My Plan for Fixing the Mortgage Crisis

My Simple Plan for Fixing the Mortgage Crisis
Does anyone understand Barak Obama's convoluted $75,000,000,000 plan to fix the mortgage crisis. As with any plan put forward by the Democrats it is very complex, confusing and a mess. It has already been attacked for the fact that responsible individuals will be paying for the mistakes of the government entities and the individual borrowers who caused this crisis. I have a plan that provides an equitable solution to the mortgage crisis This plan will get the economy moving without Obama's $1,000,000,000,000 "Socialism In a Box" stimulus bill.

I'm proposing that we change the current home interest deduction from a tax deduction to a tax credit. Every dollar that a family spends on home interest would decrease their tax liability by one dollar. The effect would be immediate. Home owners in danger of losing their houses would be able to pay their house payments with the monies saved on their income taxes. The rest of us would receive a major tax cut. We could utilize this windfall to increase savings, pay down debt, make home improvements, buy cars, furniture and other items that would stimulate the economy. If the tax credit is extended to rental property, land lords could break even with lower rents. If monthly rents are lower, renters can save money towards the down payment on the purchase of a home, thus achieving the goal of extending home ownership.

Administration of this program would be simple. The 1040 form would need to be revised to add a line for the tax credit. That's it! No expenditure of $75,000,000,000 of taxpayer funds and no complicated formulas and involvement with failing banks. Of course the banks would not be failing any more as home owners would be able to bring their mortgages current.

If you think that this is a good idea, write your congressman, your local newspaper and Barack Obama. Tell him that we don't need a ridiculous $75,000,000,000 bailout program that primarily benefits irresponsible home owners. Tell them that we need a tax credit for home interest.

Obama and Clinton's $900,000,000 Bail Out for Hamas
Hillary Clinto is proposing that we spend almost One Billion American Dollars to rebuild the Gaza strip. Let me get this straight. Hamas attacks Israel with a continous barrage of missles. Isreal defends itself. In the process they damage areas where Hamas has hidden weapons. And the American public pays to fix the damage caused by Hamas. Does that make any sense? Maybe we could give Osama Bin Ladin some money to leave us alone. That might be cheaper than fighting the war on terror. If this is Barak Obama's idea of a foreign policy he needs to resign immediately.