Coach Mitchell Goldstein
October 1, 2011
Mortgage Interest Deduction Stays – Maybe
Although unpopular, many politicians are in favor of eliminating the mortgage interest deduction which allows a citizen to deduct their mortgage interest payments from their taxes. This famous deduction was allowed to go through the latest round of negotiations without change. Lawmakers were working for and had hoped to cut this deduction as part of the debt ceiling compromise. They had even included language in an early version of the legislation but, political forces eliminated that proposal from the final bill. This latest tax hike (that Obama said he wouldn’t allow) would lower the joint income level of homeowners eligible for the deduction.
I’m sure that most homeowners are relieved the tax deduction is still available. The real estate industry groups are also relieved, but they have expressed concern that the 12-politician super-committee will target the mortgage deduction as part of the effort to finding another $1.5 trillion in cuts over the next decade. The real estate lobbying groups believe that this latest effort to reduce spending will diminish their influence and feel it is likely that the deduction will be altered or even eliminated in the future. With about 35 million homeowners writing off their interest payments, that’s well over 100 million people targeted for a tax hike. What’s the tax bite? The Treasury Department states that in 2012, the mortgage interest deduction will cost the federal government around $100 billion.
You cost the government???
The idea that you "cost" the government anything by taking a mortgage interest tax deduction or any deduction is ludicrous, self-serving and insulting. The only way a tax deduction can be a "cost" to the government is if all money and property belong to the government. In this fantasy world [but only probably 20 years away] the government owns all and condescends to allow you to keep some property or earnings. I loved that young questioner at the Tea Party Presidential Debate who asked, “Out of every dollar that I earn, how much do you think I should be allowed to keep?”
The government is lying to US when declaring that a tax break is a "cost" to the government. We are running out of time so we must understand this is government double-speak and in our Brave New World this is akin to “War is Peace.” Understand the fact: - any tax - is a cost to US. A tax is defined as legalized theft and is a governmental taking of your money/property – under the threat of force or imprisonment.
Most understand that government “is force.” G. Washington. Most realize that the founders understood that “government is the problem.” R. Reagan. However, there is still a sizable minority of regular citizens who believe that “equality” means having equal amounts of everything versus being able to achieve on an equal footing. These takers will never admit that they take because they are "lazy" F. Bastiat "The Law" Takers know that the only way they will get what they want is if someone else gives it to them.
Government recruits adherents to Fascism
I recently had an in depth private conversation with an Assistant State Attorney General. He denied that the vision of the founders was relevant to “today’s world.” He denied the idea of life, liberty, property being essential for freedom. He sees government as the purveyor of good. While he acknowledges that connected persons can work the system, he feels that the system works just fine. He sees no issue with government types making decisions affecting people’s lives because the decisions require public comment. When I asked, “What are the limits to the police power?” He answered, “Whatever the constitution and statutes allow.” “And if a law is hurting people?” “Then work to get different legislators.” “OK.” I said, “And who is responsible for the harm that is done by the law?” “Government can’t be held responsible.” he said. I responded, “So, effectively, there are no limits to the creation of any law by today’s interpretation.”
What is wrong with them?
Liberals and other Fascists just don’t get it. Since they don’t believe in a G-d Head, and G-d’s laws, therefore they don’t want to have any limitations on man’s activity. If it feels good, do it. That is emotion run amuck; intelligence not needed and the heck with the consequences.
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I told the AG that the definition of Fascism is, “the control of the means of production.” This definition is from Webster’s, in an edition as late as 1962, prior to the dictionary becoming politically correct. I said, “The control comes in the form of regulation. You own the property, but the government tells you how to use it. That’s control.” Then I asked, “How does it feel to be a Fascist?”
Let me ask all of you who think big government is really your pal, your big brother, “How does it feel to be a Fascist?” You probably also think that the IRS is your friend.
G-d Bless America
© 2011 Mitchell Goldstein - All Rights Reserved
Coach (Mitch) Mitchell Goldstein is a Nationally Recognized Expert in tax delinquent property investing and a Real Estate Investor since 1972 in commercial and residential properties.
Coach Mitch is dedicated to helping would be real estate investors to attain their financial goals through investing in tax delinquent real estate and has created various products and services to facilitate the tax delinquent real estate investor.
Mitchell is a Jewish American of Hungarian and Polish extraction and a fan of Locke, Jefferson, and Madison, whose instincts against accumulated power have proven prescient; and of Washington, and Hamilton, whose notions regarding consolidated power required that honor and the highest moral behavior be the hallmark of those exercising power.