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Twisted logic indeed. In his example "pay $10 to get $2 back", leaves the borrower paying $8.00 as opposed to $10.00, but the problem is that it is still a hand-out. These people need to make up their minds, because they demand cuts, but when someone proposes a cut, they realize they were benefitting from the hand-out, so they want to keep it. In their eyes cuts are cool, as long as they are not affected.
Being able to keep your own money is not a hand out.
Once again, I'll iterate the mortgage interest tax deduction is not going to vanish. The NAR lobby funded by 1 million Realtors ( whether they like it or not) will make certain it remains intact for the middle class.
it may vanish.
one of the "imaginary fiscal cliff" consultants, also a harvard grad, is advising obama on making it vanish.
let's face it-obama can't be beholden to everybody who voted for him-there isn't enough of even a pretend revenue stream for that.
all the people who expect favors may be in for a surprise.
Being able to keep your own money is not a hand out.
It's money you owe to the bank, but you feel entiteled to get some of it back for the taxpayer. It is a tax-break, and tax breaks are form of a hand-out no matter how you spin it. Look at all the tax breaks and loop-holes corporations have been able to push through over the years, and the result is some companies paying ZERO tax. It is a form of welfare, like it or not.
It's money you owe to the bank, but you feel entiteled to get some of it back for the taxpayer. It is a tax-break, and tax breaks are form of a hand-out no matter how you spin it. Look at all the tax breaks and loop-holes corporations have been able to push through over the years, and the result is some companies paying ZERO tax. It is a form of welfare, like it or not.
Tax breaks and loop holes used to keep ones own earned money are not hand outs, you are confusing them with entitlements and subsidies.
Tax breaks and loop holes used to keep ones own earned money are not hand outs, you are confusing them with entitlements and subsidies.
The interest on a mortgage is part of the agreement with the lender, no different than the principal. The borrower has agreed to pay their own earned money. The deduction is a subsidy. It subsidizes the economic benefits of home-building and the 'dream' of home ownership.
Democrats are not in favor of eliminating the mortgage deduction, republicans are because the very rich don't benefit from it. The reps also proposed elimination of the marginal rate up to $400k, meaning that if one earned $250,001 taxes would be on the top rate.
So the GOP is throwing the less affluent under the bus to protect the very affluent.
The interest on a mortgage is part of the agreement with the lender, no different than the principal. The borrower has agreed to pay their own earned money. The deduction is a subsidy. It subsidizes the economic benefits of home-building and the 'dream' of home ownership.
Fine. Then lower rates on the middle class to account for them losing this deduction and raise them on the rich to makeup the lost revenue. Fat chance the GOP will go along with that. The GOP wants to kill the mortgage deduction and lower rates more on the rich. -- Essentially raising taxes on the middle. Today's modern GOP would fit in we'll with the pre-revolution French aristocracy.
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