[quote=moneymaker]Pretty sure that for a lot of us the MID is phased out with time, by the time you are halfway through paying on the mortgage the interest is pretty negligible compared to standard deduction, again that is just for most of us, does not apply to people that buy Mac Mansions or can itemize a lot of stuff (business owners).[/quote]

One reason to refinance at year 10 or 15 of your loan to a 15 year at that time. Assuming the lower rate would make it close to the 30 year payment, you can continue to deduct the interest…

The problem with any changes now and why nothing will be done is that a lot of the comments here are biased as to what won’t “hurt me” or said poster as much or people in elected office.

The tax code is too screwed up so any large scale changes would be near impossible to pass.

The problem with your idea CAR of not letting people who buy existing homes deduct MID is that now, you have just as much assisted all the new home builders/big businesses since now, people are more likely to want to buy new to get the MID…This point is why trying to “fix” this issue on what might be a good idea can’t be done and I’d vote for either running 2 systems and take your pick and see what happens before forced changes or have massive deductions for all (lower state revenue) which screws up the state further though.

Also, it’s not that your idea is in the minority…I think you posted that you are trying to eliminate all of your debt so your suggestion is very biased…

again, my point is that you (and everyone involved) are just looking out for their own interests rather than what’s fair/right/etc…so you’d want to eliminate something which won’t benefit you so you don’t care if it’s gone.

I plainly admit I am more interested in what works out better for me than what’s fair since there is no fair system already and I just try to do it all to take advantage of what makes the most sense…

Sorta like as I have very little Roth accounts now, let’s just start to tax that too.