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So long mortgage interest deductions and child tax credits?? They are on the chopping block.

According to today's WSJ, the above along with the ability to pay a portion of your health insurance before taxes..and a bevy of others are on the chopping block. The cuts could give the govt an extra million dollars a year.

What do you ladies think?

http://online.wsj.com/article/SB10001424052702304354104575568643889337142.html

 
yourspecialkid

Asked by yourspecialkid at 3:44 PM on Oct. 25, 2010 in Politics & Current Events

Level 35 (74,634 Credits)
This question is closed.
Answers (23)
  • There are billions of dollars of wasteful spending in nearly EVERY Federal Government program... And to think that someone is seriously considering tax credit/programs that positively impact the middle class the most... Ridiculous. This is the biggest reason why Bureaucrats don't want a fair tax/flat tax, imo... Then they wouldn't be able to hold the American people hostage.
    grlygrlz2

    Answer by grlygrlz2 at 4:10 PM on Oct. 25, 2010

  • That is BS. You are feeding into the media frenzy. That is what they want you to do.

    ***
    How is the WALL STREET JOURNAL "BS?" LOL Seems like that "frenzy" is gonna bite you in the arse in January! Good luck!

    Besides, I thought all of Bush's tax cuts and credits were ONLY for the rich?! I guess those making over $18,000 per year and need that Earned Income or child credit are now considered "wealthy?!" Good thing Obama has added any new taxes to us hardworking Americans....no...instead he's just taking benefits/credits AWAY!! That's CHANGE for you!!!
    LoriKeet

    Answer by LoriKeet at 4:08 PM on Oct. 25, 2010

  • This is very discouraging - I hope they don't go through with it. We are a family of four making it on $21,000 a year, and it would hurt us very much if they were to do away with the child tax credit. We use that every year to pay the debt that we have incurred throughout the year.

    It is ironic that Obama was put into office largely by lower income or middle income people who thought they would be getting free health care and no tax increases. Now we know that people will be required to buy health insurance or pay a penalty (or possibly be put in jail by the IRS if they don't pay), and low income families like mine will lose much-needed tax credits to pay for PBO's stimulus packages.

    Say what you want about GWB. The man never stuck it to my family like this current President.
    Iamgr8teful

    Answer by Iamgr8teful at 9:45 PM on Oct. 25, 2010

  • They definitely need to make some cuts somewhere! No matter where they cut, somebody's going to be unhappy. I would be happier if when they cut things out of the budget, they also stop spending so much money on "stimulus"
    missanc

    Answer by missanc at 3:51 PM on Oct. 25, 2010

  • Why can't they look at where they can cut spending first, then decide whether or not we need to do these things. All the stupid pet projects that politicians have can go, you know there is a lot of very unnecessary spending going on. Think of all the money they would have by cutting unnecessary spending. Of course, that would make way too much sense.
    anime_mom619

    Answer by anime_mom619 at 3:55 PM on Oct. 25, 2010

  • This shouldn't even be on the table till they get spending in line, and their own little pet projects need a permanent hiatus, along with the jet setting back and forth from DC. Why can't they work via secure teleconference? It's like thirty dollars a month.
    lovinangels

    Answer by lovinangels at 4:43 PM on Oct. 25, 2010

  • Itemized deductions and personal exemptions are will phase and have the same mathematical effect as higher marginal tax rates, which will also rise.

    Obamacare has over 20 new or higher taxes, AMT will also expire in 2011.

    Progressives have never met a dollar they didn't want to tax.
    Carpy

    Answer by Carpy at 4:54 PM on Oct. 25, 2010

  • Not surprising in the least. It's been a slippery slope for a long time,and it's appparent the Dems are starting to slide, and taking us all with them, sadly.
    jaycietaylorgma

    Answer by jaycietaylorgma at 4:21 PM on Oct. 25, 2010

  • Progressives have never met a dollar they didn't want to tax.


    I agree!!!

    grlygrlz2

    Answer by grlygrlz2 at 5:51 PM on Oct. 25, 2010

  • You would think I posted a piece from jimbobandbillyjoesobamabashingblog or something!

    ***

    Aww...I love JimBob and BillyJoe they're my favorite pundits!! LMAO!! :o)
    LoriKeet

    Answer by LoriKeet at 6:36 PM on Oct. 25, 2010

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