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Message
End the mortgage interest deduction and lower rates
Posted on 8/4/17 at 2:59 pm
Posted on 8/4/17 at 2:59 pm
Some say this deduction is untouchable---hogwash!!
Lower the tax rate 4 or 5 points and I will gladly give up the mortgage interest deduction.
Congress forgets the interests have been below 5% for 10 years or more. That deduction doesn't mean near as much as it did in the eighties when rates were 12%.
Lower the tax rate 4 or 5 points and I will gladly give up the mortgage interest deduction.
Congress forgets the interests have been below 5% for 10 years or more. That deduction doesn't mean near as much as it did in the eighties when rates were 12%.
This post was edited on 8/4/17 at 4:57 pm
14
Posted on 8/4/17 at 3:04 pm to I B Freeman
quote:
Some say this deduction is untouchable---hogwash!!
Lower the rate 4 or 5 points and I will gladly give up the mortgage interest deduction.
Congress forgets the interests have been below 5% for 10 years or more. That deduction doesn't mean near as much as it did in the eighties when rates were 12%.
it would probably destroy the housing market. Suburbs would be hardest hit.
Posted on 8/4/17 at 3:07 pm to I B Freeman
quote:did you say this like the government can just buy Fiat lower interest rates on homes. It could just as easily happen that they remove the deduction and rates go up
Lower the rate 4 or 5 points and I will gladly give up the mortgage interest deduction
I'm not saying the interest deduction is sacrosanct but your premise assumes facts not in evidence
Posted on 8/4/17 at 3:09 pm to I B Freeman
Just eliminate income tax all together.
Tax property (land and improvements) at the federal level. It doesn't move. It can't be hidden. The enforcement expenditure would be minimal. It could be done on a postcard. No more 10,000 page corporate and personal income tax code.
Current income tax payers would enjoy lower effective rates overall thanks to the easy collection from previous non payers.
Tax property (land and improvements) at the federal level. It doesn't move. It can't be hidden. The enforcement expenditure would be minimal. It could be done on a postcard. No more 10,000 page corporate and personal income tax code.
Current income tax payers would enjoy lower effective rates overall thanks to the easy collection from previous non payers.
Posted on 8/4/17 at 3:09 pm to I B Freeman
Why do you like taxes so much?
ANYTHING that reduces taxes is OK with me.
ANYTHING that reduces taxes is OK with me.
Posted on 8/4/17 at 3:09 pm to I B Freeman
Agree
Posted on 8/4/17 at 3:10 pm to Bjorn Cyborg
quote:
Why do you like taxes so much?
ANYTHING that reduces taxes is OK with me.
You saw the part where he lowers rates, right?
Posted on 8/4/17 at 3:10 pm to Hawkeye95
quote:
would probably destroy the housing market. Suburbs would be hardest hit.
Come on man.
The thing your sources arent telling you is that this wouldnt apply to housing below $500k.
At the same it would lower fed taxes for almost everyone. In essence this is a tax on the upper clasd, you should be in favor of this.
How many "middle class" suburbs do you know of where median house price is above $500k?
Posted on 8/4/17 at 3:12 pm to Bjorn Cyborg
quote:
Why do you like taxes so much?
No one likes them, but that's how we pay for the shite our government spends. If you want to really address the problem go after gov spending.
Posted on 8/4/17 at 3:12 pm to I B Freeman
I think they just need to determine what's taxable and tax everything the same when purchased. Eliminate income taxes.
This post was edited on 8/4/17 at 3:13 pm
Posted on 8/4/17 at 3:13 pm to DavidTheGnome
LOL.
I'm not a small government guy.
I'm a microscopic government guy.
I'm not a small government guy.
I'm a microscopic government guy.
Posted on 8/4/17 at 3:15 pm to Hawkeye95
quote:
would probably destroy the housing market. Suburbs would be hardest hit.
could just play with lowering that $1mil cap to something like $500K
Posted on 8/4/17 at 3:23 pm to Hawkeye95
quote:
it would probably destroy the housing market. Suburbs would be hardest hit.
How would it be destroyed
Posted on 8/4/17 at 3:27 pm to schexyoung
quote:as long as only property owners get to vote. Better is replace income tax with an appropriately scaled revenue neutral national sales tax. Gets rid of the irs, generates tax revenue even from illegals, criminals who don't report income but still have to buy stuff. Then you take the trained irs auditors and sick some of them on Medicare and Medicaid fraud, which is several hundred billion dollars yearly. You take the rest and have them audit the financial interests of every single congressman, senator, and major beuracrat in the federal government.
Just eliminate income tax all together.
Tax property (land and improvements) at the federal level. It doesn't move. It can't be hidden. The enforcement expenditure would be minimal. It could be done on a postcard. No more 10,000 page corporate and personal income tax code.
This post was edited on 8/4/17 at 3:52 pm
Posted on 8/4/17 at 3:50 pm to narddogg81
quote:
as long as only property owners get to vote.
Property tax would be indirectly paid by using services on property. Renters indirectly pay through their landlord. Restaurants, retail, industrial, etc. all charged property tax and all capable of passing it down via their products or services.
Nearly every stat already has appraisal data on most properties.
Posted on 8/4/17 at 3:58 pm to NYNolaguy1
quote:
Come on man.
no seriously. It would make home ownership less attractive. This would be especially true in areas where people "reach" for a bigger home, i.e. the suburbs and people just getting into the housing market.
quote:
The thing your sources arent telling you is that this wouldnt apply to housing below $500k.
That would definitely make a difference. Although in denver, middle class homes are getting close to 500k. Certainly the case in any many cities.
quote:
At the same it would lower fed taxes for almost everyone. In essence this is a tax on the upper clasd, you should be in favor of this.
My home is worth far more than 500k. I might be helped by this, or I might be hurt.
But this would be a painful transition. And very unpopular.
Posted on 8/4/17 at 3:58 pm to I B Freeman
Ohhhhhhhhhhhhhhh!!!!! You are bad man, you want to expose the fact that most people who say they are against welfare by taking away the middle class' and upper middle class' biggest source of said welfare.
Watch the doctors, lawyers and engineers howl!!!!!!!!
Watch the doctors, lawyers and engineers howl!!!!!!!!
Posted on 8/4/17 at 4:03 pm to NYNolaguy1
quote:
How many "middle class" suburbs do you know of where median house price is above $500k?
In the northeast it is not uncommon for a 4 bed, 2 bath, 2500 sq ft house to be well over $500k. I just looked on zillow around white plains new york and the average is 800-900k range.
Posted on 8/4/17 at 4:10 pm to Hawkeye95
(no message)
This post was edited on 1/10/21 at 9:47 am
Posted on 8/4/17 at 4:15 pm to narddogg81
quote:
Better is replace income tax with an appropriately scaled revenue neutral national sales tax. Gets rid of the irs, generates tax revenue even from illegals, criminals who don't report income but still have to buy stuff. Then you take the trained irs auditors and sick some of them on Medicare and Medicaid fraud, which is several hundred billion dollars yearly. You take the rest and have them audit the financial interests of every single congressman, senator, and major beuracrat in the federal government.
Sign me up for this, every word of it.
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