The top 2% — the top 2% of income earners in America — if Obama gets his way, no more itemized deductions — including the home mortgage interest deduction. You might be surprised at the income level that is the floor at the top 2%. You might be surprised. He’s talking about 250 to $300,000 a year. He’s not talking about millionaires here, folks. So, look, we knew he was gonna say this. There was a Reuters story out today: “Obama to Lay Out Deficit Plan, Would Focus on Taxes and Spending.” We knew he was gonna take the mortgage interest deduction away from certain people, and all itemized deductions. He was gonna make a play for it.
Basically wants to jack up taxes, he wants to cut military spending and continue to impose Obamacare. Now, we’re supposed to think this is something new. We’re supposed to think that this is something revolutionary. The president has been working hard and has really thought about this. There’s nothing new here! These are the same old, destructive policies that he has already been implementing and fighting for. Taking away the mortgage deduction from the top 2%? Well, yeah, the fact that he’s proposed it is new. The fact that he has been thinking about it isn’t. Putting the final nail in the housing market’s already nail-studded coffin: Take away the home mortgage interest deduction for the top 2% of wage earners.