Tags: tax | cut | deal | homeowners

Tax-Cut Deal Backfires on Millions of Homeowners

Wednesday, 22 Dec 2010 04:13 PM

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Millions of lower- and middle-income homeowners who don't itemize their taxes will lose a standard deduction of up to $1,000 under the new tax agreement, The Wall Street Journal’s Washington Wire political blog reports. The federal deduction for local real-estate taxes was allowed to expire as part of the bipartisan deal that will extend Bush-era income tax breaks for nearly all wage-earners and roll back payroll taxes for Social Security.

tax cuts, Bush, deal, homeownersOne prominent Senate Democrat called the loss of the standard real-estate deduction unfair. “Homeowners who choose the standard deduction should not be ignored and see their taxes go up simply because they choose not to itemize,” said outgoing Senate Finance Chairman Max Baucus of Montana.

Some Republicans defended eliminating the deduction, saying it encouraged state and local governments to raise property taxes, knowing that the federal government would subsidize them with the tax break.

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

US Judge Blocks Enforcement of New La. Abortion Law

Sunday, 31 Aug 2014 22:31 PM

A federal judge has temporarily blocked enforcement of Louisiana's restrictive new abortion law.District Judge John deGr . . .

Report: Doctors Bringing Joan Rivers Out of Medical Coma

Saturday, 30 Aug 2014 18:19 PM

Comedian Joan Rivers, who went into cardiac arrest at a doctor's office, was being brought out of her medically induced  . . .

All 5 Aboard Small Plane Killed in Crash at Colorado Airport

Sunday, 31 Aug 2014 20:08 PM

All five people aboard a single-engine airplane were killed when it crashed on Sunday in a field adjacent to a runway at . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved