[excon]

Hello:

Both Romney and Obama are ending the free ride... Cool!

That means the mortgage interest deduction GOVERNMENT HANDOUT that homeowners get, and tenants don't, is going to END..

Does it make me happy that homeowners aren't going to feed at the public trough any more?? You betcha! You?

excon

[speechlesstx]

Not sure how letting me keep my own money is a "government handout".

[excon]

Hello again, Steve:

Then what do you call it when I DON'T get to do that?

excon

[tomder55]

As with all tax laws ,the devil (if I may borrow from Santorum) is in the details . I have not had time to read Romney's latest version and I refuse to read his 61 point plan .
I don't see how eliminating the mortgage deduction at this time heals the housing market ;a market that has been fundamentally flawed with all kinds of government engineering . I'll have to study the plans and get back to you.

The only thing I've heard this morning is the corporate tax rate plans . Both Obama and Romney would do the obvious move ,which is to reduce them down to at least global competitive rates . I think the President's plan to add a minimum global tax is pure folly.

[tomder55]

Just read a news blurb about the President's plan. From what I read ;he only plans on screwing "the rich ". The mortgage deduction would not end. Instead ;the rich would have the deduction capped at the 28% tax level if their income justifies a 33-35 % tax rate . Rich guys like Buffett... who of course pays less income taxes than his secretary because he doesn't take normal income from the high salaries his position should command, and instead earns his money from cap gains... would not be affected because both his modest home that he gives tours of ,and his more expansive mansions that no one sees are paid already.
The net effect is that this is a move to hurt middle class taxpayers ,mostly 2 income families .

[tomder55]

OK I figured it out. This is from the President's budget..

Along with the screwing the middle class on the mortgages the other "handouts" the President would curb in his plan are charitable gift deductions , high medical costs deductions , curb tax breaks for owners of municipal bonds(many of them in pension plans ), deductions for workers who buy their own health insurance, and those who earn money overseas, insurance for the self-employed, medical savings accounts, health savings accounts, and some higher education expenses..

[tomder55]

Found this interview with Romney from December . He would limit the mortgage deduction in a broader tax plan that would flatten the tax rates . If I was sure there would be a low across the board flat tax then I would agree in the elimination of all deductions .

MICHAEL BARONE: Governor, you called for a lower, flatter tax rate on a broad base. Would you agree to cap or eliminate deductions for home mortgage interest, state and local taxes, or charitable deductions.

ROMNEY: [Laughs] You want to know precisely what the plan looks like and I have not laid out that plan, and what I've described that what I will do immediately is bring down the corporate tax rate to 25 and eliminate the tax on interest dividends on capital gains for people earning $200,000 and year or less. And then you're right. I say that what I'd like to see is a setting where we have a flatter, lower, tax rate. I do get some inspiration from the Bowles-Simpson work where they did not eliminate those mortgage deductions and the like, but they eliminated them – excuse me, they limited them. And by virtue of the limits they put in place, they were able to bring down the rates and make the system flatter and simpler. That has some merit. But one of the things that I did not support in their plan was to raise the capital gains tax, as you may recall, they lowered taxes on ordinary income. They raised the tax on capital gains interest and dividends. That's not the direction I'd head, but the concept is saying, let's limit deductions and deductibility of certain expenses, had merit in my view. But in my view the process of actually changing the tax code and going toward a system of that nature is going to take something more than a president saying this is what I want to do in my first 100 days.

Transcript of our interview with Mitt Romney | Campaign 2012 | Washington Examiner

[speechlesstx]

Definitely wouldn't want to encourage people to help charities or get a break on medical expenses, that wouldn't fit into his plan for Big Brother to be our keeper.