I mean, it s socialism, isn t it, to use MY money to pay for something that YOU want? As it is now,

"Members of both parties have largely steered holiday car rental coupons clear of detailed proposals so far. But plans put forth in the past year by President Obama and Mitt Romney holiday car rental coupons to place limits on annual total tax deductions would likely holiday car rental coupons crimp the mortgage-interest deduction for certain taxpayers. Top congressional Republicans also have expressed openness holiday car rental coupons to limiting total tax deductions as part of an overall budget deal. In addition, holiday car rental coupons the presidentially appointed Simpson-Bowles fiscal commission suggested scaling holiday car rental coupons back the mortgage-interest deduction as part of its own set of tax-related proposals. holiday car rental coupons "
"Current law allows homeowners to deduct the interest paid on mortgage holiday car rental coupons balances up to $1 million, including on second homes, as well as on $100,000 worth of home-equity loans. The deduction overwhelmingly benefits wealthier families, partly holiday car rental coupons because they tend to have larger mortgages holiday car rental coupons and pay more interest, and partly because most low- and middle-income Americans do not itemize deductions on their tax returns. It also tends to favor homeowners on the East and West Coasts, as well as those in large cities such as Chicago, where average home prices are higher."
"Edward Kleinbard, a tax expert and law professor at the University of Southern California, said the mortgage-interest deduction represents the kind of government "extravagance" that the country no longer can justify, given its fiscal troubles."
" 'We simply cannot afford wasteful government subsidy programs anymore, and this is one of the most important examples of that,' Kleinbard said. "It's very much a subsidy to those Americans holiday car rental coupons who need it least."
" 'It's a very visceral thing for people,' Zandi said. 'People account for it when they think about how much house they could afford to buy. You take that away, and house prices are going to weaken. They are going to decline.' "
So I am wondering how families feel about this deduction. Is that deduction an important one to your family? Would you miss it if they took it away? Are there other deductions that would hurt worse than that one? Do you think it should be on the table? Do you think it would hurt an already struggling house market to change it now?
The difference between taking that standard deduction and an itemized deduction is HUGE for most middle class American s. If you rent, you generally cannot take itemize deductions. If you have a mortgage,then you generally can. For the average middle class taxpayer, losing this deduction would be devastating. Not only extra money owed, but also the feeling that owning the house is worthless, especially if it is underwater. Basically, if the government takes away THAT incentive then there is no reason to buy or own a home in this economy.
I have no issues with limiting the deduction. That is a WHOLE different story. I have NO ISSUE with limiting the deduction to say $50,000 holiday car rental coupons of mortgage interest. That would mean that your house is worth at least $1 million dollars. That is WAY beyond middle class. If you can afford that kind of house then you mortgage tax incentive should holiday car rental coupons be limited.
It will hurt middle class America for sure. I only bought my house a few years ago and that deduction is part of what allows me to pay for child care in the summer when I work. They need to cut SPENDING in needless programs first.
I mean, it s socialism, isn t it, to use MY money to pay for something that YOU want? As it is now, non-homeowners are subsidizing the taxes of others. To quote some others, holiday car rental coupons Show some pride; do it on your own, and stop freeloading off others!
It really wouldn t bother me at all if it were taken away. The only reason we itemize is because it helps us on our state taxes. The impact is lessened holiday car rental coupons with interest rates so low. I guess if you were a single homeowner it might make a difference but for a married homeowner with the standard deduction at over $11,600 holiday car rental coupons I don t see the loss hurting that much. As the article said, most low and middle income people don t itemize.
The deduction just reduces your taxable income. And,contrary to what some people will have you believe,most people s effective tax rate is 15% or less. In 2009 the average tax rate for 80% of people was 15.1% or less.
Catlady, where do non-homewoners live? Do they rent? From landlords? Landlords whose total cost of ownership is lowered by deducting their mortgage interest? If the mortgage interest deduction goes away then rents go up.
I think they should do away with the mortgage interest deduction. Sure it would mean my taxes would go up some, but I think we all need to be part of the solution. What is the purpose of the deduction? To help people become holiday car rental coupons homeowners? The benefits don t start until you make at least $50,000 per year (due to the standard deduction). If you can t afford the house without the mortgage deduction, then you probably are in too big of a house. The people who benefit the most are people who own $1 million dollar houses and second homes and luxury yachts holiday car rental coupons and motorhomes (yes, they can be claimed) these people don t NEED the deduction.
By the way, I am also for a minimum 5% income tax on ALL people, regardless of how little they make and I am for the abolishment of the EITC. I am also for taxing capital gains at the same rate as any other income.
a home is such a huge expense with maintenance thrown holiday car rental coupons in. Have you ever calculated the yearly cost just to mow your lawn? Removing the home interest deduction would be a market killer, and what s left of our economy would flush down the average home s puny 1.6 gallon toilet. (another issue for another day)
Then again, we deserve the government we elect. In the most basic sense, they are representative of us, narcissistic, greedy, living beyond our means, entitled, procrastinating, blaming everyone else, etc etc.
I PREFER to rent, so I don t really have a dog in this fight. This tax credit seems to be the only reason people keep pushing me to buy a house/condo when I calculate what I don t have to pay for by renting (lawn care, much higher insurance than renter s insurance, maint costs, holiday car rental coupons etc) I come out way ahead in the $$ game by renting. With way fewer headaches toilet holiday car rental coupons breaks? Call the landlord. Outdoor lighting blown? Landlord.
How is it a handout? I paid my mortgage holiday car rental coupons every month, on time. Yes I take the interest deduction, as I write off a good bit. It won t hurt me if it s changed. I can manage my money. We have no debt other than the house. No credit cards, and our cars are older and paid for. I do write off the ad valorem on the cars that are in my name.
I agree with Jeff. EVERY government department needs to take a reduction. And our elected officials need to start taking care of us, as we elected them to do. But now, all politics is, is a power hungry group of idiots, holiday car rental coupons who have no clue how to live within their means. It s called a budget. When you run out of money, stop spending. Don t go looking holiday car rental coupons for more money to spend, just stop. That s how the average American does it. Oh wait, no they don t. They run out and put something on a credit card. There you go. Add up the debt, figure out how to pay it off later
I am a middle class home owner, and taking away this deduction would hurt, but it wouldn t kill me. I have no problem paying my fiar share to keep our country going. But I hope that congress looks at other areas of our tax code that favor one group over another. For example, why are capital gains only taxed at 15%? Investment income holiday car rental coupons is just that, INCOME. Also, refundable earned income holiday car rental coupons credits and child tax credits need to be looked at as well. The government should not be in the business of paying people to work low wage jobs, nor should they be rewarding people for having holiday car rental coupons a bunch of kids.
The interest deduction is one of the biggest cons that the banking industry has pulled on the American public. Where is the logic that I give a bank $1.00 so I can get back $0.25? When RR eliminated interest deductions for consumer debt the public were coned into adding debt to their homes. It became a habit and when the housing market made a correction, many found themselves upside down on their mortage. The MID has enabled some to become home owners who other wise could not aford to, but it also enabled those who had no business purchasing a home the opportunity to do so. So now we have a glut of vacant homes. Limit the MID to $15,000, and eliminate second and third homes.
I hate to tell you, Van Jones, but it doesn t work that way. When you rent your house, holiday car rental coupons it becomes a business and is subject to depreciation schedule, so you not only get to write off the interest, holiday car rental coupons but the principal also. That would NOT go away, since it is part of how you calculate profit for a business.
I am not an economist so I cannot holiday car rental coupons speak of the ripple effect of cutting out that deduction, with any credibility. I do think the housing industry has a strong effect on the economy and I personally holiday car rental coupons think homeowners make better neighbors than renters, as you are invested in your property holiday car rental coupons and you do not just fly the coop when you feel like it. They are also more committed to the schools in the neighborhood. This is why some areas fight apartments.
People that buy houses tend to be more stable and better at managing their money, so we are punishing them? Oh that s right, we are punishing the people who make good choices to give their $$$ to those who make bad choices. Now, I remember.
We mow our own but we do have it sprayed for weeds and such. Truthfully, we put in $3000.00 worth of sod last summer as the trees matured and the shade was killing our back yard. We have been here 15 years.
We are looking into MAYBE buying a condo for vacation. This would impact that decision for sure. It is not something we have to have but thought it would be nice for our children. I think investors would be up in arms about this. Many people rent a condo for their vacation and that would be impacted too.
People who earn their money through investment and pay Capital Gains rather than income tax, also skip paying So