A change of plans: Say goodbye to tax deductions

I feel as being ruled by a gang that you have given all your valuables and they still stab you to death, no monies are enough for this administration. HOPE HELLO|||||| CHANGE ABSOLUTELY ONE THAT MAKES ME CRINGE OF FEAR AND DESPAIR.

A fair view of existing homeowners needs said here.
Whenever advocating changes to existing rules and regulations, those who relied upon the existing rules at the time they acted, need protected or grandfathered and specifically excluded from any new policies.

Specifically if an existing homeowner relied upon the mortgage interest deduction when purchasing their home as an integral part of their overall loan repayment plans, to then rip that deduction out from under them now would be patently unfair and worse. Yes, times change, and rules change, and anyone now entering the market should be prepared for new regulations. But in our rush to fix things, let’s not neglect and punish those, including retirees, who have faithfully met their obligations, continue to struggle through this economy, with proposing another huge hit on their finances.

Not all existing homeowners are fat cats living on easy street.
Wake-up, First Tuesday theorists.

What a stupid idea! Of course not being able to write of mortgage interest from your taxes will have a detrimental effect of those considering buying property. If things were bad enough with the real estate market now this policy surely will make things worse. It will sadly also effect those considering home remodels and the tradesman who could be working on these homes. It’s bad enough the value of most homes has dropped considerably but now there seems to be no benefit to ownership with this policy. Great for the market; NOT!

The article’s writer states “As housing subsidies have been determined to have no effect upon the level of homeownership nationwide…”. Really? And the purpose of allowing the mortgage interest deduction was what?

To state the morgate interest deduction has little impact on low to mid tier home owners is astonishinng. And then you follow it up with the removal of the interest deduction will have no impact on sales price. My God, you are hilarious. Have you ever cracked the binder on an economics book? If you are representing first tuesday, as the article indicates, I fear I must remove myself from your scrolls. Anyone with such brilliant reasoning skills and high brow insights may find it easy to prey on such a simple minded individual like myself.

This is the second time this ill conceived commie tripe has appeared (that I know of) in Prav Tuesda.

One question, only one for the brilliant author; if tax subsidies/breaks/incentives don’t work, then let’s first unburden the poor of theirs. You should win a lot of hearts and minds then!

Poor Mary – she wrote an article that the above commenters would agree with but First Tuesday buts in with “first tuesday take: Embrace this change…” and lathers liberalism all over her correct criticism of the latest Fed Foolishness. Hey guys, I totally agree with your comments but they should be directed at First Tuesday, not Mary. Please reread her article ignoring FT’s expletives-deleted. (What is it with FT lately? Their articles are getting increasingly Doonesberryish. Seems they have forgotten who their audience is.)

I can’t wait until only the rich own the houses and the poor are our tenants. We will be able to stick it to them at our will. Without all the subsidies a decline in home building will create a shortage which (if you took econ 1) will create higher prices. Citrus Heights in California had a buyer from Asia purchase a large subdivision that went broke. He finished the subdivision rented them all out and after a few years he decided to sell all of the units at once. Guess what, there weren’t enough QUALITY housing to accomadatete the new infulx of movers. The local gov stepped in and did everything they could to stop him form his legal rights because these TENANTS had to suffer some inconvience. Why did I just go there; because I can’t wait to see what the government has to do next to protect these new renters from these wealthy pigs that invest their hard earned money in an investment so they can achieve the American dream..

I LOVE THIS COUNTRY AND ITS DECENT HARD WORKING AMERICANS AND MY MILITARY WHO GIVE THEIR LIVES FOR US. UNFORTUNATELY I FEEL WE ARE GOING DOWN AND CATCHING SPEED OUR DEBT HAS DOUBLED IN 3 YEARS NOW OUR PRESIDENT WILL GIVE HIS FRENDS ALL THE ASSETS OF FANNIE MAE AND FREDDIE MAC WHILE WE INHERIT THE LOSES, I’M SICK OF THIS LOOTING AND RAPPING.

First Tuesday should confine itself to education, rather than attempt to indoctrinate us with liberal concepts with extremely questionable conclusions (agreed, as another said). Students also need to see the R.E. Practice manual, which is chok-ful of similar commentary. As for the mortgage interest deduction, this can be discussed objectively, but consider the fact that it has been a great incentive for citizens to invest in AMERICA. Instead, educators like “First Tuesday obviously decided to make this a class warfare issue, which I find totally abhorrent” (DITTO!).