Anonymous_IHB
New member
<A href="http://www.latimes.com/business/la-fi-deduct14-2009mar14,0,6494844.story?page=1">http://www.latimes.com/business/la-fi-deduct14-2009mar14,0,6494844.story?page=1</A>
Plan to cut mortgage interest deduction stirs opposition
- Thread starter Anonymous_IHB
- Start date
no_vaseline_IHB
New member
Can't happen soon enough.
They should disallow property tax exemptions too.
The only way to get to real parity is to stop subsidising owners vs renters.
They should disallow property tax exemptions too.
The only way to get to real parity is to stop subsidising owners vs renters.
freedomCM_IHB
New member
I don't know about completely dissallowing it, but I think that it should be made uniform.
So you can deduct interest up to the local market FHA limit, or maybe the median price. Why should the rich get a bigger subsidy than the poor?
So you can deduct interest up to the local market FHA limit, or maybe the median price. Why should the rich get a bigger subsidy than the poor?
JLegend_IHB
New member
[quote author="freedomCM" date=1237251658]I don't know about completely dissallowing it, but I think that it should be made uniform.
So you can deduct interest up to the local market FHA limit, or maybe the median price. Why should the rich get a bigger subsidy than the poor?</blockquote>
It's all relative. I'm fine if the subsidy that is proportionate throughout and in comparison with other income brackets. But the rich (however you want to define it) shouldn't carry a higher tax burden than the poor. I realize 10% to someone who is poor is worth a lot more to them than 10% to someone who is "rich." But still...
So you can deduct interest up to the local market FHA limit, or maybe the median price. Why should the rich get a bigger subsidy than the poor?</blockquote>
It's all relative. I'm fine if the subsidy that is proportionate throughout and in comparison with other income brackets. But the rich (however you want to define it) shouldn't carry a higher tax burden than the poor. I realize 10% to someone who is poor is worth a lot more to them than 10% to someone who is "rich." But still...
Major Schadenfreude_IHB
New member
Cited from the article:
"The Realtors group contends that the loss of the tax break will lead high-income home-buyers to spend less on homes, which would eventually drive down prices at the high end. And if mansions cost less, modest bungalows will ultimately see their values fall as well, Yun contends."
I'm confused - WHY are lower prices on homes bad Mr. Yun? Oh yeah, you guys make money off the transactions of which a portion gets channeled back to politicians via lobbyists and who knows how else.
"The Realtors group contends that the loss of the tax break will lead high-income home-buyers to spend less on homes, which would eventually drive down prices at the high end. And if mansions cost less, modest bungalows will ultimately see their values fall as well, Yun contends."
I'm confused - WHY are lower prices on homes bad Mr. Yun? Oh yeah, you guys make money off the transactions of which a portion gets channeled back to politicians via lobbyists and who knows how else.