More Taxes


I just read this article that states that Obama has just added a work requirement to his tax credits.  He claims that the mortgage credit is for those who did itemize.  Well, I know that I began to itemize to my benefit once I had a mortgage so I wonder why anyone would not itemize if they have a mortgage.  Is this something that people are supposed to think they will get not realizing they get it already and the people it would benefit is such a small number that should get help doing their taxes if they should already be itemizing.  But, back to the work requirement.  I heard he just added it to his tax plan since he met Joe the Plumber.  What concerns me is that if he now realizes that he needs to add it to his tax plan how many other changes will he realize he needs to make when he is not just speaking out of both sides of his mouth and our national security or economy is at stake.

Okay, I just went back and reread the article.  It is worse than I thought.  I thought he was putting a work requirement on more of his tax plan, but it is only on the mortgage section.  Here is the thing, you usually need a job in order to qualify for a loan, thus have a mortgage.  If you can get a mortgage without a loan you usually have the kind of money where you will have to itemize and if you don’t then you really don’t need the tax credit he has planned.  I mean, you are going to say you have to work in order to qualify for the mortgage credit.  Um, I worked one hour in this year does that mean I qualified or are you going to say that I have to work a certain number of hours a week at a certain type of job to qualify.  What if due to circumstances outside my control I am still paying on mortgage but I am not working, does that mean I do not get the tax credit you have planned. 

 

Umm, I think Obama needs to go back to the drawing board and think about this before he makes any other comments about changes to his tax plan.

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