My interest payments on my note are so low that when I itemize, the standard deduction is higher. Concerned about the loss of the mortgage interest deduction? Add to the principle payment and pay the sucker off in less time.
I am in real estate, but I firmly oppose the mortgage interest deduction. It only subsidizes homes in high-priced areas by my tax dollars. Why should I subsidize your house payment?
At bottom, it subsidizes the lenders by getting them more business. There being a tax advantage to being in debt. It also encourages "over-consumption," living large today on tomorrow's income. I think, besides the banks, the primary lobbying group for subsidy of home loans is the building industry, with all of its associated suppliers.
Most of the rent-seekers (in the tax realm) are identifiable by the conditions for obtaining the tax advantage.
“Why should I subsidize your house payment?”
My paying less taxes does not mean that you are subsidizing my house payment. I also notice that you specifically mention high priced areas, that sounds way too much like the 1% BS being thrown around.
“Why should I subsidize your house payment?”
Spoken like a true liberal. You are not subsidizing anything, you just emotionally reacted like a liberal and made the ridiculous claim.