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The standard deduction was a simplified way to account for all the expenses that an itemized deduction would otherwise account for and you don't need to prove those deductions... if you take out the mortgage interest rate deduction, you will also have to lower the standard deduction... or are liberals just thieves?
This is so revealing of how the radical left thinks. So short term and selfish. Disturbing but then again they are out to destory all in the name of Big Government!
Subsidies for a pet poodle industry and you call this a lefty position?
Faux-conservative of the year award ye shall receive.
I own property and I think the mortgage interest deduction should go away. Just because someone benefits from the tax code doesn't mean they can't see flaws in it.
I also think deductions for state taxes should go away. Why should people in high tax states get a bigger deduction from Wash DC?
How many billions does this stupid tax break cost the government per year? On top of that, it does nothing except encourage people to take out more debt than they can really afford and drives up housing prices. People should quit feeling entitled to free government handouts on their mortgages. Want to lower the deficit? Get rid of this illogical tax break.
Cut the size of government by 60% and they wouldn't need the money.
Why does the government deserve to be bloated like a 750 pound man?
Laughable. The ones benefiting the most from mortgage interest rate deductions are the wealthy. You get more in tax breaks if you spend $1,000,000 on a home compared to $250,000 on a home.
Laughable?
This year, the mortgage interest deduction FOR ME - who is not wealthy - meant the difference between PAYING taxes, and receiving a refund.
I don't care if someone with a larger mortgage can take a bigger deduction. To ME, it makes a difference. To ME, it makes the burden of paying property taxes to educate OTHER PEOPLES children a bit more palatable.
When renters start paying the same amount in real estate taxes for their cities/counties as do homeowners the OP might have some credibility.
It amazes me how the far left continually cheers lowering the standard of living in the USA while simultaneously screaming about "entitlement reform".
Here's a clue for the OP: the rich don't use the mortgate tax deduction, usually it is the middle class uses it.
It is a fundamental principle of conservatism that business does not pay taxes, consumers do. Put another way, business collects taxes from consumers and remits those taxes to government.
A corollary of this principle is that property taxes are borne by renters; landlords merely collect these taxes from their tenants and remit those taxes to government.
Worse, renters in many states are paying MORE than the same amount in real estate taxes as their homeowner neighbors. For more than a decade I lived in a house with an extra $1,200 property tax each year because it was a rental.
For example, in Michigan the school property tax rate on rental property is FOUR TIMES the school property tax rate on owner-occupied homes.
The National Multi Housing Council (nmhc.org), a nationwide organization of apartment owners and managers, says that single-family homes generate school kids at twice the rate of apartments.
I doubt anyone has bought a house for the interest deduction. It's just kinda gravy for home ownership, which used to be the pride of being American.
Adjustable rate mortgages are what encourages people to buy what they can't afford.
No, it isn't the reason why they bought the house. It is a reason for the price they will pay.
You know why housing prices have fallen? Ya think maybe its because we are missing all those sub prime buyers and the real estate feedback loop was severed? What a coincidence if not!
Car expense going up? Bad.
Food up in price? Bad.
Gas? Bad.
Housing on easy credit jacking up prices with a fat mortgage? Good, wonderful. Jack up that crap.
I found the phrase "cost the government" fascinating. And illuminating.
In addition to mortgage interest real estate investors also deduct taxes, repairs, depreciation, special assessments, management fees, condo/HOA fees etc. So who has a better deal? A homeowner or RE investor?
No, it isn't the reason why they bought the house. It is a reason for the price they will pay.
You know why housing prices have fallen? Ya think maybe its because we are missing all those sub prime buyers and the real estate feedback loop was severed? What a coincidence if not!
Car expense going up? Bad.
Food up in price? Bad.
Gas? Bad.
Housing on easy credit jacking up prices with a fat mortgage? Good, wonderful. Jack up that crap.
Sorry sweetpea, but you really have no idea what caused the housing crash, do you?
Prices skyrocketed, because easy credit was pushed and accepted. 3-year ARMs were pushed on naive people, who bought more than they ever should have. The sky was (supposedly) the limit.
But it wasn't.
There are a lot of reasons the housing market crashed, but you've not hit on any of them.
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