Posted on 12/05/2017 7:47:01 AM PST by SeekAndFind
I have never met or even heard of anyone buying a house because of the mortgage interest deduction.
Never once.
Don’t pay your property tax and see just how much you “own” your house.
Thank you. Nobody ever buys a home for the interest deduction.
All this BS and outcry is mostly coming from the usual suspects and in socialist blue stranglehold states
RE: Why should tax payers in harard county tennessee subsidize the interest on million dollar home buyers in SF and NY?
I’m not getting this “subsidize” thing. How are folks in Tennessee subsidizing home buyers in SF and NY?
Is the Federal government taking money from Tennesseans to pay for the homes of San Franciscans and New Yorkers?
Flat tax..get rid of the IRS..
Home prices need to go down.
If someone is buying a home for the mortgage deduction, they are a financial idiot. That is a losing game.
I have two mortgages - the main one at 3% interest (perfect timing on a refi) and the second (swimming pool) at 5%. I’m in a low tax state. The deduction isn’t worth spitting at for me. But even for those in high property tax states, the value of the interest and tax deductions is miniscule compared to your overall tax liability. Yet, the perversion of the market exists because of it. Everyone will find very quickly that they don’t miss the deduction and that real estate markets overall are going to be more stable and more logical as a result of getting rid of it.
“Good. Do away with it. Why should the rest of us have to make up the difference? Same with the child care credit. Same with a hundred other credits. It should be based on income and income only.”
AGREED - people have been made to think they will be better off if they go out and borrow money to buy things they can’t afford.
[Of course some will argue that the increased spending actually benefits the country/economy. However, that is false and I also have the explanations about why that is so.]
some call it “renting”
Wrong. The biggest benefit of owning a home should be so you have a place to live.
Yes! We’re crippling, destroying ourselves with the current tax system
you said “And people don’t need to own their own food. They can eat some other food.”
but that is not the same.
You can rent a place to live. Can you rent food?
I mean, I know about how you only rent beer.
my 2 cents
new mortgages, but people who have their homes paid off wont be hurt. If you are in the last third of the mortgage(assuming 30 yrs) probably wont be hurt much.
Will the loss of a deduction really stop a lot of someones from buying a home ? I don’t see it.
In Cal the savings from the deduction usually equals your property tax payment. I would say it would effect the price you can pay.
Yeah; like on the street. A lot of retired people would be SOL if they didn't have their houses paid off by the time they retire due to the decrease in income. Just paying insurance and property tax can be a challenge for some of them depending on where they live and managed to get for retirement pay.
Also; rent goes up all the time. Some friends in San Diego paid $500 a month for their 3bed/1ba house when they moved in 18 years ago. Today it's $1,700 and going up. Had they bought a place back then with a steady interest rate; they would still be paying $500 and not had to take in 2 roomates just to pay the rent. Better yet; they could have paid it off and just had ins/prop tax.
And those rich folks probably furnish 30% of your local living desires from federal funds as well since those rich folks pay 50% of the overall federal tax bill. See how this goes both ways?
tract homes
Headline is a complete lie. Those benefitting from the interest deduction don’t own their homes, the lender does.
If you own your home, eliminating the interest deduction doesn’t affect you one bit.
property taxes aren’t deductible ?
nevermind...I see what you are saying
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