Posted on 03/24/2011 6:24:09 PM PDT by rabscuttle385
RICHMOND, Va. – House Majority Leader Eric Cantor (R-Va.) on Thursday said Congress is unlikely to take away the popular mortgage interest tax break.
Speaking to a crowd of real estate professionals in his hometown, Cantor said the tax would be considered as part of the larger tax reform discussion.
But he suggested a change is probably not in the cards.
“Honestly, there’s not a lot of support for getting rid of the mortgage deduction on Capitol Hill,” Cantor said to loud applause from the audience.
Cantor was speaking to nearly 200 members of the Richmond Association of REALTORs. It was his second speech this week on economic issues.
“Before we start thinking about some other scheme that the government can do to help us, let’s get government to stop harming us,” Cantor said in response to a question from the audience about ways to increase purchases of distressed housing.
Much of Cantor’s address repeated his remarks earlier this week at Stanford University, where he called for the government to allow companies to repatriate income back to the U.S. at a reduced tax rate to stimulate the economy and discussed the need to cut regulations.
He also discussed the need to improve the housing market and suggested any GOP-led reforms to Fannie Mae and Freddie Mac would be done in a way that would not damage the real estate industry. The two government entities back more than 90 percent of the nation’s mortgages.
“Our goal is to create an environment for the private sector to engage in lending again, where the federal government has filled a void in the market through Fannie and Freddie and FHA,” Cantor said.
“We will work to eliminate the systemic risk that GSEs pose to our nation, but are committed to doing it in a way that does not jeopardize the prospects for a rebound in the real estate industry,” he continued. “We need smart regulations for mortgage applications that mitigate risk but do not close the doors to homeownership to responsible borrowers.”
I'm really, really sick and tired of young girls with two, three and more kids with carts full of crap and knowing that tax money is paying the bills w/no baby daddy in sight (& no chance in hell of support even if she does know who it belongs to (which is unlikely), just another night on the town with whomever.
I would rather support the elderly who need it than lazy trash with no concern for anyone (including the kids) or anything except the next sperm donor. SICK OF IT!
Yes, indirectly. The landlord pays the property tax which is then passed on to the tenant as a portion of the rental expense.
“Anyone have anything you want me to ask him if I get a chance?”
Yeah. Ask him why Republicans are big wusses.
Only if the market rent allows the landlords to pass the cost on, otherwise they eat it. The renters can move to properties post-deduction allowances.
Ask him where the real Cantor is, because this one is acting more like a democrat every day.
“This idea that we’re all supposed to throw our money down the toilet renting until we finally have the $150,000 or whatever saved up to plop a suitcase full of money down on the broker’s table and buy a house outright is ludicrous nonsense in this day and age.”
I SURE AS HELL HOPE YOU’RE NOT THAT BRAINWASHED by the government.
When did I say you had to pay cash for your house? Half the people, TODAY, that own homes (at least outside of bubble areas), don’t even take the mortgage interest deduction, as they don’t even itemize.
...and NOBODY taking a car loan gets a deduction, but 80% of the people buying cars do it on credit.
....of course not..
..the mortgage interest deduction is the single most important stumbling block standing in the way of the implementation of, say, the "Fair Tax".
If the MID was repealed, then the fair tax would follow....and none of the old guard leadership of either party are willing to give up the raw oppressive power that the progressive income tax affords them.
Ironically, since all the landlords will have to pay property tax, none of them will end up "eating it."
Because it's a form of social engineering through the tax code.
Thanks for that comment. I don't what right the government has to promote home ownership. In fact, renting is a much more safer route for many groups of people, ie. transient workers and those who have had the misfortune of losing large sums of money due to the housing market collapse. If home ownership is such a great, smart and wonderful way of life, it should be apparent to any thinking person and we would not need the government to promote it through the tax system.
Are you looking for a date?
Because it's a form of social engineering through the tax code.
Thanks for that comment. I don't what right the government has to promote home ownership. In fact, renting is a much more safer route for many groups of people, ie. transient workers and those who have had the misfortune of losing large sums of money due to the housing market collapse.
If home ownership is such a great, smart and wonderful way of life, it should be apparent to any thinking person and we do not need the government to promote it through the tax system.
“Depends, for those who believe that all money belongs to the governement first, tax deductions are idiotic.
For those of us who believe that the money we earn belong to us, well, it’s just an earnings punishment avoided. “
My point has NOTHING to do with who the money belongs to, it has to do with whether the government should ENCOURAGE DEBT. If we want to be revenue-neutral, we simply get rid of the STUPAK mortgage interest deduction, and, at the same time, lower income rates (and/or brackets) to be revenue-neutral. That simple.
But we stop REWARDING people to go into debt. We should be past that IDIOCY...it NEVER made sense, and it needs to stop.
And I sure hope you have a better argument than to come on here like some mouth breathing moron typing in all caps, accusing people of being "brainwashed by the government."
Or, to put another way, would you like to try again at presenting a reasoned argument, instead of just emoting at me?
When did I say you had to pay cash for your house? Half the people, TODAY, that own homes (at least outside of bubble areas), don’t even take the mortgage interest deduction, as they don’t even itemize.
Well, then that's their fault for being too stupid to not use the avenues available to recover more of the money taken from them by the tax system.
...and NOBODY taking a car loan gets a deduction, but 80% of the people buying cars do it on credit.
So? That's simple a rather unsophisticated attempt at a tu quoque argument, which does nothing for your "case."
Here's a question - what business of yours is it whether somebody else chooses to go into debt?
Despite my post about transfering wealth, I would probably be willing to make that trade as well. Best part would be the government would no longer have an excuse to know people’s income.
“Here’s a question - what business of yours is it whether somebody else chooses to go into debt?”
None...just like for cars. I have no idea how my neighbor bought his car.
But I SURE AS HELL care if I have to pay higher taxes to subsidize your debt, or even worse, my kids (and future grand kids) have to pay even higher taxes for your debt.
So, take your loan, but stop making the government POINT A GUN AT ME to help you pay it off.
Not exactly sure how the mortgage deduction "promotes" home ownership. The increase in a person's refund, for instance, from itemising their mortgage deduction does not outweigh the cost of the interest being paid.
Though I guess it does beat rolling your money into a turdroll and flushing it down the toilet by renting.
That only works in isolated, short term situations.
Long term, the pwner has to recoup the property tax in some fashion, typically through the rent.
And how do you think the government is "pointing a gun at you" to "help me pay off" my mortgage?
“And I sure hope you have a better argument than to come on here like some mouth breathing moron typing in all caps, accusing people of being “brainwashed by the government.””
Sorry, but I’m just SHOCKED that ANYONE on THIS SITE could have bought the line from the government that the only way a person can afford a place to live is by government WELFARE (i.e., subsidized housing). This was the last place I expected that kind of attitude.
So, sorry about that.
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