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Message
re: Mortgage Interest Deduction in danger....
Posted on 7/11/13 at 10:23 am to tirebiter
Posted on 7/11/13 at 10:23 am to tirebiter
quote:
it supports those with large borrowing capacity and those that have higher income and other investments/business interests that can be aggregated for much higher deductions and tax relief.
Yes lets continue to punish them. Thats part of my point.
1
Posted on 7/11/13 at 10:40 am to MoreOrLes
quote:
Yes lets continue to punish them. Thats part of my point.
I'm not being punished not having a mortgage right now. If I want to use capital and borrowing capacity I would find something other than a personal residence with a hoped for deduction to lever up with an assumed ROI = to the inflation rate, which is what the US residential housing market has done long term. There are better alternatives than people believing a mortgage is going to provide them a large tax shield and probably don't even know the tax impact on their next 1040 filing because they haven't run the numbers. Simplifying the tax code is past overdue, but if someone is counting on a mortgage deduction to get them into a personal residence then they are likely buying too much home.
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