Create a White House Office on Urban Policy: President Obama and Vice President Biden will create a White House Office of Urban Policy to develop a strategy for metropolitan America and to ensure that all federal dollars targeted to urban areas are effectively spent on the highest-impact programs. The Director of Urban Policy will report directly to the president and coordinate all federal urban programs.
Lower Interest Payments by Creating a New Mortgage Interest Tax Credit: Many middle class Americans do not receive the existing mortgage interest tax deduction because they do not itemize their taxes. Obama and Biden will ensure that middle-class Americans get the financial assistance they need to purchase or keep their own home by creating a 10 percent universal mortgage credit that gives tax relief to 10 million Americans who have a home mortgage.
Why do middle class Americans not itemize their taxes? BECAUSE THEIR STANDARD DEDUCTIONS ARE SUFFICIENT! Standard deductions, like your children, can be enough to completely erase your federal tax burden so there is no need to go looking for that donation receipt to Goodwill.
A mortgage credit is just another way to "spread the wealth" to people who don't pay federal income tax. A credit is different than a deduction.
A deduction is liking a 5% off coupon you use at Wal-Mart. A credit is like Wal-Mart sending you money even though you don't shop there.
Read the whole urban policy and be afraid.