Jump to content

IDS World Markets Wed 12th October 05


Guest

Recommended Posts

  • Replies 337
  • Created
  • Last Reply
The piper must be paid for the federal spending spree, and passing this tax bill would bury the housing bubble:

 

Bush Tax Panel Targets Mortgages

 

By ROBERT GUY MATTHEWS

Staff Reporter of THE WALL STREET JOURNAL

October 12, 2005

 

President Bush's tax-overhaul commission is close to recommending limits on popular tax breaks on home mortgages and employer-provided health insurance.

 

That plan, however, is likely to meet strong opposition from taxpayers and lawmakers. Americans already are worried about escalating health-care costs, and homeowners regard mortgage tax breaks as sacrosanct.

 

While details are still being worked out, the bipartisan panel is leaning toward lowering the cap for mortgage deductions to about $300,000, more closely aligned with the Federal Housing Administration's maximum insurance on loans. Currently, the deduction cap is $1 million. The median price for a home in August was about $220,000, according to the National Association of Realtors.

 

Panel members said at a meeting yesterday that scaling back the deductions for mortgages and employer health-insurance costs would better distribute tax breaks across all income levels, since both disproportionately benefit upper-income earners.

 

http://online.wsj.com/article/SB1129053280...e_whats_news_us

 

I don't think either Congress nor the Fed has the will to fight when the going gets tough, but they may believe the economy is in better fundemental shape than it really is.

Californian homeowners would take up arms and/or secede from the nation.

 

Ain't gonna happen.

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

  • Tell a friend

    Love Stool Pigeons Wire Message Board? Tell a friend!
  • Recently Browsing   0 members

    • No registered users viewing this page.
  • ×
    • Create New...