Did anyone else catch the LA times article last week about all the tax hike proposals that are being floated at both the national and state levels?
Everything seems to be fair game. The mortgage interest deduction is high on the list of things they would like to change. Capping itemized deductions, capital gains changes etc. Cali has already hike the sales tax, the car tax and are trying everything they can to raise more money. Because of deflation, they are changing the California income tax brackets so they kick in at lower incomes. For instance a married couple making $100k will pay an additional $716! In addition they raised the income tax by .25%...double whammy!
In addition the insurance companies just got the OK raise our homeowners rates 4% to 7%, hmm, anyone wanna guess which end of that range they will pick?
And, now we pay...... You didn't really think all these bailouts were free did ya?