mudslinger47 wrote on 11/29/12 at 6:29pm:More talks about removing the interest write-off from your home purchase, Geee, just in time to "help" the middle class and crash the housing market one more time.
Good God the obummer voters are a stupid bunch.
Duane
A good example of a low information narrative.
Duane, you are correct that eliminating the home mortgage interest deduction will hurt both the middle class and the housing market.
But you seem oblivious to the fact that the proposal to eliminate "loopholes" like the home mortgage interest deduction is coming from
Republicans and not Obama. The GOP is trying to trade these loopholes in order to avoid raising the top tax rates for the wealthy. Another of the loopholes the GOP wants to ditch is the deduction for charitable contributions, the deduction of health-care costs, and the deduction for state and local taxes.
Eliminating all these deductions will primarily hurt the middle-class and protect the rich from tax increases. Which is why Republicans are proposing closing these loopholes.
And as far as 401k's are concerned, the GOP has a long history of blocking reform on the biggest problem with 401k's. The enormous and confusing fee structure that enriches the financial institutions that manage these retirement accounts. Management fees, service fees, administration fees, transaction fees, and of course the fee they charge every time they need to wipe their azzes.
I know a little about this because I help manage my grandmothers finances and read a study on fee structure and their effect on 401k balances. Here it is if you have the time:
http://www.ici.org/pdf/rpt_11_dc_401k_fee_study.pdfIf you take a little time to educate yourself on the subjects you're commenting on, you may find out that you are supporting the ones that want to hurt you the most.
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