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Eliminate the Mortgage Interest Deduction Now
Shout Bits Blog ^
| 06/18/2012
| Shout Bits
Posted on 06/18/2012 9:48:44 AM PDT by Shout Bits
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To: Shout Bits
The mortgage interest deduction is the government pretending to give you something, and you believing it.
The net result is to pump up the price of houses.
2
posted on
06/18/2012 9:51:45 AM PDT
by
E. Pluribus Unum
(Government is the religion of the sociopath.)
To: Shout Bits
how about reducing spending?
I know its a radical thought
3
posted on
06/18/2012 9:52:07 AM PDT
by
driftdiver
(I could eat it raw, but why do that when I have a fire.)
To: Shout Bits
The mortgage interest rates in the USA should be RAISED. There is no incentive to deposit money into a savings account or a CD. Funds would flow into banks like a busted dike if banks earned more on mortgages and could pay a decent return on savings.
Now, as long as the central socialist government’s income tax is such an outrage all deductions have to remain until the unwieldly mess of tax law is overhauled!
4
posted on
06/18/2012 9:54:11 AM PDT
by
IbJensen
(If you don't read the newspaper you are uninformed, if you do read the newspaper you are misinformed)
To: Shout Bits
Might as well eliminate the Standard Deduction too.
5
posted on
06/18/2012 9:56:17 AM PDT
by
Paladin2
To: Shout Bits
Mortgage interest paid to the note holder is income. It is taxed. It is not as if that money goes untaxed.
I don’t think the mortgagor should also pay income tax on the transaction.
6
posted on
06/18/2012 9:57:39 AM PDT
by
Jacquerie
(Democrats soil institutions)
To: Shout Bits
This would result in me having $5,000 LESS to spend on products and services that REALLY impact the economy.
The Feds would only use this $5,000 to by more votes.
If you believe this money would be used to either reduce the deficit or produce something useful, you are just another useful idiot, with no concept of this adminstration’s behavior to date.
7
posted on
06/18/2012 9:58:41 AM PDT
by
G Larry
To: Shout Bits
Yes, get rid of the MID and ALL other deductions.
Install a flat tax of around 3% across the board, everyone pays 3% on every dollar, no deductions, period.
Adjust the size of government to to fit the revenue.
To: IbJensen
Or, alternatively, put a cap on mortgage interest ~ say 3.5% ~ and we will rapidly sell off the remaining 12 year overhang of excess housing.
Note, if current mortgage rates are 3% or so, all that means is if you can find the money to borrow, and you qualify for it, you can get a mortgage at that rate. If there's no money to borrow, you can't, and if you don't qualify, you have to pay a higher rate.
The article is, of course, a piece of propaganda since it starts off with a half truth about mortgage rates, and proceeds to rearrange the universe in that light.
9
posted on
06/18/2012 9:59:32 AM PDT
by
muawiyah
To: Shout Bits
The effect it would have on homeowners would be the same as a massive tax increase.
Without COMPREHENSIVE tax reform, this is an idiotic idea.
Replace the income tax with a flat tax EVERYONE pays amounting to 8 percent of all income, no matter where it comes from, and you have a deal.
No more free riders. Everyone needs to have a stake in tax policy. With over 50 percent not paying taxes (you need to crank in the illegals), there’s no incentive to oppose tax increases on the producers.
10
posted on
06/18/2012 10:01:46 AM PDT
by
RinaseaofDs
(Does beheading qualify as 'breaking my back', in the Jeffersonian sense of the expression?)
To: E. Pluribus Unum
The mortgage interest deduction is the government pretending to give you something, and you believing it.
The net result is to pump up the price of houses.
No, the mortgage interest deduction is the government taking less of your money, just like every other deduction.
The net result of eliminating it right now would be to further depress the price of homes.
No sale.
11
posted on
06/18/2012 10:02:04 AM PDT
by
Dr. Sivana
("You forget, it isn't who you claim, but instead, who claims you. We don't claim you!")
To: Shout Bits
Mortgage Interest Deduction for homeowners puts them at more equal footing of landlords who get a similar deduction as a business expense.
Ending it would only cause more home foreclosures.
12
posted on
06/18/2012 10:02:04 AM PDT
by
thackney
(life is fragile, handle with prayer)
To: Jacquerie
>>Mortgage interest paid to the note holder is income. It is taxed. It is not as if that money goes untaxed.<<
You could say the same for car loans, unsecured loans, lines of credit and any loan that makes interest (pretty much all business loans).
No, the interest deduction was there to influence behavior: in this case to buy homes.
The underlying question is: should tax laws influence behavior or fund our government? It is more the former than the latter now.
Me? It would not affect me, since I have a 3.25% Mortgage. I don’t have a dog in this fight and am open to looking at the broader implications.
13
posted on
06/18/2012 10:04:32 AM PDT
by
freedumb2003
('RETRO' Abortions = performed on 84th trimester individuals who think killing babies is a "right.")
To: Shout Bits
Before subtractions my total deductions were 19k including mortgage interest. After subtractions this went down by 11k. The author is lying, obscuring the truth or hiding something.
To: RinaseaofDs; BlackElk
No more free riders. Everyone needs to have a stake in tax policy. With over 50 percent not paying taxes (you need to crank in the illegals), theres no incentive to oppose tax increases on the producers.
BS. There are so many taxes besides the income tax, and of course the taxes paid by corporations and sole proprietorships are passed onto the so-called "free-riders". Very few people had to pay income tax when it was first introduced. The conservative position is to push for lower taxes in general.
When we start arguing about making sure everyone pays in one of the many taxes we are subject to, we are conceding big government. Hey, those of you who call yourselves constitutionalists as the Founding Fathers intended, how about serious income-generating tariffs so that the free-riders who sit offshore benefitting from our comparatively stable system and (what is left of) free enterprise have some more skin in the game? You will find a lot more in the original Constitution about that than about income taxes.
15
posted on
06/18/2012 10:08:05 AM PDT
by
Dr. Sivana
("You forget, it isn't who you claim, but instead, who claims you. We don't claim you!")
To: muawiyah
The article is, of course, a piece of propaganda since it starts off with a half truth about mortgage rates, and proceeds to rearrange the universe in that light. Pretty much sums it up.
No further comment needed.
16
posted on
06/18/2012 10:13:25 AM PDT
by
going hot
(Happiness is a momma deuce)
To: driftdiver
how about reducing spending? How about both?
The author makes a good argument for eliminating the mortgage interest deduction.
Why are you trying to change the subject?
To: Dr. Sivana
The net result of eliminating it right now would be to further depress the price of homes No sale.
The net result would be to continue forcing the price of houses down to their actual value.
We have had lots of inflation over the past decades, it was simply disguised as a rise in housing prices due to the abandonment of sound mortgage underwriting principles.
The mortgage deduction just adds to it.
18
posted on
06/18/2012 10:14:02 AM PDT
by
E. Pluribus Unum
(Government is the religion of the sociopath.)
To: Shout Bits
Set your sites higher.
Eliminate the Income Tax.
To: Dr. Sivana
The net result of eliminating it right now would be to further depress the price of homes. Why should government be in the business of inflating real estate prices?
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