Did you hear about the most recent revelations of hidden changes in the tax code in the stimulus bill passed by the Democratic-controlled Congress last month?
Two significant changes are mortgage and charitable giving deductions. Both have been reduced by consequential amounts.
You would think, during a recession in which housing is weak, that, if anything, mortgage interest would be worth more on your tax form. Nope.
While giving tens of billions with one hand, Wonderboy is taking with the other. So some people get a credit when buying a house. But the interest deduction is now worth much less.
One of the nation's best realtors explained, on Fox News last week, that the bill's provision has had instant consequences. Demand for seeing and buying residential housing is already off. In just the week.
She characterized the damage as lasting, even though the provision doesn't take effect immediately. Already, demand has dropped, and prices, too, reflecting the reduced value of the mortgage interest deduction coming up.
In another difficult-to-understand move, the bill replaces individual charitable giving with government funds.
That's right. Now, charities will be kowtowing to Washington for money, since the Democrats reduced the tax benefits of giving to charity.
It seems perplexing, unless you realize that this is a truly momentous power grab by the liberals who wrote the bill. Not satisfied with enlarging Federal spending, they want to remove individual influence over any part of American life, including charities.
This is a really troubling change. Morally and ethically repugnant, it indicates the amount of thought-control the Democrats are going for with their newly-won, if hopefully brief, control of both Houses and the Oval Office.
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