This is probably a political comment that will get the thread locked out, however I'll give it a try anyway
On the San Francisco evening news, there was a story that the IRS is proposing to limit (or possibly eliminate) deductions for the interest on home mortgage, property taxes, IRAs and 401K contributions. The reporter mentioned that if the deduction for property taxes is eliminated, owners of the more expensive homes in San Francisco could wind up paying at least $25,000 and maybe as much as $50,000 per year in additional income taxes.
This trial balloon has been floated before and it didn't go anywhere. However considering that the federal government is in such bad shape, I wouldn't be surprised if a diluted form of those tax increases gets sneaked through. Here in San Francisco and California, the government is in such bad shape that it's raising "fees" (because it can't raise taxes without a 2/3 vote) on everything except the sun coming up.
On the San Francisco evening news, there was a story that the IRS is proposing to limit (or possibly eliminate) deductions for the interest on home mortgage, property taxes, IRAs and 401K contributions. The reporter mentioned that if the deduction for property taxes is eliminated, owners of the more expensive homes in San Francisco could wind up paying at least $25,000 and maybe as much as $50,000 per year in additional income taxes.
This trial balloon has been floated before and it didn't go anywhere. However considering that the federal government is in such bad shape, I wouldn't be surprised if a diluted form of those tax increases gets sneaked through. Here in San Francisco and California, the government is in such bad shape that it's raising "fees" (because it can't raise taxes without a 2/3 vote) on everything except the sun coming up.