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re: End the mortgage interest deduction and lower rates
Posted on 8/4/17 at 4:17 pm to I B Freeman
Posted on 8/4/17 at 4:17 pm to I B Freeman
Says the guy that doesnt own a home or itemize haha
1
Posted on 8/4/17 at 4:19 pm to NYNolaguy1
quote:
The thing your sources arent telling you is that this wouldnt apply to housing below $500k.
Why do you hate the OT Ballers?
Hell, I'm expecting my next house to be valued over 500k.
Posted on 8/4/17 at 4:21 pm to Mike Honcho
quote:
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.
Thats true, but it's also limited to basically Bergen county NJ and Westchester, NY, where 4 bedroom raised ranches go for $750k, and property taxes are $15k+/year... It's also literally the most expensive place to live across the country. I would hardly call this "middle class".
I know this because I live close by.
Posted on 8/4/17 at 4:24 pm to NYNolaguy1
quote:
Thats true, but it's also limited to basically Bergen county NJ and Westchester, NY, where 4 bedroom raised ranches go for $750k, and property taxes are $15k+/year... It's also literally the most expensive place to live
and full of shitlibs
Posted on 8/4/17 at 4:24 pm to I B Freeman
It would be smarter for the government to get out of direct subsidies for mortgages like Fannie and Freddie. I hear what you're saying however.
The people that are uber wealthy would just put their home in some sort of LLC and claim the write off as part of a business.
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.
The people that are uber wealthy would just put their home in some sort of LLC and claim the write off as part of a business.
This post was edited on 8/4/17 at 4:28 pm
Posted on 8/4/17 at 4:41 pm to Hawkeye95
quote:
it would probably destroy the housing market. Suburbs would be hardest hit.
OMG
How stupid is that thinking??
Who ever said "I am going out to buy a house because the interest on the money I borrow for it is tax deductible"?
This post was edited on 8/4/17 at 5:00 pm
Posted on 8/4/17 at 4:42 pm to ShortyRob
quote:
I'm not saying the interest deduction is sacrosanct but your premise assumes facts not in evidence
What facts not in evidence??
Interest rates are low and have been a long, long time.
This post was edited on 8/4/17 at 4:53 pm
Posted on 8/4/17 at 4:44 pm to Bjorn Cyborg
quote:
ANYTHING that reduces taxes is OK with me.
Then you should be happy I am calling for lower overall rates.
Only the naive and mathematically challenged would rather a deduction that requires you to borrow money to a lower overall tax rate.
Posted on 8/4/17 at 4:45 pm to I B Freeman
I just bought my first house and I agree completely about the mortgage interest deduction. Just lower rates, get rid of the deductions and simplify the tax code. Why is this so damn hard.
Posted on 8/4/17 at 4:49 pm to Hawkeye95
Just get rid of the deduction altogether. It is stupid to prefer a deduction for some sort of behavior to an overall tax cut.
A person with a $250K mortgage at 3.5% pays only $8750 in interest the first year of his mortgage. If that person is in a 35% marginal tax bracket it saves him only $3062 in taxes. If the taxes were lowered to 30% it would only take $61240 in income to make up the difference.
Who has less than $61240 in income with a $250 house mortgage???
A person with a $250K mortgage at 3.5% pays only $8750 in interest the first year of his mortgage. If that person is in a 35% marginal tax bracket it saves him only $3062 in taxes. If the taxes were lowered to 30% it would only take $61240 in income to make up the difference.
Who has less than $61240 in income with a $250 house mortgage???
Posted on 8/4/17 at 4:50 pm to AuburnTigers
quote:
Says the guy that doesnt own a home or itemize haha
no--says the guy with simple math skills.
I believe some of you would prefer taxes with a home mortgage deduction to no taxes at all.
Posted on 8/4/17 at 4:51 pm to I B Freeman
Go to the FairTax and I am good with canning this deduction.
Posted on 8/4/17 at 4:51 pm to I B Freeman
Hell no!
There is no justification in raising taxes on middle class people.
Raise the taxes on the top 1%. They have a massive accumulation of wealth.
There is no justification in raising taxes on middle class people.
Raise the taxes on the top 1%. They have a massive accumulation of wealth.
Posted on 8/4/17 at 4:54 pm to LSUwag
quote:
Hell no!
There is no justification in raising taxes on middle class people
Can you explain how lowering the tax rate and getting rid of the mortgage tax deduction raises taxes???
Posted on 8/4/17 at 4:59 pm to I B Freeman
Because they will eliminate the mortgage and then not reduce the tax rate. Even if they initially do, they will soon raise it back to the original level.
Politicians lie.
Politicians lie.
Posted on 8/4/17 at 5:01 pm to LSUwag
quote:
Because they will eliminate the mortgage and then not reduce the tax rate. Even if they initially do, they will soon raise it back to the original level.
Politicians lie.
So they will just raise the rates and keep the deduction and you favor that.
How simple minded is that?
What part of this example do you not understand?
quote:
A person with a $250K mortgage at 3.5% pays only $8750 in interest the first year of his mortgage. If that person is in a 35% marginal tax bracket it saves him only $3062 in taxes. If the taxes were lowered to 30% it would only take $61240 in income to make up the difference.
Who has less than $61240 in income with a $250 house mortgage???
This post was edited on 8/4/17 at 5:02 pm
Posted on 8/4/17 at 5:07 pm to I B Freeman
quote:
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 is the biggest reason why it won't even be considered for removal. It doesn't do much.
Posted on 8/4/17 at 5:09 pm to Loserman
Maybe since it is not much now they will elect to take this one simplification step.
You see how people are so quick to scream and not think in this thread--just think about that nation wide.
They act like they will never be without a house mortgage.
You see how people are so quick to scream and not think in this thread--just think about that nation wide.
They act like they will never be without a house mortgage.
This post was edited on 8/4/17 at 5:11 pm
Posted on 8/4/17 at 5:19 pm to DavidTheGnome
quote:
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.
Yeah or drive down to their odfices, on paved roads, wave to some police, military, cross bridges..etc.
Posted on 8/4/17 at 5:19 pm to narddogg81
I agree... with the Fair Tax, everyone pays something, even those who deal in cash. The big spenders pay more, the little guys pay less and there's a built in protection for the poorest... Everyone is refunded up to the poverty level... You can then nail the doors to the IRS shut!
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