CNN iReport

Ali, I see Obama has released the initial program ideas on how he plans to begin fixing the mess left us by the republicans.

And while the FDR-like idea of some public works spending and associated job creation which were pooh-poohed by the dems originally HAD to be part of the program, we're seeing specific proposals fleshed out in the taxation area specifically small business tax cuts, longer writeoff schedules and job creation tax cuts (along with a puny $500/person tax rebate-heck even bush offered more than that), I've not seen some other ideas even floated which I'd like you to address.

these are all simple, easily doable modifications to tax code which would help most homeowners, working parents and job seekers. to wit:

1. allow one-time increase in mortgage interest to be deducted from your taxes. for example, you would be allowed to take 150% of amount shown on your 1099 for first mortgage and say, 125% for your second. this helps people who a) are early into their loans-these are the ones most likely to be poorly underwritten b) people who bought alot of house-again strong correlation to people who may be close to trouble and c) targets interest- only loans heavily, again the people who may be closer to trouble than say, me. i'm 7+ years into a 15 yr loan.

2. allow a ONE TIME, 100% write off of credit card interest as was the case before 1986 i believe. or some smaller percentage. while the regulator in me would like to see a 50% blanket credit and 100% credit if people electronically transferred the extra portion of the refund attributable to the write off directly to a credit catrd company of choice expressly to pay down their debt load, i realize it would be an administrative nightmare. it would also take away another of the unending list of lame excuses the consumer credit lenders would have for continuing to destroy the economy with their greed.

3. allow a 150% tax credit for child care expenses job hunting and retraining expenses.

these are simple, easily administrated changes to the tax code which would produce a quick, simple, if temporary, boost to the economy.

i dont know what the price tag for these might be, but it'd likely be pretty steep. but you have all the resources to quantify it or at least your economic expert buddies do. just give me credit for thinking these things up.....

steveo in kansas city, mo