Rep. Jerry Weller (R-IL) plans to block Bush Tax Panel mortgage scheme

[Bush_Eats_Beef]

Senator Says He Can Block Bush Tax Issue

By MARY DALRYMPLE
The Associated Press
Thursday, November 10, 2005; 5:54 PM



http://www.washingtonpost.com/wp-dyn/content/article/2005/11/10/AR2005111001466.html

WASHINGTON -- A Republican lawmaker said Thursday he has assembled enough support to kill an idea advanced by President Bush's tax advisory board to replace the mortgage interest deduction.

Rep. Jerry Weller, R-Ill., said he and six other Republicans on the House Ways and Means Committee, which oversees tax laws, oppose the proposal to convert the popular deduction to a credit and limit the size of mortgages eligible for a tax break. Their seven votes against it would kill the proposal if it ever comes before the committee, Weller said.

"The home mortgage interest deduction, the state and local tax deduction, are the most important middle class tax breaks in the tax code today," Weller said. "Any of these types of proposals are dead on arrival in Congress."

Weller and Rep. Mark Foley, R-Fla., are collecting signatures on a letter telling the White House they are concerned about the effect the change could have on homeowners and the real estate market.

[dogman]

1. Of course, he would rather cut benefits for the poor.

I understand the limits would have affected high priced homes.

[applegrove]

2. They want everyone in the stock market - so they will vote like

rich people - even if they are poor and it would be better for them to get Social Security out of bonds & a government promise, or to invest in a house before the stock market (which is what the tax deduction does).

They hate anything that isn't exactly like them..including "savings patterns".


How else to convince others to be for perpetual war - where the spending is outside the country to the benefit of certain industries and not workers. Anything to stop inflation and keep those stock markets roaring.

[Mountainman]

3. Well, hell froze over, that's a repuke idea I can support.

If we made a coalition with fical conservatives we could knock Bush and the fundies and meocons on their asses.

[Idioteque]

4. The Democrats should combat the Bush Tax Plan with Ron Wyden's bill...

The Fair Flat Tax Act of 2005

[Bush_Eats_Beef]

5. Not likely...

Do a DU search on Flat Tax and you'll see how popular it is among Democrats.

Freepers love it, as well as the National Sales Tax.

[Idioteque]

6. Read the plan, it's not a flat tax.

It reduces the tax code to three brackets, 15%, 25%, and 35%. It eliminates the AMT, and taxes capital gains at the same rate as earned income. It also imposes a flat 35% tax on corporations and removes a whole bunch of loopholes.