The IRS Deductions Blog

Posts Tagged ‘nar’

Items on Amazon Right Now for Mortgage Interest Tax Deduction Obama:

Time to pay the piper: would you sacrifice your mortgage deduction to the national debt?

It was, for decades, the true third rail of politics: while raising taxes is never popular, nor politically wise, talking about scaling back or eliminating the tax deduction that homeowners get for paying interest on mortgages is as taboo as it gets.

First Time Home Buyer Tax Credit Program, FHA Mortgage, Fixed Interest Rate Loan

Question: Obama is trying to help poor people why are people with FAT pockets trying to stop him?

His plan will effectively eliminate all taxes for about 10 million low-income Americans.
Obama also offers a 10 percent mortgage credit that can be claimed by people who don’t itemize deductions and eliminates taxes for senior citizens who earn less than $50,000.
His approach is aimed in part at giving a boost to workers whose incomes have been stagnant in recent years by allowing his $1,000 credit to offset payroll taxes as well as income taxes, which means it will reach lower on the income scale.
Obama’s tax plan is the best tax plan that has ever been proposed by a candidate, but there are a lot of special interest and lobbyists trying to resist it.

Answer: Well said!!! Thanks

Latina for Obama

Items on Amazon Right Now for Mortgage Deduction Obama:

Harry Moroz: Renters Be Damned!

It’s been a bad couple of years for homeowners, but they should take solace: at least their difficulties have caught Congress’s wandering eye. Meanwhile, renters have been forgotten.

government by stealth-12-25-09

Question: Will the New Obama administration go after all your deductions ?

because it sees them as costing them money ?

Deductions:
Health Care, 116 BILLION;
401K 90 BILLION;
Home Mortgage 67 BILLION;
Earned Income tax credit 49 BILLION.

Answer: Yes they do plan on taking away the 401k deduction, they also plan on attempting to put our 401k account balances into a “government safe-bond” with 3% interest. They also plan to give $600 per year to the bottom feeders who decided not to save, read more here:

http://www.carolinajournal.com/exclusives/dems-target-private-retirement-accounts.html

“Lauding GRAs as a way to effectively increase retirement savings, Ghilarducci wrote that savings incentives are unequal for rich and poor families because tax deferrals provide a much larger âcarrot to wealthy families than to middle-class families and none whatsoever for families too poor to owe taxes.

GRAs would guarantee a fixed 3 percent annual rate of return, although later in her article Ghilarducci explained that participants would not earn a 3% real return in perpetuity.In place of tax breaks workers now receive for contributions and thus a lower tax rate, workers would receive $600 annually from the government, inflation-adjusted. For low-income workers whose annual contributions are less than $600, the government would deposit whatever amount it would take to equal the minimum $600 for all participants.”

Items on Amazon Right Now for Mortgage Tax Deduction Obama:

Firms Say Part Of Health Law Will Cost Them Millions

Under the newly passed health care law, companies still get a subsidy for offering prescription coverage, but they’ll no longer get a related tax deduction. Some say the change will cost them millions of dollars, and they may have to drop drug coverage altogether.

President Obama on reconsidering Tax Deductions for mortgage interest and charities