Mortgage Interest Deduction Phaseout?!

Well, there goes the entire housing market for the over $350,000 home for years. And anything over a million, see ya. I wouldn't touch it with a 10 foot pole. You bought it, you own it. Forget about trading up. All these homeowners in Mc Mansions or high housing cost areas like the major metro areas are hopelessly and finally screwed.

And its nice that charities are getting the shaft too. Who do you think gives their money away - broke people? No - its the wealthy who do. Obviously, there's some potential competition between charities/ngo's and the Obama admin, so guess who's going to win? Depend upon the government for help, as there won't be alternatives.

This is really unbelievable. Didn't think we could get worse than Bush. I stand corrected. Talk about a major gaffe.
 
Quote from drsteph:

"...This is really unbelievable. Didn't think we could get worse than Bush. I stand corrected. Talk about a major gaffe.

Duh!
 
Quote from blackjack007:

i don't think this is true. mortgage interest is treated as any other deduction and is subject to the AGI phaseout

If that is the case, I stand corrected on that side point.
 
Quote from Tide31:

I forgot to mention charitable deductions BlackJack you are exactly right. You'd think that screwing the charities post-Madoff (he was 'protecting' their money in a number of cases), and in this economy would be one place they would not go. One of the obvious and biggest incentives, other than just being a really nice person, was the tax-incentive to giving to your church, synagogue, United Way, etc... Taking money from the needy indirectly is a low blow.

What amazes me with int. deduction thing is that people who have 'some' money left are people too. Apparently it is extremely difficult to get a jumbo loan right now. To really screw this market, why not increase their taxes if they are approved?

Any cut on charitable contributions only hurt one class.... THE CLASSES THAT HAVE TO USE THE CHARITABLE SERVICES... (the poor)

We're on our way, the United Socialist America.
 
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