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Cutting the mortgage tax deduction should lower housing prices. Yeah, it'll suck for current homeowners, but it should make it more affordable for future buyers to own a home. In the long run, I think it's a good thing.
With foreclosures and short sales so high I don't know if that would be a good thing. The lower housing prices go the more upside down many will be and I wonder how many will throw in the towel from such a move.
Medicare, you didn't pay for. No sireee. Most of it is unfunded.
I also don't support the mortgage interest deduction. Why not give all homeowners a tax deduction? Why give one JUST to people who take on really huge mortgages? It encourages irresponsible choices and it makes no sense.
Totall agreement with this thinking.
Tax breaks of this nature are just "Government Freebies"!
They come with a price tag of the government giving you something that "they" can't afford.
If you are comtemplating buying a house, just as you would a car, why should there be tax deduction because you've decided you can afford to make that purchase? If the tax deduction is necessary to be able to afford that house you DAMN STRAIGHT OUT shouldn't be buying a house period!
Never should have been there in the first place. Just more nonsense along the lines of Bernie Franks and Chris Dodds thinking.
I fully support the mortgage tax deduction- one of the few deductions left for the middle class.
It never ceases to amaze me how people vote against their own best interests and favor the very wealthy for all the deductions and tax advantages.
Do you know what the free market economy really means? It means your job goes to Mexico or India and you health care goes to profit the insurance company. Your high gas costs go to benefit the profits of the oil industry who refused to modify the gasoline engine and so on.......
I say get the federal government out of the housing market all together. Get them out of the FHA, get them out of Fannie/Freddie, get them out of HUD (should go to the states), and end the mortgage deduction at the federal level. There is no reason taxpayers should subsidise home buyers and be stuck holding the bill when they default on their mortgages. How much could we cut out of the federal budget by ending the Department of Housing and Urban Development?
What boggles my mind in this whole debate is the underlying theme that the fruits of ones' labor, i.e. money paid for one's labor, somehow "belongs" to the federal government and that said government is giving some of us money unfairly at the expense of others. There is no better definition of slavery than the idea that the fruits of one's labor belongs to someone else.
It should be cut. Spending in the tax code should be eliminated and rates should come down. Other countries who don't subsidize home buying have just as many if not more people who own homes.
why do liberals always want to kill the middleclass???
All the more reason to stop paying your mortgage, sign up for the freebies and let everybody else pay for it. That is what THEY want after all. Next they will be going after 401K's to pay off the debt because only "rich" folks flying around in those corporate jets can afford a 401K. I mean it's not fair everybody doesn't have one.
I say get the federal government out of the housing market all together. Get them out of the FHA, get them out of Fannie/Freddie, get them out of HUD (should go to the states), and end the mortgage deduction at the federal level. There is no reason taxpayers should subsidise home buyers and be stuck holding the bill when they default on their mortgages. How much could we cut out of the federal budget by ending the Department of Housing and Urban Development?
exactly..its the federal goverment at the direction of clinton that got us this housing bubble/bust
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right again
