This post written by Lenn Harley, real estate broker in Maryland and Virginia....
America..wakeup and look what is going on....
LIMITS ON MORTGAGE INTEREST DEDUCTION was once a "sacred cow" of tax law. No more.
The American home owner is square in the sights of the budget released today.
On October 25, 2008, a bolt of lightening struck me and I realized that there is no income protection safe from the government's zeal to play chess with the American tax payer's assets.
An article published by the Wall Street Journal, back in Oct. 2008, discussed the government's need for cash to fund programs that were being discussed by members of Congress.
These days, the Wall Street Journaldiscussed the Obama budget's plan to limit ALL deductions for tax payers earning $250,000 or more.
However, unless I'm missing something, the mortgage interest deduction is the primary interest deduction for home owners. Credit card interest, auto loan interest deductions have been gone for years. What's left??
- Today, $250,000.
- Tomorrow, $100,000.
- 2 years from now? Who knows?
GOING. . . . GOING . . . . GONE!!!
"SORRY, MR. AND MRS. TAX PAYER, THERE IS NO LONGER A DEDUCTION FOR THE INTEREST YOU'RE PAYING FOR YOUR HOME MORTGAGE."
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I hate to say it, but the repayment of this spending government has to be repaid somehow...
This would really be a very sad state of affairs.