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re: End the mortgage interest deduction and lower rates
Posted on 8/4/17 at 5:29 pm to I B Freeman
Posted on 8/4/17 at 5:29 pm to I B Freeman
A better question is why should those who pay interest on debt receive a benefit those who are debt free do not receive? Is it fair to those who don't acquire debt to pay more taxes to account for those who do? Nothing about our current tax system is fair...The Fair Tax should be given more attention...
0
Posted on 8/4/17 at 5:31 pm to I B Freeman
quote:
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.
Also, While most people have under 5% rates, they also typically are buying much more expensive houses. So it really works out as a wash
Posted on 8/4/17 at 7:00 pm to KiwiHead
quote:
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!!!!!!!!
Welfare is when the government takes working taxpayer's money and gives it to someone else who usually earns little to no taxable income.
The mortgage tax deduction, or any other tax deduction allows working tax payers to keep more of the money they earned.
The two are not even remotely comparable.
Posted on 8/4/17 at 8:31 pm to Hawkeye95
quote:Great argument for ending it. Malinvestment doesn't create wealth. It destroys it.
it would probably destroy the housing market. Suburbs would be hardest hit.
This post was edited on 8/4/17 at 8:32 pm
Posted on 8/4/17 at 8:37 pm to LSUwag
quote:
There is no justification in raising taxes on middle class people.
other then not paying taxes... quote:
Raise the taxes on the top 1%. They have a massive accumulation of wealth.
This post was edited on 8/4/17 at 8:38 pm
Posted on 8/4/17 at 8:38 pm to I B Freeman
quote:People love that isht. They think they are getting a deal. Kinda like when the car dealer has a "sticker" price, but gives you a deal at $300 over "invoice"
So they will just raise the rates and keep the deduction and you favor that.
Posted on 8/4/17 at 8:39 pm to NYNolaguy1
quote:
How many "middle class" suburbs do you know of where median house price is above $500k?
Tax assessors would have so much fun jacking up valuations. frick this shite. This is the fricking dumbest idea yet. Posted on 8/4/17 at 8:58 pm to HubbaBubba
If tomorrow Trump says "end the mortgage interest deduction" it will suddenly be the best idea ever on this board.
Posted on 8/5/17 at 12:11 am to I B Freeman
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.
Assuming it's not an interest only loan, he pays a lot more than that. Check your amortization schedule.
To your point, if it's not much on the taxpayer side, why would it be a huge savings on the federal government's side?
Posted on 8/5/17 at 11:10 am to TerryDawg03
quote:
Assuming it's not an interest only loan, he pays a lot more than that. Check your amortization schedule.
No, no it is not. Whether or not the loan is interest only or amortized the most one pays annually on a 3.5% loan of $250K is $8750.
This post was edited on 8/5/17 at 11:11 am
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