| Pretty obvious that most of the people who want the deduction eliminated don't own property. They haven't a clue that property owners pay all state and local property taxes that they escape. I would be in favor of a flat tax or converting the tax system to a sales tax where all people are participating in paying taxes. Then I would be in favor of eliminating the real estate deductions |
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| Above Posted By:
Bob
| Thu, 17 May 2007 13:36:33 EST |
| Because buying a big screen TV is frivolous and a flat tax will over-tax the poor. The framers of our country firmly believed that property ownership is key is this country. It's important to realize that the real estate market affects the entire economy. It's better to stop the war, wasting tons of money and help encourage everyone to buy a home. I need a tax benefit and so will you when you become an adult and buy a home. You'll pay Property taxes, income taxes, sales taxes, enough! |
|
| Above Posted By:
anonymous
| Sat, 5 May 2007 09:27:26 EST |
| Why not stop spending billion and billions on stupid Iraqi's and overpriced war budgets. put the money into our economy and help OUR citizens. better yet, just buy a $5million bomb, drop on Iraq and leave! |
|
| Above Posted By:
me
| Tue, 17 Apr 2007 20:22:20 EST |
| Two fairness arguments against the deductions for mortgage interest and property tax:
1) the deduction subsidy INCREASES as incomes increase because the benefit pays at taxpayer's marginal tax rate. Thus, if a millionaire & a $55K AGI family were to owe the same property tax, the millionaire will pay less than 70% of the tax while the family will pay more like 80% of it.
2) Incomes below the US median (about $44K) likely will get NO deduction at all, like renters. |
|
| Above Posted By:
Karen
| Wed, 21 Feb 2007 16:16:58 EST |
| This is a superb idea whose time has come.
The reasons given in support of this are sound. It is very true that the mortgage interest deduction only encourages people to take on more debt. That is- literally- something that most Americans can no longer afford to do.
And it IS discriminatory to renters and to people who buy within their means.
I would vote for anyone brave enough to finally get rid of this travesty.
PLEASE MAKE THIS HAPPEN!!!
|
|
| Above Posted By:
mtr
| Tue, 19 Dec 2006 23:29:17 EST |
| Why should anyone get a tax deduction for something they want to own? Should I get a tax deduction for the credit card interest on my Big screen TV? NOOOO. The tax deduction essentially subsidizes people who can afford to own and screws people who rent. Flat tax all the way. |
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| Above Posted By:
fairness
| Tue, 12 Dec 2006 18:48:18 EST |
| If you can afford a $1 million dollar mortgage, then why the heck are you so concerned about a few thousand dollars in taxes? Did you happen to over-extend yourself to get into that monstrous energy-wasting McMansion and Hummer?
How about getting back to basics instead of being such greedy pigs? Why should that house that you bought 3 years ago be worth twice as much now? Is it because you lived in it? LOL
|
|
| Above Posted By:
jerry
| Wed, 22 Nov 2006 00:12:39 EST |
| Instead of complaining about taxes, why don't you complain about the skyrocketing prices of houses? My parents bought a 4Bdrm house in 1983 for $62K. Today that same house would cost $500K.
Then we have these greedy crooked mortgage brokers pushing toxic loans on unsuspecting borrowers to "help" them into a home - only to be foreclosed on later when the ARM resets.
|
|
| Above Posted By:
jerry
| Wed, 22 Nov 2006 00:11:15 EST |
| It's time for another "Boston Tea Party". I am sick of being taxed from every Tom, Dick, and Harry! We've all been strung along this far, b/c we suffer in silence. I know others feel like I feel. What can we do that will truly make a difference? This is some kind of economy we're building for our childrens futures. The American Dream is really fading. |
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| Above Posted By:
Andrea
| Wed, 9 Aug 2006 15:51:43 EST |
| I agree with Bill. If we all paid a flat tax without deductions the politicians couldn't use the tax system to coax campaign contributions from supporters of this or that tax or tax exception. The tax code and the power to regulate industry is the source of most of congress's power and money. If you want campaign finance reform, get rid of ALL the tax exemptions and regulatory power, and institute a flat tax on individuals, due to be paid by check on November 7 or whenever election day falls. |
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| Above Posted By:
Anonymous
| Wed, 22 Mar 2006 20:10:33 EST |
| 1) Eliminating the interest deduction is only fair if the taxation on gains is TOTALLY ELIMINATED on ALL home sales. 2) Fewer large, expensive homes built equals far less property tax revenue. 3) All the property tax deduction does is eliminate double taxation on SOME of your tax dollars. 4) It's nothing more than an attempt at foisting another back door tax increase on the public by fueling idiot notions of "getting the rich" (many of whom pay cash for multimillion dollar homes).
|
|
| Above Posted By:
Caligula
| Wed, 8 Mar 2006 03:06:44 EST |
| I'm all about a flat tax, but I believe 5-10% would be a little low. However, my point is to Jim's idea of eliminating withholding... Why are so many people in debt or living paycheck to paycheck, because they can't manage their money and save. With that said, how do you think people would be able to dump a big fat check at the end of the year (or beginning for the past year)? One could argue the same thing for Social Security... plan for your own retirement... Ha! |
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| Above Posted By:
Jason E
| Wed, 8 Feb 2006 17:35:29 EST |
| Sool...if the govt gets to change the goal post as we approach retirement, (social security, mortgage deduction, etc...) doesn't that mean we get to cheat on our .....?
P.S. people, it doesn't matter if its' Bush, Clinton, or Joey Bishop...they are all politicians who will retire with NO problems. Please don't show your stupidity stating one party will be able to save the middle class over another. |
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| Above Posted By:
Anonymous
| Sun, 8 Jan 2006 00:52:06 EST |
| OK let's eliminate these deductions and while we're at it, let's attach a rider to the bill that eliminates the deduction for charitable contributions. Think that would fly? How about a total reform that charges EVERYONE a flat 5% on income. Or eliminate withholding - I'll pay what I owe on Jan1. That would stop alot of wasteful spending. |
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| Above Posted By:
Jim
| Fri, 30 Dec 2005 07:39:23 EST |
| Insane. Home ownership should be encouraged and incented.This really only incents the super rich who have borrowing power in their commercial businesses, portfolios and properties. The regional differences in values will always be present but will be more important with the limitation, causing a shift from inflated areas to non inflated areas. Speculators would be the winners. |
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| Above Posted By:
Bill
| Wed, 14 Dec 2005 08:35:56 EST |
| I have a question for the person living in Canada. What are your current interest rates? |
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| Above Posted By:
Tnown
| Tue, 13 Dec 2005 12:37:26 EST |
| I think this idea is great! It is just what the economy needs! At least that's what Dick told me . . . . |
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| Above Posted By:
George W
| Mon, 28 Nov 2005 14:54:27 EST |
| I really understand why so many negative comments towards the tax proposal, especially from people who over leverage themselves with monster mortgages. The tax break should not be an incentive to calculate your affordability on an extravagant property that is not needed. That to me causes foreclosures and home price over inflation. In Canada, we don’t get a mortgage interest deduction and in the last 5 years I've seen prices increasing on a much healthier scale compared to the U.S. |
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| Above Posted By:
Dan
| Wed, 23 Nov 2005 12:30:38 EST |
| I am a bit confused why everyone is mad about Bush proposal since you are the one who put him in the office. You do not have a right to complain. |
|
| Above Posted By:
Anonymous
| Wed, 23 Nov 2005 11:00:56 EST |
| Former President Lyndon Johnson acknowledged that he handed over the presidency to the Republican Party for the next generation when he signed the Civil Rights Act into law. The Republicans will hand over the presidency and much more for years to come if this scatter-brained idea is implemented. |
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| Above Posted By:
Jim
| Tue, 22 Nov 2005 15:53:55 EST |
| Instead of finding another way to tax the middle class, how about a flat tax of 10% - the rich included, and all corporations paying their share. |
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| Above Posted By:
sue
| Thu, 17 Nov 2005 23:57:01 EST |
| Would suggest that everyone on this site contact your senators and congress people to find out what is truly being advised for tax reform. Remember, advised is not written law. State referendums need to done if politicians don't read and follow the emails and letters that registered voters send them. This is so politicians really know what the constituents want not just the politician's special interest groups.
|
|
| Above Posted By:
Maggie
| Mon, 14 Nov 2005 16:18:30 EST |
| As a middle class, single, working woman, I already feel strangled by this administration. This would be the biggest (backdoor) tax hike in our history, and would throw this county straight into a depression. |
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| Above Posted By:
Elaine
| Thu, 10 Nov 2005 12:44:26 EST |
| I am about to buy a $900,000 home in NJ and I just redid the numbers with the new tax proposal and am looking at an additional after tax $1000 per month to break even ~ this is with both my wife and I working. Always knew I had fully stretched my affordability when I signed the contract but figured that if I managed to survive in the house for 2-3 years, salary increases and inflation will provide me with enough to get more comfortable. It now looks scary. |
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| Above Posted By:
willbescrewed
| Tue, 8 Nov 2005 23:54:46 EST |
| New construction should be eligible for some credit, maybe a declining calculation similar to depreciation.
Maybe a bracketed tax credit similar to how income tax is calculated. Or tie the income to the property value. For example, if your adjusted gross income is equal to 30% of the value of your home you get a credit for whatever in that bracket. This would account for higher income levels and property values in larger metropolitan areas. |
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| Above Posted By:
Sue
| Mon, 7 Nov 2005 16:18:54 EST |
I am disappointed that the article makes no mention of the committee's additional recommendation to institute a home mortgage interest credit [as a replacement to the deduction]. I have attempted to find information as to how this recommended credit is to be figured, if it is a refundable credit or non-refundable credit, etc. Rather than judge the sensationalized headline, I would prefer to get the whole story and then make a judgment as to how it might affect my clients or myself.
Editors Note: The Second Part Of This Article
|
|
| Above Posted By:
Taxpreparer
| Mon, 7 Nov 2005 11:42:59 EST |
| I definitely need my mortgage deduction (we make less than $70,000 a year with three kids). But if you read the articles, this has been proposed regularly for YEARS, and not just by Republicans. President Bush did not propose this. A tax reform panel is suggesting it, and congress would have to pass it. Don't you realize that the media loves to hype stuff to make the current administration look bad? Take it w a grain of salt. |
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| Above Posted By:
Anonymous SC
| Sun, 6 Nov 2005 00:09:27 EST |
| The Bush administration will not be happy until all of the middle class is wiped out. I have never trusted Bush, or voted for him, and can honestly say he has lived to up all of my expectations of him. For you Republicans out there who will follow him blindly as he lies, and robs us blind, you truly are getting what you deserve. It's a shame the rest of us have to suffer with you. |
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| Above Posted By:
Teri
| Sat, 5 Nov 2005 23:26:55 EST |
| If this new tax law passes, we will seriously have to think about selling our house which we bought a few months ago. I am going to write letters to the Governor of California, Congress, and all others elected officials. Hope you all do the same. |
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| Above Posted By:
Kate
| Sat, 5 Nov 2005 15:03:59 EST |
| House prices are high is due to low interest rates, the mortgage interest deduction provision and speculation. Hoping prices will continue to increase, fueled by cheap money and tax strategies is not sustainable in the long term. Let's reduce the interest rate deduction cap which forces people to have cash equity in their homes, so just maybe, there won't be as many foreclosures in the future. Don't believe the hype that this will be a 'receipe for disaster or the advent of a depression. |
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| Above Posted By:
Marcy
| Fri, 4 Nov 2005 10:39:16 EST |
| This is simply outrageous. Who is going to be able to afford to live here anymore if the wonderful government continues to expect the people to pay for their expenditures??? The US needs to get out of foreign countries financial problems and start looking at the homeland for a change. If you want to kill what is left of the homeowning market, this will do it. This should definately be another CONGRESS VOTE NO!!!!! |
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| Above Posted By:
Anonymous
| Thu, 3 Nov 2005 17:07:20 EST |
| Remind me again....who voted for Bush because of his "tax breaks"? I hope you all are happy. |
|
| Above Posted By:
Dan
| Thu, 3 Nov 2005 15:53:52 EST |
| The Republican party has once again showed that they are for the rich ONLY & never for the middleclasspoor. WE little people rely so much on these tax deductions to stay afloat. Now, these inhumane Republican Party would like to sink us for good!! Wake up America & see how these Republican Party is a DO NOT CARE PARTY. Call your congressmansenators & make sure you tell them that you are against these OUTRAGEOUS, tax proposals!! |
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| Above Posted By:
Gabriel
| Thu, 3 Nov 2005 01:35:00 EST |
| If this gets implemented I don't think you will see too many Republicans elected to any office. |
|
| Above Posted By:
David Graham
| Wed, 2 Nov 2005 17:59:44 EST |
| Please no!!! We want to continue encouraging Americans to purchase homes. If this happens, some folks would need to sell immediately. They depend on that tax deduction to pay their mortgages. Home prices are extremely high right now in the Northern VA area. Normal people can not afford this. |
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| Above Posted By:
Anonymous
| Wed, 2 Nov 2005 16:03:02 EST |
| I am disgusted that the "supporters" of this proposal would even think to mention that hard working Americans should lose their deduction in order to pay for this failure of a war. This will have a catastrophic effect on the housing market. |
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| Above Posted By:
Alyson
| Wed, 2 Nov 2005 15:56:30 EST |
| This is outrageous! What about all the people that live in the Bay Area where a two bedroom house sells for 650k+. Many of these folks are not rich landowners but instead, middle income families trying to live the American dream of owning property. People in the Bay Area (San Francisco) would be unfairly harmed by this proposal. Why not spend less on the war in Iraq and maybe then there will not have to be these idiotic proposals that only harm the American people. |
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| Above Posted By:
Roark
| Wed, 2 Nov 2005 14:42:50 EST |
| This really upset me. I’ve worked in the Mortgage Industry and really enjoy helping people that I also do Taxes. Most of my clients are middle class or moved into the middle class with the interest rate tax deduction. They are very hard working people and are just trying to make a better life for their family. If the tax reform takes place it will move a lot of people into the lower class, which I believe will bring chaos and foreclosures. |
|
| Above Posted By:
Anonymous
| Wed, 2 Nov 2005 12:38:46 EST |
| This is just a terrible idea. This would completely discourage any middle-income family from purchasing a home and would greatly effect the economy. People work all their lives to purchase a home. They have worked hard and paid their taxes just to achieve that dream. This proposal would end all of that. |
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| Above Posted By:
Fran
| Wed, 2 Nov 2005 12:38:35 EST |
| It angers me that the gov't would even THINK of sticking it to homeowners by eliminating this deduction while there are gov't agencies wasting $$ left and right. If they want to eliminate it, take it from the multimillionaires they can afford it, but those of us here in the everyday paycheck to paycheck real world don't deserve it. |
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| Above Posted By:
Jan in So. Calif.
| Wed, 2 Nov 2005 11:27:08 EST |
The people that complain about realestate skyrocketing and not being able to afford a home are the same ones who bash the government just because they read a headline in the Paper "Bush's Tax Reform to Threaten Home Values".
The bottom Line, the average middleclass family wants to own a home for cheap.
(35Ksalary)
(future comments please post you salary to give people an idea of where you are coming from) |
|
| Above Posted By:
Dom
| Wed, 2 Nov 2005 09:28:58 EST |
| THIS COUNTRY NEEDS MONEY, BUT LETS NOT CHARGE THE HARD WORKING AMERICANS WHO ARE DRIVING OUR ECONOMY. RATHER, LOOK FOR WAYS TO BRING FUNDS FROM ABROAD. CREATE INCENTIVES FOR BUSINESSES THAT EXPORT WHILE BRINGING FORIEGN MONEY INTO THE COUNTRY. ISN'T THAT WHAT MADE OUR COUNTRY GREAT IN THE FIRST PLACE? IF THIS LAW PASSES, FORCLOSURES ARE IMMINENT. |
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| Above Posted By:
VICTOR GELFO
| Wed, 2 Nov 2005 02:01:28 EST |
| If approved this would be tragic!! In the SUBURBS of Atlanta
and Charlotte, NC $300,000.00 buys a house in a MIDDLE CLASS neighborhood. In the city a traditional house costs over $600,000.00. This will affect the middle class. Also, with the tax incentive gone, count on declining home values, and increases in foreclosures and bankruptcies. Americans purchased their homes out of good faith, depending on this deduction. |
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| Above Posted By:
Alecia
| Tue, 1 Nov 2005 21:39:20 EST |
| This would absolutely bankrupt us. No one in the White House has a clue as to what middle america is about. The median price of a home in Southern California is over $500,000.00! Property taxes alone are close to $500.00 per month and interest is about $5000.00 per month, this what working families pay here! If this thing goes through, the only property owners will be Bush's croonies!!!! I am quiting the Republican party!!!!!!!!!!!!!!! |
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| Above Posted By:
Don
| Tue, 1 Nov 2005 21:18:30 EST |
| This is a HORRIBLE idea!! Whatever happened to home ownership being “the American Dream”? Unless the President wants to experience a gargantuan sized economic depression (and further mar his presidential legacy), he would be well advised to leave the home mortgage interest deduction alone. Eliminating such would ensure that every American would suffer, not just homeowners. This is a HORRIBLE idea and I pray that Congress will once again dismiss it as such. |
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| Above Posted By:
Gregory J. Blanchard
| Sat, 29 Oct 2005 22:47:42 EST |
| This would be the biggest mistake and final downfall towards an all out depression nationwide. The housing market is the only aspect of our economy that is making it stay above depression. |
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| Above Posted By:
J
| Tue, 25 Oct 2005 16:11:21 EST |
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