So how probable are these mortgage-interest deduction caps being discussed

[henslee]

in the news? And when would they be implemented?

[TallahasseeGrannie]

1. Is it projected to be

300 K? Out of my league.

I don't have a problem with it, really, as it is a tax on the wealthy.

[Mel]

3. I don't know

but this is another real stinker the limit on health insurance deductions. I see taking this incentive away from employers (middle class health insurance bye-bye) as possibly the final straw that will break the back of our already bandaged together health care racket.

[ReverendDeuce]

5. Whoa... not so fast !

$300K+ homes are incredibly common on the coasts just because of the inflated real estate values. You've heard the stories, I am sure, regarding trailer homes selling for over $1mil.

I support the wealthy paying their fair share of taxes, but I don't think it's fair to tax them back into the middle class.

[TallahasseeGrannie]

9. Wait!

I thought it was a 300K cap per year!

You mean it is on a 300K HOUSE??? That sucks. Still outta my range because I live in an area where homes are very reasonable.

But up north...are there any houses under 300 K?


I thought you could only claim interest of 300K a year.

[catabryna]

6. While it will have an impact on the wealthy...

there are many places in our country where a person is lucky to come across a "starter house" for that amount of money. I believe the median price of a home these days is about $175,000. My father lives in San Francisco and my sister lives right across the bay. Both of their homes are worth well over $300,000 and these are just average folks and far from being wealthy.

My father's home is 2 bedrooms and he has lived in it for 30 years. Purchase price? $48,000. Current value? $625,000.

The home where I grew up in San Jose. Purchase price in 1972? $28,000. Current value? $423,000.

My sister's home is just your average home in the bay area. Recent purchase price? $510,000.

My other sister's home in Stockton, CA is worth $280,000. Nothing spectacular.

I'm the fortunate one... my house north of Austin, Texas is worth $145,000.

[TallahasseeGrannie]

2. Which didn't answer your question!

I don't know how probable it is.

[henslee]

4. As nasty as it sounds I just want to see obnoxious R.E. speculators and

developers take a hit.

[Dr Batsen D Belfry]

7. But if it goes through as I understand the bill

I, Joe MiddleClass, with a Home Equity line which I use for home repairs and other things, would also lose that deduction.

It is not just about speculators. I can guarantee many who are tapped out on their home equity due to refis and other secondary equity lines would get killed when they have to pay much more in taxes due to loss of that deduction.

This is clearly an additional move toward gutting of the middle class. The rich can absorb this. The middle class cannot.

This would cool the "housing bubble", but it would make housing affordable again by allowing those with cash left to buy houses for 10 cents on the dollar after foreclosure and Sherrif's Sale

DBDB

[FloridaPat]

8. Reagan tried it. Didn't go over big. Besides the folks who owned homes

the insuranc and banking industries were livid. It will be a very hard uphill piece of reform. Unless the repub congress goes along with *.

[MiniMe]

10. I don't think it would pass. Everybody is upset about this.........

and I think that anybody that voted for it would have a tough time being re-elected.