Quote:
Originally Posted by Steve McDonald
As if buying a house wasn't difficult/impossible enough for a lot of people. Taking away the mortgage tax credit would put millions out of the running, for home ownership. There'd be further separation in our society, of the have's and the have-nots. Those trapped in the underclass would increase, weakening our whole society.
|
It's funny because it isn't true.
"All in all, the mortgage tax deduction is a (lowercase "F") fool's game for middle-class earners in low-cost areas, and a boon for high-income earners in high-cost areas.
Someone who owns a million-dollar home and who pays interest on a $1 million mortgage will inevitably be able to deduct more of their mortgage interest than someone who pays interest on a $100,000 mortgage."
https://www.fool.com/mortgages/2015/...tax-deduc.aspx
See also:
https://www.cnbc.com/2017/08/31/that...e-wealthy.html
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
