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Obama Holds Mortgage Deduction ‘Hostage’

From an unfazed Reuters:

On Twitter, Obama puts question mark over mortgage deduction

By Mark Felsenthal and Jeff Mason | December 3, 2012

WASHINGTON (Reuters) – Taking to Twitter to press his case in "fiscal cliff" talks with Congress, President Barack Obama said on Monday that tax breaks benefiting middle class families such as the mortgage interest deduction could be at risk if rates for top earners do not rise…

In other words, Obama is holding people’s home mortgage deduction hostage.

The president answered questions on Twitter for about an hour on Monday as part of his campaign to pressure Republicans in Congress to accept an increase in taxes for the wealthiest Americans as part of a deficit-cutting package.

One questioner, who identified herself as Emma Robertson, expressed concern that popular tax breaks for homeownership could be threatened in an eventual deal.

"As a home owner, I worry deductions for home owners are at risk. Is that the case?" she asked in a tweet.

By the way, this question was probably not out of the blue. In fact, her question was re-tweeted by Jay Carney.

Obama responded that such tax breaks were important for middle class families and could be at risk if taxes for the wealthiest Americans are not increased.

"Breaks for middle class impt for families & econ. if top rates don’t go up, danger that middle class deductions get hit – bo," the president said via Twitter.

Obama signs his initials – BO – to tweets that he writes himself. In this tweet, "impt" stands for important and "econ" stands for economy…

Asked by one questioner why he was opposed to taking away deductions from the top 2 percent of U.S. earners rather than raising their rates, Obama said such a move would not raise enough revenue unless charitable deductions were scrapped.

"Less revenue = more cuts in education," he tweeted.

None of which is true. The CBO says ending the Bush tax rates for ‘the rich’ will only raise $82 billion. Ending and/or limiting deductions would raise a lot more money than that.

He told another questioner that he was open to compromise and did not expect to get everything he had asked for in his budget proposal…

And yet Obama has never shown where he would compromise one iota.

This article was posted by Steve on Tuesday, December 4th, 2012. Comments are currently closed.

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