Home Mortgage Deduction Under Attack By Presidential Panel

RE:Home Mortgage Deduction Under Attack By Presidential Panel

Bob — Thu, 17 May 2007 11:00:00 GMT

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

RE:Home Mortgage Deduction Under Attack By Presidential Panel

anonymous — Sat, 05 May 2007 11:00:00 GMT

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!

RE:Home Mortgage Deduction Under Attack By Presidential Panel

me — Tue, 17 Apr 2007 11:00:00 GMT

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!

RE:Home Mortgage Deduction Under Attack By Presidential Panel

Karen — Wed, 21 Feb 2007 13:00:00 GMT

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.

RE:Home Mortgage Deduction Under Attack By Presidential Panel

mtr — Tue, 19 Dec 2006 13:00:00 GMT

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!!!

RE:Home Mortgage Deduction Under Attack By Presidential Panel

fairness — Tue, 12 Dec 2006 13:00:00 GMT

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.

RE:Home Mortgage Deduction Under Attack By Presidential Panel

jerry — Wed, 22 Nov 2006 13:00:00 GMT

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

RE:Home Mortgage Deduction Under Attack By Presidential Panel

jerry — Wed, 22 Nov 2006 13:00:00 GMT

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.

RE:Home Mortgage Deduction Under Attack By Presidential Panel

Andrea — Wed, 09 Aug 2006 11:00:00 GMT

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.

RE:Home Mortgage Deduction Under Attack By Presidential Panel

Anonymous — Wed, 22 Mar 2006 11:00:00 GMT

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.

RE:Home Mortgage Deduction Under Attack By Presidential Panel

Caligula — Wed, 08 Mar 2006 13:00:00 GMT

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).

RE:Home Mortgage Deduction Under Attack By Presidential Panel

Jason E — Wed, 08 Feb 2006 13:00:00 GMT

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!

RE:Home Mortgage Deduction Under Attack By Presidential Panel

Anonymous — Sun, 08 Jan 2006 13:00:00 GMT

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.

RE:Home Mortgage Deduction Under Attack By Presidential Panel

Jim — Fri, 30 Dec 2005 13:00:00 GMT

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.

RE:Home Mortgage Deduction Under Attack By Presidential Panel

Bill — Wed, 14 Dec 2005 13:00:00 GMT

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.