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Anyone who isn't a millionaire who votes Republican just isn't voting in their rational self interest. So much for Ayn Rand's theory.
Ron Paul is a Republican, right? He wants to cut a lot more wasteful military sending than the Dems do (at least Obama).
As a single renter without kids with a middle class income, getting rid of the distorting deductions in order to lower the tax rates would be a huge boon to me. Getting rid of the mortgage deductions would also make housing cheaper. So voting for the right Republicans is in my self interest.
When Prop 13 became law about 35 years ago... both my teacher and my Uncle had immediate rent reductions...
Predictability in Prop taxes is a definite factor in foregoing rent increases with the rentals I manage.
It is company policy to keep rent increases to a minimum for good tenants and raise them to market at turnover...
Some of my tenants have not had increases in 7 years...
The stability Prop 13 offers is definitely a factor.
The experience you describe was not the norm under Prop 13. Most renters were hit with rent increases, not reductions. Angry renters succeeded in enacting a number of local rent control ordinances in the years immediately following the passage of Prop 13.
Prop 13 suppoerters said people shouldn't be taxed out of their homes, but only homeownewrs were guaranteed the protections of Prop 13. A homeowner could stay in their home for 50 years and not be taxed out of their home, but a renter had no such protection whenever his landlord decides to sell.
The experience you describe was not the norm under Prop 13. Most renters were hit with rent increases, not reductions. Angry renters succeeded in enacting a number of local rent control ordinances in the years immediately following the passage of Prop 13.
Prop 13 suppoerters said people shouldn't be taxed out of their homes, but only homeownewrs were guaranteed the protections of Prop 13. A homeowner could stay in their home for 50 years and not be taxed out of their home, but a renter had no such protection whenever his landlord decides to sell.
The list of communities for rent control is very short and has been stagnant. Also, most rent control ordinances exempt new construction and/or single family homes.
Prop 13 applies to all taxable real estate in the State... including family farms, ranches, etc.
Renting will never equate with owning... each has unique benefits.
Renters can almost always afford to rent a home they could not otherwise afford to buy... several of my friends have taken this to the extreme by selling their homes in Oakland so they could rent in Piedmont, a city completely within the city of Oakland... Piedmont has top public schools and low crime... and high real estate prices.
The government changed the tax laws to drop the deductions for credit card interest paid, car loan interest paid and personal loan interest paid. That didn't impact CC use or the purchase of vehicles.
Dropping mortgage interest deduction wouldn't alter people's intention of buying a home.
They don't base the decision to buy a home based on "oh I can deduct the interest" because that is not a dollar for dollar reduction.
The government changed the tax laws to drop the deductions for credit card interest paid, car loan interest paid and personal loan interest paid. That didn't impact CC use or the purchase of vehicles.
Dropping mortgage interest deduction wouldn't alter people's intention of buying a home.
They don't base the decision to buy a home based on "oh I can deduct the interest" because that is not a dollar for dollar reduction.
Exactly. I wouldn't mind seeing the mortgage interest deduction axed. And it would be HIGHLY entertaining to watch the scorched liberals howl about the loss of that deduction at tax time.
The government changed the tax laws to drop the deductions for credit card interest paid, car loan interest paid and personal loan interest paid. That didn't impact CC use or the purchase of vehicles.
Dropping mortgage interest deduction wouldn't alter people's intention of buying a home.
They don't base the decision to buy a home based on "oh I can deduct the interest" because that is not a dollar for dollar reduction.
Hard to say it wouldn't have any impact... it can be a deciding factor for those on the fence.
If the change was across the board... it would create hardships at first.
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.
The article says the above, but made the statement out of thin air.
There is no statement from the GOP that they are going to eliminate the mortgage deduction. That makes no sense.
They are more likely to go back to the old 2008 budget as a start.
Hard to say it wouldn't have any impact... it can be a deciding factor for those on the fence.
If the change was across the board... it would create hardships at first.
What hardship ? Do people not take out car loans anymore because the interest is not deductible ?
CC debt is sky high.
The deduction is not dollar for dollar and it only reduces the amount of tax you pay.
If this would cause "hardship" then you bought more house than you can afford. And that has been the problem all along.
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