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That's right, shoot the messenger. The IRS only enforces the tax code, it doesn't write it. Who creates the tax code? Congress writes it and and the President signs it into law. Civics 101. If you have an issue with taxes, take it up with them.
They are just doing their job
And we know they apply the rules fairly to all lol
This thread is a hoot, people actually wondering why they aren't taxed on something.
This is a deduction that should be removed from the code as with many of the other deductions. I recall in the 1980's that credit card interest could be deducted, but they corrected that mistake. Rewarding people for borrowing is a mistake with miserable savings rate in the US.
We should tax debt instead of savings. I'm sure the banks and credit cards would scream, but the current scheme rewards bad behavior.
I have never figured out why we have that tax break although I will be the first to admit to taking it. But what is the reason for having it? I think it should be phased out just as credit card and loan interest deductions were. People who have a mortgage now on their primary residence can keep it but when the home is sold again, no deduction for a new mortgage. And it should be ended for all second homes now. In fact I think all the deductions should be eliminated and rates lowered for everybody under a certain income.
It's a hidden form of welfare, the Democrats will never repeal it, at least for the lowest two quartiles.
I would take a serious hit personally. But I don't see why I should get this deduction. Why should I be rewarded to pay a bunch of interest to a bank? Why is a guy renting not getting the same deduction? It is a nonsense deduction. Wonder who lobbied for that one...?.
Some states do charge taxes on food and even candy, as I experienced while vacactioning in Fort Liquordale, FL way back in 1979.
I've never understood the rationale behind the home mortgage interest deduction; there's no reason for our government to incentivize us to do anything, but they don't seem to able to stop doing so, usually with super-disastrous results such as the housing meltdown which torpedoed real estate values in large parts of the country.
I have never figured out why we have that tax break although I will be the first to admit to taking it. But what is the reason for having it? I think it should be phased out just as credit card and loan interest deductions were. People who have a mortgage now on their primary residence can keep it but when the home is sold again, no deduction for a new mortgage. And it should be ended for all second homes now. In fact I think all the deductions should be eliminated and rates lowered for everybody under a certain income.
Mmmm,why would you tax mortgage interest? I think you are questioning the wisdom of the mortgage interest deduction.
I have never figured out why we have that tax break although I will be the first to admit to taking it. But what is the reason for having it? I think it should be phased out just as credit card and loan interest deductions were. People who have a mortgage now on their primary residence can keep it but when the home is sold again, no deduction for a new mortgage. And it should be ended for all second homes now. In fact I think all the deductions should be eliminated and rates lowered for everybody under a certain income.
There is a good reason, it's called politics.
Even the middle class is not immune to an entitlement mentality. Homeowners believe they have EARNED tax breaks for owning a home.
I have never figured out why we have that tax break although I will be the first to admit to taking it. But what is the reason for having it? I think it should be phased out just as credit card and loan interest deductions were. People who have a mortgage now on their primary residence can keep it but when the home is sold again, no deduction for a new mortgage. And it should be ended for all second homes now. In fact I think all the deductions should be eliminated and rates lowered for everybody under a certain income.
People biggest and toughest purchase is their home. They are allowed to deduct the interest against income as an inspiration to buy or stay in a home.
People used to be allowed to have no tax on their already taxed money that they saved in accounts that were earning interest. Made people get inspired to save.
The whole tax code is manipulated to direct people's economic behavior.
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