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Because all your living expenses are not deductible.
There is some mini break you get, but they would not encourge people to rent over home ownership by giving them such a break.
It is not to the tax advantage of all homeowners to claim the interest on their home mortgage.
Not all homeowners thus get a benefit from it.
I don't reall ever hearing of Renters paying interest on their rent either.
Why should anyone be allowed to deduct interest on any loan, does that make any fiscal sense? Taxpayers where allowed to deduct interest on credit cards at one time but they regained their senses.
While I agree fully with the intent of your statement, do you realize that you are pretty much shifting the tax burden to people who make over $150 grand a year? If the super rich see high taxation, they will flee America in droves and take their money with them. Unless you are like me, moving to Pennsylvania and converting to the Amish faith, you might see a lot of hardship if the rich leave in droves.
There is no need to worry about the super rich they will do quite well even with some minor changes in the tax structure. What country would they go to to get the breaks they have here?
I'm sorry, why do you want to make rent payments tax deductible?
I don't think there is an incentive to stay in one place if the rent payments at any place are going to be tax deductible.
Should government provide incentives to stay in one place?
The mortgage interest deduction isn't even an incentive for homeowners to stay in one place, because their tax deduction declines over time as they pay off the mortgage. (Because the interest portion of your mortgage payment declines every month.)
Should government provide incentives to stay in one place?
The mortgage interest deduction isn't even an incentive for homeowners to stay in one place, because their tax deduction declines over time as they pay off the mortgage. (Because the interest portion of your mortgage payment declines every month.)
My remark about staying in one place was a direct response to the first post on this thread, as my post was the second one. I think your question about incentives to stay in one place should be directed to the OP, not to me.
Rent was deductible back in the 60s. Most posters on this forum are too young to recall that.
Tax breaks are set up to favor those with the influence to get them written into law. That won't include renters.
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Make Rent Tax Deductible ?
