Mortgage Interest Deduction—No Longer the Sacred CowI watched most of this on 'C-Span' and came away with the feeling that for all their noble sounding ideas about reforming the tax code, this will be distorted and be used to AGAIN screw the poor and middle-class with a 'back-door' tax hike, while the rich keep their massive tax cuts and corporations, most of whom pay NO taxes, will laugh all the way to the bank.
The debt reduction debate in Washington has led to the prospect of a major tax overhaul. One candidate for tax reform that is getting more attention is the income tax deduction for mortgage interest.
The federal income tax code is filled with deductions, subsidies, and loopholes; the largest and most well known is the mortgage interest deduction (MID).
This comment was made during the session:
The evidence cited by experts is that the MID has little to no effect on homeownership, the main justification for its existence. Homeownership rate has essentially not changed between 1994 and 2008.
1994 is when the grossly unfair NAFTA kicked in, and decent paying manufacturing jobs started getting shipped 'offshore,' but let's not mention that. 2008 is when the Federal Reserve's 'Great Depression, Part II' kicked into high gear, due in part to those 'Too Big to Fail' Wall Street banks mortgage backed securities fraud, where massive amounts of people started losing both their jobs and homes, but mum's the word on that.
Furthermore from 1994 to 2007, net manufacturing employment has declined by 3,654,000, and during this period several other free trade agreements have been concluded or expanded.Wikipedia article on NAFTA
With added facts, it's easy to see why home ownership hasn't changed from 1994-2008... Except for the foreclosure vultures.
I'd like to see some of these 'fellows' debate why most corporations pay NO income tax or why the rich get to keep those massive tax breaks that the Bush-Cheney Junta gave to their 'base' at the same time we started several wars.
And isn't that the main reason why we're drowning in debt?
Study says most corporations pay no U.S. income taxesOr have a panel debate about the Pentagon's budget more than doubling since 2001. Thanks to the Zionist owned MSM being controlled in part by some of the same defense contractors who feed like pigs at the public trough, we don't hear many stories these days about the Pentagon paying $65 for a toilet seat, do we?
The Government Accountability Office said 72 percent of all foreign corporations and about 57 percent of U.S. companies doing business in the United States paid no federal income taxes for at least one year between 1998 and 2005.
The Pentagon Gets What It WantsOr maybe talk about when the USA was at its most productive and wealthiest, back during the 1950's and '60's when the tax rate on the wealthiest was 90%.
The U.S. defense budget is now about the same as military spending in all other countries combined.
Back then, jobs paid enough so the only one bread-winner was needed. Usually, the Father worked and Mom got to stay at home, raising the kids, as opposed to now, with both parents working at least one job to make ends meet, while the kids get shipped off to some industrial setting child care center, staffed by people who get paid barely more than the minimum wage.
Michael Moore's film Capitalism claims richest paid top tax rate of 90 percent in the 1950sThose 'fellows' could have a lively debate why 'We the People' pay 300-400 BILLION a year to the privately owned Federal Reserve, all for the privilege of borrowing OUR OWN MONEY.
In his new film, Capitalism: A Love Story , Michael Moore makes a case that the richest Americans used to shoulder a much bigger portion of the tax burden back in the years of his childhood.
In the 1950s, "A lot of people got rich — and they had to pay a top tax rate of 90 percent," Moore says in the film.
Considering that the top marginal tax rate for the wealthiest Americans today is 35 percent, that figure seems astounding. But it's true that in the 1950s, the top marginal tax rates were over 90 percent.
When you withdraw some of YOUR money from your savings account, do you give a certain portion of it to a complete and total stranger?
Because that's what the Federal Reserve's con game amounts to.
Alan Greenspan's use of "Fedspeak"
"a form of syntax destruction," greenspan refers to a way of answering questions before congress, withOUT answering the questions.
Why does the government always think they need OUR money more than we do?
Another comment made was that this should probably be done gradually, over a 25 year period.
But of course, that would be the idea way; 25 years of lies, distortions and psyops to brainwash the next generation so that in the end, they'll be thanking Uncle Sam for fucking them out of more of their money.
Couldn't find this BS session on Youtube, but you can watch it here, at the C-SPAN Video Library.
Mortgage Interest Deduction
Take Action: Preserve, Protect and Defend the Mortgage Interest Deduction
Ron Phipps encourages NAR members to help protect MID and take action by contacting their Member of Congress to co-sponsor H.Res. 25
P.S. It seems that their must be a hot job market for being a 'fellow,' which Wikipedia describes as "... The term fellow is also used to describe a person, particularly by those in the upper social classes. It is most often used in an academic context: a fellow is often part of an elite group of learned people who work together as peers in the pursuit of knowledge or practice."
Most of these 'fellows'(Gender Neutral, male or female) work at Zionist 'stink' tanks, like AEI and Brookings, and spend their airtime telling us peons how to think.
They're also used as a rat warren, where war criminals, thieves and mass murderers hide out when one administration slithers out of the WH and another slimes its way in.
If you don't have a conscience and are more than willing to sell your soul, then being a 'fellow' is for you!