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View Diary: Romney says his tax cuts for individuals are for businesses, not for individuals (117 comments)

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  •  He's going after the mortgage interest deduction . (0+ / 0-)

    . .  pretty clear at this point. What kind of havoc does that wreak?

    1. Homeowners spending ability is reduced by the extra tax burden - the overall economy contracts.

    2. homebuyers' buying ability reduced by the extra tax burden - the mortgage interest deduction factors heavily into buying decisions, and now homeowners can afford less - housing market collapses - the overall economy tanks.

    3. The relative cost of owning against renting skews heavily in favor renting, landlords can still deduct interest as a business expense. The USA veers more heavily towards a tenant society. Goodbye American dream of home ownership.

    4. Romney's definition of "small business" is utterly corrupt- it would include both huge companies such as Price waterhouse, as well as multi-millionaires with few employees. "People" that size do not flow most of their their income through to their personal returns using S-corps etc, so their rates will also be reduced (he's promised that) but they will not get hit with the loss of the interest deduction.

    "We have the habeas corpus act, and we respect it." Dwight D. Eisenhower - November 23, 1953

    by malcolm on Wed Sep 26, 2012 at 09:09:53 AM PDT

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