WTF....Just STOP all the STUPID SPENDING NOW.
Please note: when I post something written by John Carney, a staffer at CNBC, some posters confuse him with JAY Carney, the new WH press secretary.
Two very different guys!
Enjoy.
Why not save all the time and Money on all this crap and just send in your Pay check and line up for the Cheese
Give me a flat tax, where everyone has ‘skin in the game’, and I’ll consider it.
Two words:
Flat. Tax.
Cool. As long as I can eliminate the expensive and inefficient subsidy I provide the county called 'property tax'.
Otherwise, the administration can shove it.
Canada survives without the deduction. For decades I’ve felt it needs to be eliminated. And not on the rich, but across the board. I hate this “just on the rich” nonsense.
‘Couse, if I had my way, the income tax would be the same rate for everyone, even if you made only a dollar a years. We’ll take a dime please.
Carney practiced corporate law at firms such as Skadden, Arps, Slate, Meagher & Flom and Latham & Watkins, primarily representing banks, hedge funds and private equity firms.
As if anyone here didn't know, this is the core of this idea. This is just a transfer of wealth collected from the mortgage payers, i.e., the productive people, to the indolent, i.e., Obama freeloaders. [BTW, Carney, they're not "tax cuts" if you didn't pay the tax in the first place.]
Shell games don't get any more obvious than that.
But that's easy for me to say since it only saves me about $350 per year now.
Take away the mortgage deduction and lose the votes of the handful of productive people who still support you, idiot.
This guy seems determined to commit political suicide.
The Wall Streeter derivatives boy who wrote this article is dishonest.
Not only will the taxpaying homeowner have to pay thousands more in taxes every year, the value of his/her home will plummet another 20% or so, wiping out a lot of equity.
You don’t abolish a tax exemption that people made a 30-year investment decision on and on which they have much if not most of their accumulated wealth.
HORRIBLE idea. Next.
If it were eliminated, it might bring in more than $2 trillion of new revenue for the government or—as I proposed this morning—allow up to $2 trillion of new tax cuts for the American people.
Hahahaha LOL Only a democrat could say that ending a tax, thereby increasing your taxes, could spur a big tax cut
The "mortgage deduction" is merely the only major surviving deduction of a general class that used to be across the board: deduction of interest paid from your income taxes, since someone else is going to pay interest income tax on that interest paid to them by you.
25 years ago our very own "republican" BobDole pushed through a lovely little bill that wiped out such a deduction for all other interest payments; prior to 1985, the interest paid on any loan - cars, credit cards, whatever - was deductible.
It's called the principle of no double taxation. No difficult to understand: why should the government tax the same money twice?
On the contrary, Mr. Carney. Not only should the mortgage deduction be preserved, but the same deduction for all other interest paid should be reinstated, and BobDole's name be struck from the Republican party rolls for ever.
If not, then how 'bout we cancel those taxes I gotta pay on that "interest income" stated on them 1099's?
Better yet, just kill the Marxist inspired income tax. It was never meant to do anything except collateralize the Fed anyway.
Top income level my ass. They’ll have a go at all of us.
They do this and I no longer make any payments on my place. They can shove the thing right square up their asses.
Incorrect assumption. The wealthy would move their holdings to corporations and then rent the property back to themselves. This would allow them to deduct the mortgage interest as an expense and then depreciate the realestate. In other words, there would be unintended consequences and the $2 trillion would not materialize.
Housing, home furnishings and home utilities, are a major section of our economy. This would be like dropping a bomb on yet another major sector of the economy.
The timing couldn't be worse. This would drive even more home buyers from the housing market making the dip even worse.
Unless you grandfather existing mortgages, it's a fundamentally unfair tax. The government provided an incentive to incur debt to buy homes, and to dramatically end that incentive after they have bought a home is just not right. The additional $2000-$4000 tax that will result on average homeowners from removing that incentive may well push even more homeowners into bankruptcy.