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exactly..its the federal goverment at the direction of clinton that got us this housing bubble/bust
I distinctly remember needing a 20% down payment, else I would need PMI insurance during the Clinton era. The 'funny' no-money down '80/20' loans were all the rage during the Bush regime, with absolutely no oversight by the federal government.
This is not a very good idea. Maybe a LIMIT is OK, but doing away with it is bad news. The real estate market is already in shambles.
Municipalities rely on property tax revenue (pegged to home values). Anything that reduces taxable home values any further than theyve already fallen is NOT a good thing! Costs associated with running government, not to mention schools which are primarily funded by property tax, keep going up.
Also, neighborhoods and cities filled with homeowners are better off than those filled with renters.
I s'pose some of these supporters of the end of mortgage interest deductions would also think that not being taxed on a 401(k) (now) or an IRA (later) would also be a government handout.
Unbelievable.
Yep! You made the money and you invested it to make more money. the purpose for your investment aside, why wouldn't you expect to pay tax on that income growth?
You can't have it both ways: "government needs to stay out of my business and forget about "nanny stating" me" but allow me a free pass on income growth through investment by colouring it "special" if it's for my retirement. Just saying.
No it's not. This is why reigning in our deficits is going to be so hard. Most folks just don't get what is going on. You are not entitled to a mortgage interest deduction it costs the government money in forgone revenue reducing the taxes it collects to below the statuatory rates.
As some others have mentioned a flat tax with no deductions at a certain income threshold would be more equitable.
Flat tax.
No income threshold. Everyone pays.Everyone has a stake in the country's financial well-being.
No more freeloaders and parasites (excluding those who are genuinely incapacitated, of course).
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