Home mortgage interest deduction - Is it in DANGER?

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Okay I admit it, I cruise through talk radio stations (minus sports selections) while driving. Today, I had one hour in the car and Rush Limbaugh caught my attention (for at least 15 minutes) with his prediction that the home mortgage interest deduction is in danger of being eliminated by this administration. Hearing this and knowing how my business friends think, well - if I was a dog my ears would have been standing upright with my head cocked to one side!

He gave a synopsis that made sense. According to Rush the news today of how much our country is SPENDING, in giving tax deductions, is a signal that the administration would like to eliminate the POPULAR home mortgage interest deduction from the tax code. I immediately came home and googled my request and VOILA' , I see that there is merit to this prediction.

I have been wondering how long it would be before the tax code was overhauled to effectively raise taxes and now I know... it's just a matter of time before the interest deduction slips away into the night along with other beneficial motives to spend money in directed areas such as eduation. Here are some articles that might give you a bit more information about the changes coming down the pike and not just about the home interest deductions! These articles are about the changes coming in 2011

THE GREAT TAX DEBATE

Home Mortgage Interest Deduction: ezine article

RushLimbaugh.com (subscription)

Stack of Stuff Quick Hits Page

RushLimbaugh.com (subscription) - ‎6 hours ago‎

Get ready, 'cause they're gonna eliminate the mortgage interest deduction

Big tax changes in the works Student loan interest may affect thousands of families. Charitable deductions from IRA's. Many of the tax changes are listed here.

FANNIE AND FREDDIE: Future uncertain

THE HILL: Tax Cuts Mortgage

and there is more

Get Rid of Tax Breaks for Homeowners? No Way!

Video: News Update: Geithner: Housing system needs government support

SmarTrend News

Wonkbook: Geithner gives Fannie and Freddie clues; major health care regs ...Washington Post (blog)

Fannie Mae, Freddie Mac and Missing Real Estate Agents Housing Watch

Wall Street Journal

all 1,308 news articles »

Experts: US can no longer afford housing tax breaks

SO WHAT DO YOU THINK????? With talk of bailing out those with underwater mortages, tax hikes coming and the huge deficit - what are your plans? Which way should the country go? Do we still want to encourage home ownership?

Okay you don't believe me then you GOOGLE obama and raise taxes. In 2007 there is news article on raising social security caps (tax hike) and a couple of more links.

Charlie Gibson didnt' even agree with raising capital gains. Barack thinks thats FAIR. PEOPLE if you have any need to sell a house or take retirement etc. you will be taxed on capital gains. It will KILL investments which affects the economy. It could cause a recession to go into depression. BUT its "FAIR".

Don't forget when those tax reductions from Bush expire then that is a TAX HIKE. Don't look at what you got look at tax tables from years so that you have accurate view.

I go back to my original early posts. People need to be less selfish and think of the BIG PICTURE!

Here are couple of links to various tax increase in the news
http://www.usatoday.com/news/politics/election2008/2007-11-11-obama-social-security_N.htm

http://newsbusters.org/blogs/jeff-poor/2008/01/09/under-pressure-cnn-obama-admits-wanting-raise-taxes