Posted on 06/09/2010 7:33:20 PM PDT by SeekAndFind
Talk about the gang that couldn't shoot straight.
Interesting item of note in this article. I've long said that the mortgage interest deduction makes no sense at all. Not only does it drive up the prices of homes, but it gives an incentive for homeowners to stay deep in debt.
Captain, the full-of-crap meter just pegged! The nerve of people expecting to deduct interest (which the banks have to report as income). No we need to tax it twice so we can afford to give more money to good for nothings that simply refuse to work.
“Interesting item of note in this article. I’ve long said that the mortgage interest deduction makes no sense at all. Not only does it drive up the prices of homes, but it gives an incentive for homeowners to stay deep in debt. “
Me too, and I get a juicy deduction. I would just love to go to the standard deduction...which I could do if this deduction was gone (of course I could now, but I’m about to pay more in taxes than required).
These fools think all our problems are due to a lack of taxation.
Its the spending stupid!
And it it very true!!
Could you show me a bank that pays taxes, I have never seen one.
No tax provision is inviolate. I can recall when: all interest, including credit card and installment interest, was deductible; when all medical expenses, without the 7.5% threshold, was deductible; when State sales taxes in addition to other state taxes, were deductible; when business expenses were all deductible without the 2% threshold.
We are already well down the slimy slope and most people don't even know it.
While there are things businesses can do to avoid taxes, basically if you make profits sooner or later you are going to pay.
And I’m not fooled for a minute by any of this nonsense. This is part of a pattern of attacking private home ownership - more of that “we’re bad Americans because we have too much” crap.
That said, modifying this deduction in this economy with this unstable housing market is like playing with nitroglycerin.
I don’t remember when all those things were tax deductible, but let me ask a dumb question: What the heck is so special about interest payments that they should ever have been tax deductible in the first place?
ping
“Not only does it drive up the prices of homes”
The deduction has been around for 100 years, so how exactly does it drive up the prices of homes, Professor? Yes, getting rid of it would drive down demand and therefore prices. Getting rid of it would drive prices down, but keeping it would not drive them up.
That's a very good point. If anything, a tax change that is this dramatic should be phased in over time.
The tax deduction drives up the price of homes by making it easier for someone to afford a higher mortgage payment (and therefore a more expensive home).
And it impossible for a bank to pay taxes just like it's impossible for a corporation to pay taxes, they collect them , from you.
It also favors homeowners at the expense of renters, who tend to be poorer. I’m a homeowner, but the mortgage interest rate deduction mostly helps the wealthy and real estate agents.
And the end result of that is more and more expensive homes and suddenly you have to invent funny money mortgages so people think they can afford to buy them.
Fanny and Freddie bankrupt the mortgage industry
causing our economy to tank because the guberment said it was a great idea to make homeowners out of skid row bumbs.
But my mortgage interest deduction is bad very bad because I might go into deeper debt. Tax breaks did not destroy our economy the instead the country flourishes
Zer0 and the compliant socialists are destroying our country with staggering deficits with a $19Trillion price tag by 2015 and almost $100 Trillion in unfunded liabilities through SS and medicare but my little tax deduction is a dangerous thing.
Such B.S. This is how the die hard commie works .
Constant messages of propaganda and disinformation.
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