Deficit Commission Weighs Dropping Mortgage Interest Deduction

Foxnews.com ^ | 10-25-2010 | MODELSHIPS

[hflynn]

Been there. No problem. Just wanted you to say what I knew you wanted to say.

[beans36]

Couldn’t agree more. This gang can recommend anything they want but it’s not getting through Congress. All this will be in the end is a massive bout of mental masturbation, on the taxpayer dime of course.

[The Citizen Soldier]

It’s a nice tax break and I’ve taken advantage of it, but it doesn’t appear to be fair to me.

I think of steel magnate Henry Reardon going to trial for a 'fair-share' violation. Fortunately, his fine of $5,000 (an excessive amount at the time) was later suspended.

Ask yourself this question: Who is John Galt?

[sefarkas]

The “mortgage deduction” encourages people to take care of their own housing. Without it, the government would be put in the position of creating affordable housing for the poor as well as those who could not buy a home without the deduction. Eastern Europe and the former Soviets are familiar with the social pressure to house the population. The implementation was unpleasant for the tenants. A side benefit of having more people “own their own home” is that the “ownership” (i) gives people incentive to keep the home well maintained as well as (ii) having neighbors with the same incentive. During a casual drive through a middle class neighborhood with a mix of owners and tenants — you would find that the tenant residences are fairly easy to identify. Making a contract with the bank to own the home you want is far better than being assigned to a residence based on the demographics of your current situation.

[Renegade]

Graduated from k-ton with John. Can’t believe what a crime magnet the valley has become.

[GATOR NAVY]

BECAUSE people who rent do NOT pay property taxes!

Only if the landlord is a moron. Otherwise, the landlord has factored property taxes into the rent.