>>Bush's choice of Miers is a betrayal equal in magnitude to the elder George Bush's violation of his "Read my lips: no new TAXES" promise.<<
The first law of government and their bureaucracies is that they always pay themselves - FIRST - out of all that they take from you in taxes, fees and charges. Having paid themselves, there is less. It is out of that lesser amount that they later pay for all the good things that they claim to do for you. Make no mistake, the government really does want your money. They are absolutely certain that they know a lot better than you do how to spend it. And now, in the US especially, here they come! The US government is trying to trap Americans in their own homes. They plan to do this by changing the mortgage taxation rules while Americans are not looking. One of the biggest changes they have planned would be the limits on tax breaks for homeowners. In the US at present, all interest payments on mortgage loans smaller than $1 million are deductible. Government plans would lower the limit to the maximum mortgage which the Federal Housing Administration (FHA) will insure. That is their brand new trick.
The level changes each year depending on housing costs in each county. Right now, the maximum FHA loan limit is $US 312,895 in communities where housing is most expensive and a national average of about $US 244,000. The tax break on home mortgages would be sharply limited, especially for expensive houses. No deductions would be allowed for any state and/or local income or property taxes.
Under the present system, it is the US Treasury that gets hit hard. It sees a diminished inflow of taxation as the climbing mortgage rates increase the American public's tax-write offs! The US Treasury also gets hit hard from the other side as these now higher interest rates crash into the Treasury's own close to $US 8 TRILLION in debt, forcing it to make higher payments to the holders of its debts. With that, the Treasury's own discretionary spending contracts. Not that I feel sorry for the Treasury. I don't. It's just that many liberals think there is some virtue in government spending. I'm an Arts and Sciences guy who would applaud another Kennedy Center. But government is becoming a big time rip off and this is not just a partisan Republican or Conservative problem. The Democrats and many Liberals are in bed with Bush. That's why they couldn't win the last election. |
