Homeowners Lose Break In Obama Tax Bill — A rotten Easter egg for homeowners is part of the tax bill passed by the lame-duck Democrat Congress and signed into law by President Obama, Dec. 17.
A provision to allow homeowners to deduct local property taxes without itemizing was let lapse. About two-thirds of Americans don’t make enough money to make it worth itemizing. The provision saved homeowners about $1.6 billion per year.
Of course, the filthy rich for whom it makes sense to itemize are not affected. Did you hear, by the way, that they are now inclined to support Democrats?
The bill does, however, include a tax break that allows banks and financial firms to shield foreign profits from being taxed through 2011. Beneficiaries include Bank of America and Goldman Sachs. The cost to the country is $9.2 billion.
It is fair to say Obama is a man of the people if one assumes Wall Street bankers are people.
In a related matter, banks repossessed 1 million homes in 2010.
Homeowners Lose Break In Obama Tax Bill
