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IS THE MORTGAGE DEDUCTION GOOD FOR AMERICA?

Posted on 12/05/2017 8:10:58 AM PST by DIRTYSECRET

My friends it's government interference in the market. Why should some millionaire owner get a tax break when he can just buy something cheaper? If the idea is to make housing affordable ONE house is plenty of help. No need for help on a second home. Government grants for college make tuition rates go up. Won't the deduction do the same for housing? The Milton Friedmans out there will say it's bad for housing. I agree.

WE start the discussion. The Yahoo article posted earlier was written by yahoos.


TOPICS: Politics
KEYWORDS: miltonfriedman; mortgageinterest; propertytaxes; taxcuts; taxreform; vanity
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1 posted on 12/05/2017 8:10:58 AM PST by DIRTYSECRET
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To: DIRTYSECRET

No it is not.


2 posted on 12/05/2017 8:12:43 AM PST by blackdog
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To: DIRTYSECRET

Yes. End it, or at least reduce it to $250,000 and end it later. Also end all Federal aid to colleges, and yank non-profit status from Big College as well.


3 posted on 12/05/2017 8:13:19 AM PST by montag813
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To: DIRTYSECRET

We should have a national sales tax and no income tax at all. If we can’t do that, the next best thing is one tax rate and no deductions for anything.


4 posted on 12/05/2017 8:13:19 AM PST by rigelkentaurus
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To: DIRTYSECRET

I would disagree that the mortgage deduction is bad. It actually favors people WHO ARE MORE VESTED IN THE ECONOMY AND AMERICA’S WELL BEING. And these people having more disposable income by having their taxes reduced are more likely to contribute to causes, candidates and efforts which further conservatism.

Call that government engineering, but it mirrors solid economics.


5 posted on 12/05/2017 8:16:35 AM PST by fwdude (Why is it that the only positive things to come out of LGBT organizations are their AIDS tests?)
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To: DIRTYSECRET

Anything that restricts the government from confiscating income legally earned by American citizens is good — not just for the person who legitimately earned it, but for liberty and our Republic as well.


6 posted on 12/05/2017 8:17:43 AM PST by glennaro
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To: DIRTYSECRET

Nope


7 posted on 12/05/2017 8:18:01 AM PST by rrrod (just an old guy with a gun in his pocke)
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To: fwdude

All it does is drive up the price of a home by making it easier for buyers to pay more for it.


8 posted on 12/05/2017 8:18:06 AM PST by Alberta's Child ("Tell them to stand!" -- President Trump, 9/23/2017)
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To: montag813

It should be phased out. I am not for it and yes I do benefit from it. It has been a calculation into home buying for generations. To yank it right away will undercut the housing market and will find a lot of people losing their homes. We do not need a recurrence of the housing bubble.

Allow home owners to keep it as long as they are in their current home. Home values will still come down but at least this gives people time to have their homes reassessed.


9 posted on 12/05/2017 8:18:27 AM PST by Wright Wing
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To: fwdude

A National Sales Tax is called the Fair Tax for a reason. Po’ folk would pay THEIR FAIR SHARE and as a result have ‘skin in the game.’


10 posted on 12/05/2017 8:19:44 AM PST by DIRTYSECRET (urope. Why do they put up with this.)
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To: DIRTYSECRET

Trim it to $50,000


11 posted on 12/05/2017 8:19:59 AM PST by Bulwinkle (Alec, a.k.a. Daffy Duck)
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To: blackdog

I agree. It is not good. But it’s a great real estate sales tool. ;)


12 posted on 12/05/2017 8:21:10 AM PST by robroys woman (So you're not confused, I'm male.)
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To: DIRTYSECRET

It’s welfare for the middle class. Lower it ti 250 for starters. Anyone who can afford ANY home is w/o any deduction is middle class.


13 posted on 12/05/2017 8:22:22 AM PST by DIRTYSECRET (urope. Why do they put up with this.)
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To: Alberta's Child
The price elasticity is not perfect, but your point is taken.

There are many other factors which play into the price of a home which mask the effect of tax deductions. I'd rather address the problem of forced lending and government safety nets to guard against those not really qualified to buy.

14 posted on 12/05/2017 8:23:04 AM PST by fwdude (Why is it that the only positive things to come out of LGBT organizations are their AIDS tests?)
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To: DIRTYSECRET
It's government interference in the marketplace. It's also a benefit utilized by fewer and fewer Americans. If you aren't itemizing, you aren't benefitting. If you pay so much in interest that it goes beyond the standard deduction, you don't have a genuine "need" for a handout. Additionally, if you have to rely on a government handout to buy a home, you can't afford the home to begin with. Either downsize your expectations or rent. <>
15 posted on 12/05/2017 8:23:18 AM PST by Jhadur ("You are not ready for immortality.")
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To: rigelkentaurus
We should have a national sales tax and no income tax at all. If we can’t do that, the next best thing is one tax rate and no deductions for anything.

Make it EVERYONE PAYS no matter how little they make so EVERYONE has skin in the game and I'm in. Best proposal I've seen on here in awhile.

16 posted on 12/05/2017 8:23:21 AM PST by usconservative (When The Ballot Box No Longer Counts, The Ammunition Box Does. (What's In Your Ammo Box?))
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To: DIRTYSECRET

I don’t like transaction taxes. They inject the government into even MORE of our lives.


17 posted on 12/05/2017 8:23:49 AM PST by fwdude (Why is it that the only positive things to come out of LGBT organizations are their AIDS tests?)
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To: DIRTYSECRET
Why should some millionaire owner get a tax break

Class envy. It always gets the hoi polloi all worked up.

18 posted on 12/05/2017 8:23:50 AM PST by ladyjane
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To: rigelkentaurus

I like either option, but lean toward the sales tax. It may never happen, since Congress uses the voluminous tax code to pick winners and losers. The winners help make congresscritters millionaires by the time they leave office.


19 posted on 12/05/2017 8:26:09 AM PST by LostInBayport (When there are more people riding in the cart than there are pulling it, the cart stops moving...)
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To: rigelkentaurus

I would go with the second alternative, emphasis on no deductions at all. The reason is because a national sales tax always leads to questions about “intermediate” sales, like where the company that produces parts for Detroit argues that the sales tax on cars captures the value added by the parts sold to Detroit, saying it represents double-taxation if their sales aren’t excluded. This leaves the enforcement in the hands of politicians who ultimately screw it up.


20 posted on 12/05/2017 8:26:21 AM PST by econjack
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