Coveted Home Owner Tax Deductions Preserved
Now that the Stimulus Package is law, taxpayers and the professional critics are posting comments about who has won and who has lost. The mortgage interest deduction, and the sale of your homestead exemption of $250K/$500K came through the legislative process intact. I have scanned HR 1, the Stimulus Bill and found many items that are wasteful spending, and items that might stimulate the economy. What do you think of the Stimulus Bill?
As taxpayers we can be thankful we did not loose these deductions that have been pillars of the real estate dream where most Americans build much of their life’s savings through home ownership. As it becomes more difficult each month to pay the mortgage, I believe that Washington would do well to cut spending across the board by 5% each year till the economy recovers. The more money that Washington borrows it will ony limit the credit markets further. The only way I can support borrowing by Washington is, for every dollar that Washington borrows, Washington cuts a dollar in spending in another area of the Federal budget.
I believe Washington is the problem NOT the answer. What do you think?
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