Posted by lex, on June 10, 2010
Graced (!) with a three hour layover in Youston, your correspondent discovers that the tax deduction for mortgage interest – which subsidizes the greatest wealth generating engine in Middle American life – is now on the chopping block:
Although the backers of the mortgage interest tax break defend it as a key incentive for people to own rather than rent their homes, some say that’s not so. A Brookings-Urban Tax Policy Center study found that the mortgage interest tax break costs more than $100 billion annually but does little to encourage the middle class and less wealthy to buy homes. “I’m not sure that we need to subsidize homeownership at all through the tax system,” said Eric Toder, the study’s lead author.
No, certainly not. It enables differing outcomes as privileged classes of people – people who are able to in time and by the dint of unswerving labor and industry which contributes to the overall economy (and the federal coffers) might manage get out from under landlords. Once they are left with an opportunity to improve their own lives and amass for themselves sufficient properties, they might agitate once these things are taken away from them by a beneficent ruling class. Who only want what’s best for you.
Next target: Big Landlords!
With the final result of course being that all your monies are belong to us. FOR YOUR OWN GOOD!
You’d probably just fritter it away anyway, left to your own devices. And there are so many people more needy of the fruits of your labor than you yourself are. You greedy bastard.
The power to tax is the power to destroy, but sometimes it takes too long. A better way of ensuring near term political dominance is to simply overwhelm the voting process:
Judicial Watch, the public interest group that investigates and prosecutes government corruption, announced today that it has obtained documents from the Federal Bureau of Investigation (FBI) related to the 2007 investigation and arrest of eight St. Louis, Missouri, workers from the “community organization” Association of Community Organizations for Reform Now (ACORN) for violation of election laws and voter fraud.
It’s clear that further digging at this attempt to subvert the Republic (which included intimidation, threats and naked bribery) will lead to no good. Which is probably why, in Eric Holder’s Justice Department, it hasn’t led anywhere at all.
Finally, Geoff from Innocent Bystanders questions the timing, discovering that the passage of Obamacare neatly correlates with the rate of decline in unemployment numbers.
In truth, Obamacare was probably not an attempt to disincentivise job creation, leading to a persistent pool of unemployed persons dependent for their day-to-day existence upon transfer payments from the more fortunate disbursed through government. The problem is that the effects are indifferent from those that would have occurred had that in fact been the intent.