified lenders. It is with a society that has lived on credit beyond its means, at many levels, from the unqualified borrowers to the banks running on handouts. If that is recognized as a problem, then promoting personal borrowing (which is unproductive, unlike business borrowing) with tax deductions is part of the problem.