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Losing the mortgage interest deduction will raise our taxes by almost $6000 a year, and where is that supposed to come out of? What we are desperately trying to save for retirement?
I’m sure we are fairly typical of many who are squarely in the middle class
Losing the mortgage interest deduction will raise our taxes by almost $6000 a year
Seeing as $1000 in interest will save you about $200 in taxes, this tells me that you spend roughly $180,000 in real estate loan interest every year. Wow!
To complete my earlier thought, though, I would like to see them do the same thing with the home interest deduction that reagan did with taxes on “the rich”. That is, they removed the deductions, but also reduced the tax rate. This made it fairer and simpler at the same time.
I believed this even when I was able to take the big deduction (including charitable giving, especially.