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Who is Obama helping with his budget cuts?

In order to pay for health care reform, President Barack Obama is proposing to take the axe--or at least the scalpel--to a longtime sacred cow: the mortgage interest deduction.
The plan, would reduce the value of the mortgage interest and other deductions for those making over $209,000/yr.
The National Association of Home Builders, for example, has already released a statement attacking the plan:

“With the housing market still reeling from its worst downturn since the Great Depression, this is not the time to talk about raising taxes on home buyers and home owners," Joe Robson, chairman of the National Association of Home Builders, said in a press release. "This proposal will increase the cost of housing for many middle-class families, particularly in high-cost areas such as California and the Northeast, which will only further undercut the housing market"

What are your thoughts?

Answer Question
 
grlygrlz2

Asked by grlygrlz2 at 9:59 AM on Feb. 27, 2009 in Politics & Current Events

Level 39 (106,530 Credits)
Answers (19)
  • grlygrlz2

    Answer by grlygrlz2 at 10:00 AM on Feb. 27, 2009

  • he is helping me..
    Anonymous

    Answer by Anonymous at 10:00 AM on Feb. 27, 2009

  • grlygrlz2

    Answer by grlygrlz2 at 10:02 AM on Feb. 27, 2009

  • "The changes would be phased in gradually over the next few years. For the 2009 tax year, the 33% tax bracket starts with couples with taxable earnings of $208,850, when adjusted for personal exemptions and various deductible expenses. A taxpayer in the top bracket paying $1,000 of mortgage interest, for example, would see a tax break worth $350 reduced to $280."



    sounds like a great idea.

    heatherama

    Answer by heatherama at 10:09 AM on Feb. 27, 2009

  • oh but to answer your question: everyone. he's helping everyone.
    heatherama

    Answer by heatherama at 10:11 AM on Feb. 27, 2009

  • Apparently tax credits are absolutely the right of the rich, but when poor people get tax credits, its welfare. There is going to have to be money coming from somewhere to move forward in this country. Why does everyone advocate for it to come from the poor? Families making over 208,850 are not struggling to eat, and if they are struggling to pay their mortgage so much that an interest deduction of less than $100 is make or break time, they need to do what everyone is screaming about, and live within their means.
    stacymomof2

    Answer by stacymomof2 at 10:22 AM on Feb. 27, 2009

  • heather, it is obvious you like the "Redistribution of Wealth" Mentality. Some of us who work hard for our money and contribute to the system MORE than we depend on the system~are worried about when this spending and taxation will end...


    Even economists (see my other question) have said if Obama raised taxes on those making $75,000/yr+, HE STILL WOULDN"T undo all this spending.


    Obama is dependent on a 3% increase in employment next year in order to meet his budget goals. But yet, he has given NO details on where the increase will come from. 

    grlygrlz2

    Answer by grlygrlz2 at 10:22 AM on Feb. 27, 2009

  • Apparently tax credits are absolutely the right of the rich, but when poor people get tax credits, its welfare.


    What???LOL... You left out an integral part of that theory: When poor people get tax "credits" that are MORE than what they paid into the system. That is the definition of welfare.  Look it up.. lol..

    grlygrlz2

    Answer by grlygrlz2 at 10:26 AM on Feb. 27, 2009

  • Why does everyone advocate for it to come from the poor?


    Who says that? Why not Make it a fair/flat tax for ALL...


    Families making over 208,850 are not struggling to eat


    NO, but they are the ones who CAN stimulate the economy more than anyone else. Why would you want to punish them for being successful?

    grlygrlz2

    Answer by grlygrlz2 at 10:29 AM on Feb. 27, 2009

  • so much that an interest deduction of less than $100 is make or break time, they need to do what everyone is screaming about, and live within their means.

    Add to that the tax INCREASE they are about to see and the lower charitable deduction Obama is going to enact as well.. When does it end? He is relying on 2% of the nation to fund his SOCIAL reform.
    grlygrlz2

    Answer by grlygrlz2 at 10:35 AM on Feb. 27, 2009

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