AMEN! Like I said our interest has never been enough to deduct so this means nothing to me.I’ve always thought it was backwards....why should those who can afford a $300,000 home be able to while those of us who bought the under $100,000 not be able to.End it of all or let everyone have it.
“...why should those who can afford a $300,000 home be able to while those of us who bought the under $100,000 not be able to.”
You seem to be completely ignoring the vast difference in home prices in various areas of the country. We live in NJ, it is impossible to buy a single family home here for under $250,000.00 Those numbers go higher the closer you get to NYC.
A home that goes for 250K here might well go for 100K elsewhere and 250K elsewhere might buy what would be considered a mansion.
Plus, as another freeper astutely pointed out on another thread on this subject a while ago, if people are not able to take the mtg. int. deduction they probably can’t take the rest of the schedule A deductions, such as taxes, charity, etc.
I don’t know why ANYONE on the right supports this at all. It is going to be nothing more than a huge tax increase on the productive middle class.
And, it is going to permanently ruin the real estate market, it will never recover.
The ignorance on this subject if frightening. I sincerely doubt that John & Cindy McCain or John & Teresa Kerry have EVER taken this deduction.
Let’s focus on the spending folks that’s where the problem is.