Tuesday, July 12, 2011

The Mortgage Deduction Nightmare

How Obama’s Tax Plans Threaten to Wipe Out the Upper Middle Class

Why is Obama trying to ruin the lives of millions of small business owners and upper middle class American homeowners? And why is Obama trying to do it without warning, without discussion, without hearings - hidden in debt ceiling negotiations? Obama uses words like “the rich” and “fairness,” but it’s important to understand that his goal of taking away the mortgage interest tax deduction won’t hurt his super-rich, jet-set contributors, like Jeffrey Immelt, CEO of G.E. His company made over $12 billion last year and paid zero U.S. taxes. Zero!  But that doesn’t bother Obama. His plan to eliminate the mortgage interest deduction is aimed squarely at upper middle class American homeowners, small business owners, and retirees whose entire lifetime of hard work is tied to their home. Those groups will be devastated. [more...]