President Obama’s debt commission has suggested some unpopular plans to reduce the federal deficit. Among them is the elimination of mortgage interest tax deductions. With 15 million Americans still unemployed and the middle class struggling for survival, this proposal is a tax increase targeted at besieged homeowners. However, it does fit with the direction of the current wind in Washington, which is to shift the burden of paying taxes away from the rich and onto the backs of working Americans.
On the surface it appears that the republicans are not concerned with coming off as puppets of the rich. On Wednesday, GOP leader Mitch McConnell sent a letter to President Obama that threatened a Senate voting blockade against all legislation unless tax cuts for the richest 2% of Americans are passed first.
While Republicans are eager to add $700 billion to the deficit with tax cuts for the rich, they are balking at an extension of unemployment benefits, which would only add 18 billion, according to a statement by Democratic Speaker of the House Nancy Pelosi.
The democratic lame duck congress is raising red flags on growing class warfare between the rich and growing numbers of middle –class workers falling into poverty under the weight of the sluggish economy.
1 comment:
Well it's a good news to all of those people have problems in they mortgage.
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