Is he out of his fucking mind?
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Bloomberg News It remains unclear whether the panel will reach a consensus on taxes with negotiations taking place right after the midterm elections, when Washington tends to buzz with political jostling.
The tax benefits are hugely popular with the public but they have drawn the panel's focus, in part because the White House has said these and other breaks cost the government about $1 trillion a year.
11 comments:
Wow. If mortgage-interest deductions are disallowed, the economy would tank as never before.
Yep. Hence the title.
And, this only goes to prove Obama and his people either do not know shit about economics, or they are trying to destroy the country.
Wow. If you thought the Tea Partiers were angry now...
A move like that, uncorrected immediately by the new Congress, will lead to physical violence. It will be unavoidable. It's in our blood, our DNA.
It is, after all, precisely where this country started.
That's what I was thinking, but I chose not to write it.
I thought maybe I was blowing this our of proportion.
No, I don't think you'd be blowing it out of proportion. With a move like this too many would loose far too much. It would go well beyond any tipping point that is already existing out there, just beyond our sight.
Maybe their strategy is to scare us SO THAT WHEN THEY ONLY TAKE PART OF IT AWAY IT WON'T SEEM SO BAD.
It is where this country started. The Crown tried to beat us into submission by declaring they had the absolute right to do anything they wanted with us. It was obey or be ruined. The Obots think the same way, they just don't have a King they can use to enforce it.
Meanwhile, how many illegal aliens are draining the economy while putting absolutely nothing into it? No, it's not the worst problem they've foisted on us, but it's another example of how they think.
Actually, I'm more worried about the people who won't rebel, no matter how bad things get. We've got a townful of them where I live. True libtard believers, still obedient to The One. An acqaintance who is virtually a legend in this town has been trying for years now to get her rich-bitch friends to wake up to what is happening, and she tells me they still think Obama is wonderful and support him 100%. We just have to hope that a week from tomorrow there will be more of us than of them, enough to start to make a change.
Please don't let the fundies take over the Tea Party and make this all about "where does the First Amendment say separation of church and state?" and "keep them homos and loose wimmin out of our classrooms!" The other version of the "Don't Tread on Me" Gadsen flag is the one with the cut-up snake that says "Unite or Die". There are people in power who really are trying to destroy this country. Pulling the power plug on them has to be everybody's main focus.
I can't recall exactly where I read the information that the IMF/World Bank had posited that disallowing the mortgage-interest deduction would be one way for the United States to recover from the huge deficit we're running.
I read that information last summer, I think. I'd do a Google search except that I have a busy workweek and am sick as a dog.
It's all about redistributing the wealth.
When the Bush tax-cuts expire, the nation will ratchet down closer to 3rd world hell. Too many in the US live paycheck to paycheck and have little-to-no disposable income, so how can they pay higher taxes?
(100% of all Fed Income Tax goes to pay for SS, Medicare, Medicaid which by law cannot be cut. The rest is printed/borrowed.) Tons of more taxes are coming down the pike as gov't grasps for the straws to stay afloat. Many will find it's cheaper and better to draw gov't assistance and have nothing, than work and have nothing.
We are the Hunter standing on the open plain w/nowhere to run to escape the stampede. We only have one shot to kill the buffalo out front and duck behind its dead carcass to avoid death.
Nov 2 we shoot our wad and 2011 determines if we live or die as a nation.
We only get one shot.
These people have no clue.
Imagine your home value 2 days after this would be adopted.
Anyone with a mortgage would be underwater (and not by any 5%), EVEN IF THIS IS GRADUAL.
Banks would stop lending because there would be NO DEMAND.
The govt needs to recognize that there has to be more to getting more revenue than closing loopholes to seize more money from the people.
Every dollar THEY collect is GONE FROM THE ECONOMY NO MATTER HOW IT IS SPENT since it become artificial, corrupt, lost to friction, and the courts will back up its disappearance just as they did with the bank bailouts (which they decided must remain secret in agreement with the executive).
MORE BUSINESS IS MORE JOBS IS MORE INCOME IS MORE TAX.
That is the ONLY way out.
PEACEFULLY
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