Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Newt Gingrich slams Mitt Romney over limiting mortgage deductions
The Atlanta Journal-Constitution ^ | April 18, 2012 | jJim Galloway

Posted on 04/18/2012 7:15:00 AM PDT by Cincinatus' Wife

click here to read article


Navigation: use the links below to view more comments.
first previous 1-2021-4041-48 last
To: presently no screen name

Me Too!! What you said.


41 posted on 04/18/2012 9:22:18 AM PDT by duffee (NEWT 2012)
[ Post Reply | Private Reply | To 37 | View Replies]

To: Beagle8U

To go with that he is also going to get rid of the state tax and property tax deduction.

THAT would screw many in the middle class.””’

One of the local channels said that since high income earners buy more expensive homes and have a higher amount of interest to deduct, that scenario just isn’t FAIR!

I was stunned.

When you compare the interest $$$ paid on a home loan—whether middle class or ‘rich’, it is about the same PERCENTAGE of their gross income.

When you are more wealthy, you can afford a higher cost home. You often also get a lower rate of interest because you are a better risk to the mortgage holder.

BUT the PERCENTAGE application is about the same.

The bigger problem facing the middle class is that they tend to OVERBUY because they think they deserve it, and then when there is any kind of bump in their road’s economy, they cannot pay the mortgage.

They also tend to have to pay a HIGHER rate of interest because they are a poorer risk to the mortgage holder.


42 posted on 04/18/2012 10:53:48 AM PDT by ridesthemiles
[ Post Reply | Private Reply | To 4 | View Replies]

To: TexasFreeper2009

Rental property would technically be classified as a 2nd home.”””

NOT necessarily-— there is also commercial property labels for apartments, duplexes, etc, that a person can own.

A 2nd home is a 2nd home. Many people have such & NEVER rent it out for any amount of time, any amount of money or to anyone.


43 posted on 04/18/2012 10:55:28 AM PDT by ridesthemiles
[ Post Reply | Private Reply | To 5 | View Replies]

To: Beagle8U

Taking away such deductions will also un=qualify most people from getting a mortgage in the first place.


44 posted on 04/18/2012 10:56:31 AM PDT by ridesthemiles
[ Post Reply | Private Reply | To 7 | View Replies]

To: Explorer89

That sounds backward. Can you clarify?


45 posted on 04/18/2012 10:57:51 AM PDT by ridesthemiles
[ Post Reply | Private Reply | To 9 | View Replies]

To: Cincinatus' Wife

Let’s Bump Plans: A Comparison of Gingrich and Romney’s Tax Plans

http://www.newt.org/2011/10/30/lets-bump-plans-a-comparison-of-gingrich-and-romneys-tax-plans/


46 posted on 04/18/2012 11:00:04 AM PDT by Marguerite (When I'm good, I am very, very good. But! When I'm bad, I'm even better)
[ Post Reply | Private Reply | To 1 | View Replies]

To: ridesthemiles

I am afraid my clarification will result in more obfuscation.

I think that deductions of state income tax and property taxes should be sacrosanct, and untouchable. What you are deducting, when you itemize, is amounts of money from the income that deserves to be taxed. Pretend that I pay the state of Maryland $9000 in income tax (I wish!), well, if I cannot take away that amount from my federal return, and I am paying the 30% rate ( for simplicity’s sake, tho it isn’t far off), well then, I am paying an additional $3000 on money that was never mine to begin with since the People’s Republic of Mayland had it earmarked as theirs all along.

Where I have confused the issue in my replies is that when people speak of “deductions”, it has sort of come to mean somewhat discretionary things, like mortgage interest, and even medical expenses.

I do not classify tax payments (mentally, to myself) in that same vein. Did I do any better, or just muddy my water further?


47 posted on 04/18/2012 11:23:35 AM PDT by Explorer89 (And now, let the wild rumpus start!!)
[ Post Reply | Private Reply | To 45 | View Replies]


48 posted on 04/18/2012 3:58:22 PM PDT by CodeToad (If it ain't Newt, we're screwt !)
[ Post Reply | Private Reply | To 1 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-4041-48 last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson