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the mortgage interest deduction, dying soon?

Started by notadmin
almost 16 years ago
Posts: 3835
Member since: Jul 2008
Discussion about
http://www.npr.org/templates/story/story.php?storyId=129748978 "Take the mortgage interest deduction,” says William Gale of the Tax Policy Center. “You could structure that as a government spending program. And by the way, it would look ridiculously stupid if you did. Because we'd be giving huge government spending to the highest-income households with the biggest houses that are leveraged to the max. And if you look at that as a spending option, you'd say why would we ever do that?"
Response by jason10006
almost 16 years ago
Posts: 5257
Member since: Jan 2009

If only.

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Response by Riversider
almost 16 years ago
Posts: 13573
Member since: Apr 2009

Best idea that will never happen. The people who have mortgages will cream, the NAR will scream, the National Association of Home builders will scream and the owners of existing housing stock will scream.

In short too many people hooked on the subsidy andwould be hurt if it went away , despite the fact that the country benefits long term if it goes away.

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Response by julialg
almost 16 years ago
Posts: 1297
Member since: Jan 2010

jason10006... We agree!!!!

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Response by jason10006
almost 16 years ago
Posts: 5257
Member since: Jan 2009

See, I am actually fairly free market on the economy, you woudl be surprised. If only Reagan had his way in what was it 2006? And we eliminated ALL deductions and just had a post card tax form...which, by the way, most European "socialists" countries do. The US stands nearly alone in having this convoluted tax system.

I can agree with Friedman AND Krugman.

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Response by jason10006
almost 16 years ago
Posts: 5257
Member since: Jan 2009

And I should mention, socialist Canada, Denmark, the UK, etc, have no fannie or freddie OR mortgage subsidy.

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Response by Riversider
almost 16 years ago
Posts: 13573
Member since: Apr 2009

Wow , Easy Street harmony!

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Response by julialg
almost 16 years ago
Posts: 1297
Member since: Jan 2010

One should never agree with krugman...2+2=5 is never right.Plus have a flat tax, no deductions and under $50000 the income tax is 0...

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Response by columbiacounty
almost 16 years ago
Posts: 12708
Member since: Jan 2009

and your plan, ugly one?

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Response by Riversider
almost 16 years ago
Posts: 13573
Member since: Apr 2009

People expect too much from government.
Instead of the last stimulus we should've funded NASA, fixed the electric grid replace aging bridges and tunnels and upgrade the railways with high speed. At least we get something for this, And with NASA new technologies are created and engineers trained which benefit the rest of society far into the future. And I'm not just talking TANG.

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Response by columbiacounty
almost 16 years ago
Posts: 12708
Member since: Jan 2009

what are you talking?

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Response by wife67thstreet
almost 16 years ago
Posts: 35
Member since: Sep 2010

flmaoz

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