MID - issue for the white house
 

The new plan calls for tax rates above 28% to longer be able to use the MID on there tax return

So a family that makes 300k a yr and buys a house say worth 3x there salary a 900k house , now will no longer be able to deduct the interest payments from their income


don't get this one folks , the tax rate on income is going back to 39.5 % pre-bush , take this one away and a lot of upper middle class people will see their effective tax rate (since their house is thier biggest asset) go up even higher!

NAR already has a letter out to Obama this one will be interesting to watch as it will effect a lot of people in CT , NY and CA where all of the senators except uncle joe in ct who is an IND. are dems

No one in his right mind would put this on the taxpayer...no matter what they made per year.

Housing market stinks? Yeah lets make it less attractive to buy homes.

I'm with you guys on this one. I'm all for raising the tax rates in the top brackets but reducing incentive to buy houses seems to be a very poor idea.

Well we have a democratic congress. It probably will pass.

When people realize what all this about, there's gonna be Hell to pay!
These leaders(and I use that term loosely) have constituents that will begin recalls! You can't essentially freeze the housing market and expect it to recover magically. Agreed....it's all a "house of cards" but Obama has no net in place for the people.

also read earlier about the push to allow judges to force lower interest rates, etc in bankruptcy-so where is the incentive not to file if they do that? yes, it helps the hurting buyer-but hinders the banks from loaning in future, and probably will encourage folks who wouldn't file to do just that-especially if it means a lower interest rate and more favorable terms than what they currently have. banks are screaming about the idea, i don't think it's going to fly.