Middle Class Homeowners-You Just Got Screwed by Your Government! Surprised

Knock, Knock, Anyone Awake?

For those of us that are working and have a mortgage or are refinancing think that the GOVERNMENT GAVE US A TAX BREAK BY REDUCING OUR SOCIAL SECURITY (FICA) BY 2% FOR 2 MONTHS!  WRONG!  You get to pay for this ‘TAX BREAK” for everyone else!  How?  The way the bill was written it would be “paid” for by a 1/10 of a percent tax on home mortages for THE LIFE OF THE LOAN or 10 years!!!  Ever see a fee increase be removed?  NOPE.  Still have Korean war tax on liquor…

If you are MIDDLE CLASS and have a mortgage or are refinancing, here is how bad you are getting screwed…

Here is your portion of the Mortage “FEE”:  (the law says the fee lasts for 10 years or the life of the loan.  Ever seen a tax or fee repealed?  NO!)

  • $200,000 mortgage ($15.00/mo):  20 year term, your fee = $3,600
  • $200,000 mortgage ($15.00/mo):  30 year term, your fee = $5,400
  • $500,000 mortgage ($42.00/mo): 20 year term, your fee = $10,080
  • $500,000 mortgage ($42.00/mo): 30 year term, your fee = $15,120

Your Social Security 2 Month Tax “Break” is only $353 for the two months if you make $106,000 or more per year!  What a bargain that is!

FEEL A LITTLE DUPED YET?  CONSIDER THIS:

These fees will raise $37.5 Billion dollars BUT DOES NOT GO TO THE SOCIAL SECURITY TRUST FUND.  IT GOES TO THE GENERAL GOVERMENT SLUSH FUND SO THEY CAN SPEND IT ANYWAY CONGRESS AND THE PRESIDENT WANT TO!!!   More Chevy Volts and Solindra anyone?

To make matters even worse, YOUR SOCIAL TAX “BREAK” TOOK MONEY OUT OF YOUR RETIREMENT!!! 

To add insult to injury, the same bunch are huddled together to see if they can extend this fiasco until the end of the year.  How much more will they tack onto your mortgage costs this round!

BRILLIANT!!!

Still Believe Obama and the House Republicans and Senate Democrats?  If you do believe in any of them, and you have a mortgage or are refinancing under this bill,  you deserve this deal.

Think it might be time to run them all out of town and start over?  Time for the Tea Party to ramp up and time to get a conservative in the White House.  The only conservative left in this race is Rick Santorum.  The others are more of the same and probably would have voted for this same deal.

RD Pierini

Hat Tips:

CBS this Morning: http://www.cbsnews.com/8301-505263_162-57371781/home-buyers-left-holding-bag-for-payroll-tax-cut/

CBS Money Watch: http://www.cbsnews.com/8301-505123_162-57361000/congress-preps-round-2-of-payroll-tax-cut-fight/?tag=mncol;lst;1

CBS News:  http://www.cbsnews.com/8301-250_162-57359686/budget-cuts-fees-eyed-in-payroll-tax-talks/?tag=mncol;lst;2

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2 thoughts on “Middle Class Homeowners-You Just Got Screwed by Your Government! Surprised”

  1. That SS “tax cut” is worse than I thought it was. I knew it was a scam, but gee, I had no idea the hit on mortgages. Does that fee on mortgages apply to existing mortgages, or only new ones or re-fis? On your Santorum plug, though, I’d go for a Libertarian. They are the only candidates who can scare the Rs and Ds straight and only when they get high enough percentages to count.

    1. It is unfortunate that we now have to take the time to read the bills going though Congress, even if the Congressmen do not, so we know what is in them. We are living in a “sound bite society” which is autocratic at best. I am actually a Libertarian at heart on social and financial issues but separate on foreign policy. (Not that I agree with US Foreign policy as put forth by the Reoublicans.) I believe we need a Conservative/Libertarian party but that is a long shot. The Tea Pary movement is the closest so far and they are very effective on a State by State basis but going national is a whole other question. Romney will somewhat hold status quo but will not do anything to really shake up the “system” like do away with the Fed, throw out the current tax code, etc…

      Thanks for the reply

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