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Started By
Message
End Mortgage Interest Deduction and Charity Deduction in exchange for much lower rates
Posted on 8/27/17 at 2:56 pm
Posted on 8/27/17 at 2:56 pm
It seems Congress is afraid of ending these deductions. They shouldn't be.
Any thinking person that can add and subtract would much rather real tax reform with much lower taxes than the piles of special interest deductions.
The idea that people buy houses to get tax breaks is absurd. Give us all tax cuts and people will have more money to buy houses. (Why should government care if people buy housing or rent???)
Any thinking person that can add and subtract would much rather real tax reform with much lower taxes than the piles of special interest deductions.
The idea that people buy houses to get tax breaks is absurd. Give us all tax cuts and people will have more money to buy houses. (Why should government care if people buy housing or rent???)
17
Posted on 8/27/17 at 2:59 pm to I B Freeman
quote:
(Why should government care if people buy housing or rent???)
Home ownership is a key indicator and predictor of future wealth, no?
That could be why the government would care.
Posted on 8/27/17 at 2:59 pm to I B Freeman
I agree. I've been a flat tax, fair tax fan forever.
But you have to get rid of ALL deductions.
Congress is afraid of everything. If the SPLC says there is a boogeyman under their beds they get down on their hands and knees and check it out.
But you have to get rid of ALL deductions.
quote:
It seems Congress is afraid of ending these deductions. They shouldn't be.
Congress is afraid of everything. If the SPLC says there is a boogeyman under their beds they get down on their hands and knees and check it out.
Posted on 8/27/17 at 3:00 pm to I B Freeman
No
Posted on 8/27/17 at 3:13 pm to roadGator
quote:
Home ownership is a key indicator and predictor of future wealth, no?
Has nothing to do with taxes.
Don't you consider a paid off mortgage to be a good thing? Wouldn't we have all been better off in 07 if there had been less mortgage debt?
Why punish a family that pays down their mortgage by taxing them more?
Posted on 8/27/17 at 3:16 pm to I B Freeman
I always struggle with whether or not to put lettuce on my ham sammich. Sometimes I think it adds a nice refreshing crunch sometimes I think it's in conflict with the whole point of a sammich .
That's just happens to be a thing I consider more urgent than removing the mortgage interest and charity deductions.
That's just happens to be a thing I consider more urgent than removing the mortgage interest and charity deductions.
Posted on 8/27/17 at 3:18 pm to I B Freeman
Oh. I thought you were wondering why the govt would reward home ownership with tax breaks.
Posted on 8/27/17 at 3:18 pm to Lsupimp
quote:
That's just happens to be a thing I consider more urgent than removing the mortgage interest and charity deductions.
What I consider important is lowering taxes through real reform. Keeping those deductions is not real reform. I would, for example, much prefer a 20% tax rate without those deductions to a 35% one with those deductions.
Posted on 8/27/17 at 3:21 pm to roadGator
Mortgage interest makes very little difference in tax burden unless you don't have much income. Retirement savings are much better....but again you need enough income to make a difference. A family of 4 with $100k in gross income ain't much federal income tax to begin with......
Posted on 8/27/17 at 3:22 pm to I B Freeman
Speaking of sammich condiments, can you believe that it is common in Japan for pizza to contain mayo instead of tomato sauce? Now that's the kind of reform that can ruin a good meal. I would deduct that from my lunch choices, yes siree Bob.
Posted on 8/27/17 at 3:28 pm to roadGator
quote:
Home ownership is a key indicator and predictor of future wealth, no?
That could be why the government would care.
Owning a home is a HUGE burden. Given the mobile nature of our nation today renting is more and more attractive. You get a tiny tax break but if you own a pile of bricks for more than 10 years you are likely to experience some major repairs (roof, HVAC etc) which eats up ALL of the value appreciation IF you are lucky enough to own a home where existing homes aren't seeing devaluation due to new construction. If you are going to live in the same area for more than 5 years buying can work but given the nature of employment in this nation living in the same place for 20 years is difficult if you have any ambition. I've owned dozens of homes and bought my first one at 19. I've made some money over the years with them but had I put the same amount of money in a secure retirement account I'd be just as well off with less risk and favorable tax advantages. I despise owning a home!
Posted on 8/27/17 at 3:31 pm to germandawg
quote:
Owning a home is a HUGE burden
It is, to the point where multiple times we have considered selling and just renting.
quote:
I despise owning a home!
Its not all we thought it would be, thats for sure.
Posted on 8/27/17 at 3:32 pm to germandawg
quote:
Mortgage interest makes very little difference in tax burden unless you don't have much income
This is true of any and all tax reduction mechanisms, which is why leftists can demagogue the issue every time the topic comes up
"Tax breaks disproportionally help 'The Rich'!!!"
yea no shite, they're the ones who pay a disproportionately high amount of taxes.
Posted on 8/27/17 at 3:35 pm to dbuchanon
quote:
It is, to the point where multiple times we have considered selling and just renting.
I'd live in our motor home in an RV park if the wife would stand for it! Aagreat example of why is that I am cutting an acre lot twice a week wight now and sweating a 20 year old terra cotta roof in hail country....... meanwhile we use the RV about 4 times a year LOL!
Posted on 8/27/17 at 3:35 pm to dbuchanon
As far as the overall economy goes housing is housing. Somebody has to build the rental property too.
The idea that it is political suicide to end the home interest deduction is old school thinking from the age of 12% mortgages.
Now I don't want to take it away without over tax cuts but I MUCH prefer lower taxes to higher taxes with deductions. Congress should quit listening to the home builder lobby and just look at the demographics of the country. As the baby boomers age they have less and less mortgage interest and more and more income.
The idea that it is political suicide to end the home interest deduction is old school thinking from the age of 12% mortgages.
Now I don't want to take it away without over tax cuts but I MUCH prefer lower taxes to higher taxes with deductions. Congress should quit listening to the home builder lobby and just look at the demographics of the country. As the baby boomers age they have less and less mortgage interest and more and more income.
Posted on 8/27/17 at 3:45 pm to I B Freeman
Just do the FairTax.
It has those components.
It has those components.
Posted on 8/27/17 at 3:47 pm to I B Freeman
The Religious Right owns the Republican Party and any churchman will tell you they are against ending the charity deduction.
Posted on 8/27/17 at 3:53 pm to Lsupimp
quote:
can you believe that it is common in Japan for pizza to contain mayo instead of tomato sauce?
I'm going to need to confirm this with Jazzy Jeff.
Posted on 8/27/17 at 3:55 pm to I B Freeman
quote:
The idea that people buy houses to get tax breaks is absurd. Give us all tax cuts and people will have more money to buy houses.
Resulting in immediately higher rent costs in demand areas.
Do you even economics bro?
Speaking of which, how do you know that cutting mortgage and donation deductions will result in a much lower overall tax rate?
This post was edited on 8/27/17 at 3:57 pm
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