Suggesting "your house will be worth more burned down," Doocy peddled itemized deduction falsehood

››› ››› JEREMY HOLDEN

Fox & Friends' Steve Doocy falsely asserted that President Obama has proposed eliminating the ability of high-income taxpayers to take income tax deductions for their home mortgages. In fact, Obama has not proposed eliminating income tax deductions for any taxpayers; rather, a provision in Obama's budget proposal would, beginning in fiscal year 2011, reduce the tax rate at which families earning more than $250,000 per year can take itemized deductions to 28 percent.

During the March 17 edition of Fox News' Fox & Friends, co-host Steve Doocy falsely asserted that President Obama has proposed eliminating the ability of high-income taxpayers to take income tax deductions for their home mortgages. Doocy stated: "It's just like a week or so ago, it was revealed that he wanted to go ahead and change the home mortgage deduction for people who are high-income earners -- anybody who makes that much, or charity and stuff like that." He added: "I was talking to some people in some charities and some tax people over the last couple of days, and they just say if that goes through -- where high earners can no longer deduct that -- you might as well just burn down your house, because your house will be worth more burned down than if you actually owned it and it was standing." Doocy later stated: "No. It's just practical, because let's face it, if you cannot deduct your home mortgage payment, you know, and all the interest, why bother having a house -- a big house?"

In fact, Obama has not proposed eliminating income tax deductions for any taxpayers. Rather, a provision in Obama's budget proposal would, beginning in fiscal year 2011, reduce the tax rate at which families earning more than $250,000 per year can take itemized deductions to 28 percent. As Media Matters for America documented, Fox & Friends co-host Brian Kilmeade previously misrepresented Obama's itemized deductions proposal, falsely claiming that Obama has proposed eliminating the ability of taxpayers to take income tax deductions for their charitable contributions.

From the March 17 edition of Fox News' Fox & Friends:

DOOCY: It's just like a week or so ago, it was revealed that he wanted to go ahead and change the home mortgage deduction for people who are high-income earners -- anybody who makes that much, or charity and stuff like that. And I was talking to some people in some charities and some tax people over the last couple of days, and they just say if that goes through -- where high earners can no longer deduct that -- you might as well just burn down your house, because your house will be worth more burned down than if you actually owned it --

AINSLEY EARHARDT (guest co-host): Well --

KILMEADE: OK.

DOOCY: -- and it was standing.

KILMEADE: Was it Chuck Grassley you were hanging out with, 'cause he tends to be a little extreme.

DOOCY: No. It's just practical -

KILMEADE: Really?

DOOCY: -- because let's face it, if you cannot deduct your home mortgage --

KILMEADE: Right.

DOOCY: -- payment, you know, and all the interest, why bother having a house --

KILMEADE: So far that's not sitting well --

DOOCY: -- a big house?

KILMEADE: -- in the House or the Senate, though. It doesn't look like that's something that's going to be --

DOOCY: Well, we'll see.

KILMEADE: -- embraced when the budget process gets under way.

Posted In
Economy, Taxes
Network/Outlet
Fox News Channel
Person
Steve Doocy
Show/Publication
FOX & Friends
We've changed our commenting system to Disqus.
Instructions for signing up and claiming your comment history are located here.
Updated rules for commenting are here.