Used House Salesperson
Vicki Cox Golder has a message for Washington!
As this year’s president of the National Association of Realtors (NAR), Tucson Realtor Vicki Cox Golder’s "Washington Outlook" is focused on reform and preservation. Because Congress has approved so many new programs, "we’re going to have some heavy-duty tax reform to pay for them," she said.
The national association is most concerned about preserving the mortgage interest deduction on homes. The Obama Administration views it as a new source of revenue for the government.
"The deduction is the Holy Grail to anybody with a mortgage."
Wanna bet? The mortgage interest subsidy doesn't benefit middle-class folks in Flyover,
it benefits wealthy people and those who stupidly paid too much.
"We are going to fight this tooth and nail," Golder said.
Knock yourself out, Vicki Cox Golder. I am rooting for your defeat.
"It does not matter what your income level is, it will affect everyone."
In other words, it will keep bubble prices inflated and houses out of reach for most people. Or so you think. Too bad! It ain't gonna work anymore. It's time to end this transfer of wealth from the working poor and middle class to the wealthy. Give 'em hell, Barry!
Used House Salesperson Vicki Cox Golder has a message for Washington!
7 comments:
Since half of the people don't pay income tax (other than SS) there is little to argue about here. I hate to say it, but ending the deductions for interest and property taxes does seem more reasonable than raising marginal rates. Now this also gets into the life time exclusion, which I think should be taxed the same as any long term capital asset gain (or loss). FYI I would prefer for them to slash spending first!
Kewl. More renting power for landlords.
Right...in the midst of propping up home values where the planes are taking off and landing the federal government is going to pull the carpet out from under them by eliminating the mortgage interest deduction.
That is a step that can only be taken when home prices are rising. (~2002 would have been nice)
It would be easier to eliminate the 250k/500k tax exemption on the sale of a primary residence however.
"It's time to end this transfer of wealth from the working poor and middle class to the wealthy"
How is it wealth transfer if the supposed wealthy are getting to save a small percentage of their own income? Besides, I am sure many states make up the difference in the way they structure their property taxes.
How is it wealth transfer if the supposed wealthy are getting to save a small percentage of their own income?
Because those of us who don't have huge mortgages (renters, people in $150k houses) are subsidizing those who do have huge mortgages. There's no way arguing around that fact.
That is just silly. How can people who don't pay significant taxes (~50% of population) be subsidizing homeowners?
The real wealth transfer is people in higher income brackets paying 40-50% of their income in taxes.
Take away deductions and the incentive to work will disappear.
Thanks for the great real estate blog. this is a very interesting topic
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