To help the middle class, of course! Mortgage Interest Deduction Under Scrutiny

By
November 27, 2012

Only for the rich, of course. For now. But they all know you can’t get there from here. Once they start discussing increased revenues through taxes and issues get put on the table, the numbers, not principle, will take over.

Along with that, the very uncertainty they’ll create with the process will back people away from spending pending some definitive result.

A tax break that has long been untouchable could soon be in for some serious scrutiny.

Many home buyers deduct their mortgage interest when assessing their tax bill, a perk that has helped bolster the income of millions of families – and the broader housing market.

But as President Obama and Congress try to hash out a deal to reduce the budget deficit, the mortgage interest deduction will likely be part of the discussion.

via  US Business News РCNBC.

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Comments:
  1. Ragspierre says:

    Let the Bush tax rates expire. The same ones Obama supported only months ago.

    Illustrate for the idiotocracy the LIE of the Collective that these were “tax cuts for the rich”.

    ALLLLLLLLLLLL good!

    Let it burn.

  2. HoosierHawk says:

    I totally support ending the deduction for homes valued over $300K.

    Property values are much higher in the Blue states, let them pay for what they voted for!

    We should also get rid of the deduction for State and local taxes paid. Functionally, it’s a subsidy to blue states as their tax rates are higher.

  3. Seipherd says:

    If one really wants to get the economy rolling, give homeowners a choice — the interest tax deduction or deduction for the cost of home maintenance. The later would spur a big increase in employment as well as wealth creation. Home values would rise, unemployment would drop, tax revenues would rise, etc, etc.

    Just saying, this stuff ain’t that complicated, ya just gotta learn to think out of the box.

    • Ragspierre says:

      Nope. Don’t instill market distortions via the tax code EVER.

      At. All.

      Its sole…and I mean sole…use should be raising enough revenue to pay for Constitutional Federal functions.

  4. Seipherd says:

    Choice should be offered — take your mortgage deduction or take a deduction to cover the cost of maintenance of your home. The later will employ lots and lots of folks, many of whom are currently unemployed. Maintenance is a deductible expense for businesses, why not homeowners?

  5. Robert B. says:

    HoosierHawk, at November 27, 2012 at 5:45 pm :

    I wholeheartedly agree. Why should the rest of the country subsidize blue state spendocrats? If the people in those states want to elect pols who redistribute wealth, let them redistribute the wealth of those citizens who reside there.

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