Too many elected officials don't believe in Free Markets.
Posted on 08/06/2011 7:06:51 AM PDT by SeekAndFind
Yes, it is.
Maybe easy to arrange, but being an absentee landlord is a nightmare.
Ann Coulter has Wall Street's number. It is not about business, not even a semblance of it. Wall Street is to a sound business what a heroin dealer is to a pharmacist.
Unfortunately, corporations are run by Wall Street types who have no problem raping their own business if it will give them a good quarter.
Of course they place no value on the intellectual capital of their business that is possessed by their employees.
They get up every day to play a game that puts more cash in their hands no matter the cost.
If put into effect quickly, it will wreck the housing industry farther. Yes it is a gift to those who seek to buy a home as the tax system is subsidizing a portion of the interest payment. So what? My income is not the government’s money to give back to me...it is mine to turn over a portion for the proper administration of the Republic. Tax preferences are part of the equation. FWIW, earners used to be able to deduct taxes paid on tobacco and interest on consumer loans, they were removed so rates could be adjusted downward. Think that will happen now, think again.
Don’t confuse the US debt situation with consumer debt...whether someone gets a mortgage interest deduction or does not (like me), has no affect on the debt or deficit not considering the higher taxes they may pay.
In my best world, there would be a flat tax paid from dollar one including a tax on benefits but that is never going to happen either.
“Maybe easy to arrange, but being an absentee landlord is a nightmare.”
A good Realtor will take care of the home and renters for you. There is no reason for it to be a nighmare.
If they eliminate that deduction, the housing industry will completely collapse and we will go into a depression so deep that it will make the 1930's look like the Reagan recovery.
There was a time when ALL interest payments were deductible. Now only interest on business purchases and home mortgages are deductible. FWIW, if they eliminate the home mortgage interest, I, and millions like me, will just walk away from our homes.
Property ownership has been the American dream since the time of the Pilgrims. The libs (and you apparently) are all set to destroy that dream and make us just like Europe.
“This is the opening barage to remove the interest deduction for home mortages...bet on it.”
DING DING DING...we have a winner...
“Home ownership is a drag on the economy”
“To avoid paying interest people will save a bigger down payment, make bigger monthly payments, and choose shorter duration loans?”
With what?
Money doesnt grow on trees....
Lets just trade our houses for tents and become Nomads...
“Home ownership is a drag on the economy”
Normally it is 1/6 of the economy.
Your screen name suits you.
The Founders knew property = freedom.
The people this forum insisting on higher taxes and less ownership by American citizens are soviet socialists.
that interest is profit for the bank, the bank pays the taxes on it, yes?
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good point. however, I am in ayn rand mode and thinking “starve the beast”. currently, our beast is not just uncle sam, but also insurance companies and mortgage selling banks and wall street and labor unions.
We need to get back to a manufacturing/mining/ag economy. Ive been compiling data and it turns out the nations with the largest ag/mining output per capita have the highest standard of living, highest income per GDP, and greatest ag/mining output per ag/mining worker. The US population is getting too heavy in finance, government, education, retirees, and deadbeat dependents.
I’m not saying education is unimportant. But there is at least 50% of all courses offered at colleges/universities that are absolutely worthless and pointless and these are the classes mostly taken by students on government assistance. it’s got to stop. we are only lining the pockets of universities with gold and for no reason. It is one of the reasons we are going bankrupt and losing our AAA rating. There is a similar distortion via government intervention going on in the medical/health fields.
And there was also a time when no interest was deductible. Which came first the chicken are the egg.
The scenario of renting your owned home while working on a long term project or permanent job is very common in Texas as many oil people move around the world every 4 or 5 years.
I guess we are just more used to it than others, but is is quite common here in Texas and no one regards it as a big deal or something that is rare or difficult to do.
We do it every day.
I thought that was what the illegals were for.
“We need to get back to a manufacturing/mining/ag economy.”
LMAO...you’ll need to get rid of every libtard with a lawyer first....
Good luck with that...
Too many elected officials don't believe in Free Markets.
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