We all know of the mortgage disaster that Bill Clinton (D), Bob Rubin (D), and Barney Frank (D) unleashed on millions of Americans directly (through government subsidization of bad loans for people who did not qualify for such loans) and billions of people world-wide as the 2008 economic catastrophe ripped apart the world economy.
And we all know that Barack Obama (C) has been using the crisis as a tool to push the pendulum back the other way — way back to another system entirely — which is to say to destroy American capitalism and usher in 1,000 years of central planning and darkness.
One major area of the pendulum swinging too far back is home ownership: 2008 proved that many people should not in fact own homes, not because of their ethnic background but because they cannot afford it (houses are money pits and if you’ve ever owned one you know the painful truth of this), but did it prove that home ownership is a bad thing for everyone?
Of course not.
Except that Barack Obama continues to reduce and destroy the mortgage interest deduction, one of the greatest tax shelters in American history and one that has enabled tens of millions of households to own their own homes.
Read this from an analysis of mr. Obama’s latest budget proposal:
The biggest revenue-raising part of the Obama budget would limit the value of itemized deductions, including the mortgage interest deduction, to 28%. That would impact only high-income taxpayers above the $200,000 and $250,000 income thresholds for single and joint filers, respectively, costing them as much as 11.6 percentage points in tax savings. <source>
AGAIN AND AGAIN this man seeks to destroy those earning more than $200,000 per year, which in any major city is no longer the lofty income it was 20 and 30 years ago.
First he passed Obamacare, which increased taxes on those earning more than $200,000;
Then he passed the “fiscal cliff” deal, in which he held out for, and won, ANOTHER tax increase on those earning more than $200,000;
And now he is again seeking to raise taxes on such earners by limiting the mortgage interest deduction, which raises taxable income dollar-for-dollar.
Notice the particularly evil — yes I said that — methods of the Liberal mind:
- Take a successful ownership society in which a majority of households own their homes and push for the UTOPIAN IDEAL of 100% home ownership;
- Use the power of government to COMPEL lenders to make bad loans to lower-income Americans under the FRAUDULENT ACCUSATION of prejudicial denial of mortgage lending to such Americans;
- Use TAX PAYER MONEY to buy the bad loans (through Fannie and Freddie) and then MORE TAX PAYER MONEY to bail out such entities when toxic mortgages finally implode;
- Use the resulting financial crisis as an excuse to pass MASSIVE TAX INCREASES and even more massive federal programs such as universal health care;
- Then finally push through the GRADUAL ELIMINATION OF THE MORTGAGE DEDUCTION FOR THOSE WHO CAN AFFORD TO OWN HOMES
- And drive the percentage of home ownership LOWER THAN IT WAS BEFORE THE LIBERAL MIND TRIED TO PUSH IT TO 100%
That last one, #6, is the real twist of the knife, isn’t it? But this is always the way: the Liberal seeks, or pretends, to do good for society, but only succeeds in destroying it.
Watching a man who grew up in Indonesia and was raised by parents who hate the United States wage a vicious campaign of Communism against our great nation is sickening and infuriating.
But here we are, and if you voted for him you have much to answer for, and more every single day he hacks at the Great Oak Tree of freedom.