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Old 08-22-2012, 01:40 PM
 
Location: E ND & NW MN
4,805 posts, read 9,404,615 times
Reputation: 3551

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I highly ever doubt the mortgage deduction would be gone away with and agree headline is a bit over the top. I certainly do not support doing away with mortgage deduction as a home owner.
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Old 08-22-2012, 01:41 PM
 
Location: North America
19,634 posts, read 12,398,417 times
Reputation: 8282
Quote:
Originally Posted by HappyTexan View Post
Obama wants to close tax loopholes as well. Does that equate to the same theory ?

yep.

As it was when Ronnie Raygun did it.
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Old 08-22-2012, 01:42 PM
 
48,516 posts, read 83,700,460 times
Reputation: 18036
One neds to read the entire pertspective of all proposals.Most elimiante loopholes including the mortgage interest dedcution but simply the tax code by reform and lower artes.This actually helps people who can't afford a home mortgage too.goig forward as even this treasury says the per ceatge aimed to own homes will be lower from recent past by polcies. Geithnier has clearly said that hisotric average of 65%.Hme owners have actually been hurt more by the housing bubble than helped by the interest deduction anyway.
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Old 08-22-2012, 01:44 PM
 
11,298 posts, read 8,373,386 times
Reputation: 6998
Quote:
Originally Posted by lifelongMOgal View Post
FYI, the only tax breaks investors get is on losses. DUH!

Seriously, the federal government needs to get out of manipulating the real estate market (as well as all other markets). The mortgage tax deduction is one of those manipulations designed to keep consumers in debt and to benefit the banks profits.

Getting rid of the mortgage deduction will make potential home buyers more responsible just as getting rid of FDIC would make depositors do their due diligence prior to placing their money with just any bank. Both create a moral hazard. Your Bush derangement syndrome aside, can you really not see the shortcomings of mortgage deductions?
I agree. Many folks think since somebody, anybody is minding the store, they pay no heed to what they are doing. Looks to me like the more responsibility the feds take on, the dumber we all are getting.

Was getting rid of mortgage interest deduction in Simpson Bowles? It's been talked about for years and years.
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Old 08-22-2012, 01:47 PM
 
31,385 posts, read 32,023,420 times
Reputation: 14896
Quote:
Originally Posted by mohawkx View Post
The only things missing from a Dick Morris clip is a big red nose and a Kazoo.
His nose needs to get redder???
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Old 08-22-2012, 01:48 PM
 
Location: Great State of Texas
86,093 posts, read 72,326,058 times
Reputation: 27564
Quote:
Originally Posted by crone View Post
I agree. Many folks think since somebody, anybody is minding the store, they pay no heed to what they are doing. Looks to me like the more responsibility the feds take on, the dumber we all are getting.

Was getting rid of mortgage interest deduction in Simpson Bowles? It's been talked about for years and years.
Yes it was one among other individual deductions they recommended ending.

And both parties couldn't run away fast enough when that list of recommendations came out.

Bowles-Simpson Plan | Bankrate.com
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Old 08-22-2012, 01:50 PM
 
Location: Texas
5,856 posts, read 6,896,086 times
Reputation: 2951
Quote:
Originally Posted by lifelongMOgal View Post
FYI, the only tax breaks investors get is on losses. DUH!

Seriously, the federal government needs to get out of manipulating the real estate market (as well as all other markets). The mortgage tax deduction is one of those manipulations designed to keep consumers in debt and to benefit the banks profits.

Getting rid of the mortgage deduction will make potential home buyers more responsible just as getting rid of FDIC would make depositors do their due diligence prior to placing their money with just any bank. Both create a moral hazard. Your Bush derangement syndrome aside, can you really not see the shortcomings of mortgage deductions?

Exactly! Thank you for realizing that truth. Now you can admit that people making over $250k DON'T NEED TAX BREAKS! DUH!!!

The Gov't is now manipulating the RE market? You do realize that the mort tax deduction is really only applicable to the first 10-12 years of a mortgage right? And that you HAVE to have a large enough mortgage to be able to have enough mortgage interest to add to other itemized deductions to exceed the standard deduction, which in 2011 was over $11,000!

Eliminating the mort tax deduction will take it away from investors and multi-property owners as well, thus driving more investment and money out of the model and driving the economy further in a negative direction. As much as Republican's would love this, I dont' think their "money masters" will like it very much.

FDIC is in place specifically to prevent customers from being wiped out when banks/credit unions get involved or taken up into risky or fraudulent transactions and forcing the banks to maintain a minimum amount of liquidity in the institution thus preventing a S&L or bank collapse as seen and maintained by the Bush's (since you mentioned it) in the 80's. Or basically cutting out the crap game, 3-card monty with deposits. The banks then moved onto CDS/CMO's and CDO's which in the end proved easier to manipulate. But according to your estimation wouldn't be necessary since the investor can do their own due diligence.
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Old 08-22-2012, 01:53 PM
 
36,489 posts, read 15,983,293 times
Reputation: 8284
Quote:
Originally Posted by ndfmnlf View Post
With this move - and with its insistence on increasing military spending - the GOP is now assured of winning the election. I'm sure the middle class who look forward to getting tax refunds for having mortgages while they send their kids off to fight and die in foreign lands will be so thrilled to vote Republican.


Ahead of Convention, GOP Dumps Mortgage Deduction - Businessweek
And I thought all liberals were against tax loopholes!
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Old 08-22-2012, 01:53 PM
 
Location: Texas
5,856 posts, read 6,896,086 times
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Quote:
Originally Posted by HappyTexan View Post
February 2011 ?

Proposal over a year old. Go read up on CURRENT events. Neither party will come out with specifics.
Obama has stopped his "tax the rich" for now because he's going into their homes asking for money.

That is President Obama's plan...and the ONLY one out there with specifics. And if you think the "tax the rich" has stopped what have they been arguing about with the fiscal cliff again?!



The only one vague and dodging the question(s) on specifics has been Republican's and Romney ~ because they know once they actually tell America what they're plan is they're done! Finished! Kaput!
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Old 08-22-2012, 02:23 PM
 
66,240 posts, read 30,169,021 times
Reputation: 8607
Quote:
Originally Posted by Quick Enough View Post
And I thought all liberals were against tax loopholes!
They're only against the tax loopholes they're not using themselves.
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