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Passing middle school math in no way suggest the average American has ever filled out a 1040 or schedule A. In other words you dont have crap to support your stance. Your stance is in total contradiction with the average american's comprehension level of our taxation system
In other words, people in very large numbers have all the means necessary to assess the tax implications of a home purchase as well as an important personal interest in doing exactly that. The "blind sheep" theory is just not carrying any water here.
In other words, people in very large numbers have all the means necessary to assess the tax implications of a home purchase as well as an important personal interest in doing exactly that. The "blind sheep" theory is just not carrying any water here.
I would be willing to bet that less than half of Americans could explain the difference between a marginal tax rate vs an effective tax rate. I doubt they know how to calculate an estimation of their tax savings on a home purchase.
In other words, people in very large numbers have all the means necessary to assess the tax implications of a home purchase as well as an important personal interest in doing exactly that. The "blind sheep" theory is just not carrying any water here.
And you continue with nothing to support your stance you will rely on people clearing the bar of passing an elementary math class but nothing on actually understanding their taxes or ever filling out a 1040 or schedule A
If the removing the mortgage deduction won't effect house prices, then why is the housing industry so adamantly against removing it?
Perhaps they don't understand the tax system either.
Of course it has an effect. But tax is a portion of an investment decision. It rarely drives the bus over other reasons in a corporate tax setting. Generally, it's a great bonus that creates value and after tax cash flow. It's not going to do it on the personal side for a person's largest investment of their life. Many factors take presidence before tax. It's but one factor of many. And to many people, it's not even a factor at all (i.e. Because of ignorance, immateriality, or because of half of homeowners do not itemize)
I would be willing to bet that less than half of Americans could explain the difference between a marginal tax rate vs an effective tax rate. I doubt they know how to calculate an estimation of their tax savings on a home purchase.
I'm at a nonplus here. How can so many people be "tax illiterate" yet smart enough to make boatloads of money?
I'm at a nonplus here. How can so many people be "tax illiterate" yet smart enough to make boatloads of money?
First of all, no one ever said everyone is smart enough to make boatloads of money. The people have "boatload " of money because they're being compared reletive to people who don't have money.
Secondly, as mathjack pointed out, part of intelligence is knowing what you don't know and seeking the opinions of people who do know. A person isn't "dumb" because they seek out a doctor, a dentist, a roofer, or a CPA. They're dumb if they bury their head in the sand or make ignorant unsupported decisions with no guidance.
A home is the largest investment that many people will ever make. If there are any decisions at all where people will seek outside advice as they might need it, this will be one of them.
A home is the largest investment that many people will ever make. If there are any decisions at all where people will seek outside advice as they might need it, this will be one of them.
Your rhetoric does nothing to prove people who buy homes know with certainty how said home purchase will impact their federal income tax liability. They will often seek advice from real estate agents who are ignorant as well or simply oversell the tax benefits. They may also seek out family and friends who also far too often don't have the answers either. It is is a woefully undereducated topic that is made based off of common beliefs that don't actually hold true
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