Obama to Balance the Budget on the Backs of the Middle Class?

Well, the laptop should arrive back today and hopefully I will have everything reinstalled and lots of photos and worthy entries will happen. For now we'll have to live with text blogging.

TaxProf Blog: Ax May Fall on Mortgage Interest Deduction

The popular tax break for mortgage interest, once considered untouchable, is falling under the scrutiny of policymakers and economic experts seeking ways to close huge deficits.

Although Congress last year rejected the White House’s proposed cut to the amount wealthier taxpayers can deduct for home mortgage interest payments, the administration included it again in its 2010 budget — saying it could save $208 billion over the next decade.

And now that sentiment has turned against all the federal red ink — and cost-cutting is in vogue — Democrats on President Barack Obama’s financial commission are considering the wisdom of permanent tax breaks such as the mortgage deduction and corporate deferral. Calling them “tax entitlements,” senior Democratic lawmakers have argued they should be on the table for reform just like traditional entitlement programs Medicare, Social Security and Medicaid. ...

Great, take away one of the few remaining tax breaks middle class shlubs have left.

Notice the hubris where the administration says it could "save $208 billion over the next decade".

Interesting definition of saving.

In our Obamawelllian world of Hope 'n' Change, saving in reference to government now means increasing the tax bite on people, instead of cutting spending, and you know, actually saving and running a surplus.