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CA renter.
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August 17, 2011 at 4:27 PM #721729August 17, 2011 at 5:31 PM #720522
briansd1
Guest[quote=UCGal]A better description/headline for this topic would be something along the lines of “A case for ending home financing subsidies.”
It’s possible to be a home OWNER and not get the benefits (other than deductible prop taxes.) It’s called having a paid for home.
I don’t mind eliminating the mortgage interest deduction… But then again, I’m on the fast track to paying off my mortgage. My interest deduction is getting whittled away pretty fast.[/quote]
Ok. I changed the title upon your suggestion.
August 17, 2011 at 5:31 PM #720614Guest[quote=UCGal]A better description/headline for this topic would be something along the lines of “A case for ending home financing subsidies.”
It’s possible to be a home OWNER and not get the benefits (other than deductible prop taxes.) It’s called having a paid for home.
I don’t mind eliminating the mortgage interest deduction… But then again, I’m on the fast track to paying off my mortgage. My interest deduction is getting whittled away pretty fast.[/quote]
Ok. I changed the title upon your suggestion.
August 17, 2011 at 5:31 PM #721214Guest[quote=UCGal]A better description/headline for this topic would be something along the lines of “A case for ending home financing subsidies.”
It’s possible to be a home OWNER and not get the benefits (other than deductible prop taxes.) It’s called having a paid for home.
I don’t mind eliminating the mortgage interest deduction… But then again, I’m on the fast track to paying off my mortgage. My interest deduction is getting whittled away pretty fast.[/quote]
Ok. I changed the title upon your suggestion.
August 17, 2011 at 5:31 PM #721369Guest[quote=UCGal]A better description/headline for this topic would be something along the lines of “A case for ending home financing subsidies.”
It’s possible to be a home OWNER and not get the benefits (other than deductible prop taxes.) It’s called having a paid for home.
I don’t mind eliminating the mortgage interest deduction… But then again, I’m on the fast track to paying off my mortgage. My interest deduction is getting whittled away pretty fast.[/quote]
Ok. I changed the title upon your suggestion.
August 17, 2011 at 5:31 PM #721733Guest[quote=UCGal]A better description/headline for this topic would be something along the lines of “A case for ending home financing subsidies.”
It’s possible to be a home OWNER and not get the benefits (other than deductible prop taxes.) It’s called having a paid for home.
I don’t mind eliminating the mortgage interest deduction… But then again, I’m on the fast track to paying off my mortgage. My interest deduction is getting whittled away pretty fast.[/quote]
Ok. I changed the title upon your suggestion.
August 17, 2011 at 6:55 PM #720552(former)FormerSanDiegan
Participant[quote=captcha]I was under impression that all interest used to be deductible. If that is the case the current deduction is really not a subsidy, but money not confiscated by the government. Yet.
And low-income renters do get some breaks like Section 8 and renter’s tax credit in some states (including CA).[/quote]
captcha is correct. Interest on credit cards and installment loans (e.g. car loans, furtniture loans, etc) were deductible before 1986 tax reform.
Personally, I’d rather see the US end other subsidies before this one. At least this one does impact working families (well, at least working families in expeinsve areas). What about the $70 Billion subsidies to big oil companies ?
Let’s cut that first.August 17, 2011 at 6:55 PM #720643Participant[quote=captcha]I was under impression that all interest used to be deductible. If that is the case the current deduction is really not a subsidy, but money not confiscated by the government. Yet.
And low-income renters do get some breaks like Section 8 and renter’s tax credit in some states (including CA).[/quote]
captcha is correct. Interest on credit cards and installment loans (e.g. car loans, furtniture loans, etc) were deductible before 1986 tax reform.
Personally, I’d rather see the US end other subsidies before this one. At least this one does impact working families (well, at least working families in expeinsve areas). What about the $70 Billion subsidies to big oil companies ?
Let’s cut that first.August 17, 2011 at 6:55 PM #721244Participant[quote=captcha]I was under impression that all interest used to be deductible. If that is the case the current deduction is really not a subsidy, but money not confiscated by the government. Yet.
And low-income renters do get some breaks like Section 8 and renter’s tax credit in some states (including CA).[/quote]
captcha is correct. Interest on credit cards and installment loans (e.g. car loans, furtniture loans, etc) were deductible before 1986 tax reform.
Personally, I’d rather see the US end other subsidies before this one. At least this one does impact working families (well, at least working families in expeinsve areas). What about the $70 Billion subsidies to big oil companies ?
Let’s cut that first.August 17, 2011 at 6:55 PM #721399Participant[quote=captcha]I was under impression that all interest used to be deductible. If that is the case the current deduction is really not a subsidy, but money not confiscated by the government. Yet.
And low-income renters do get some breaks like Section 8 and renter’s tax credit in some states (including CA).[/quote]
captcha is correct. Interest on credit cards and installment loans (e.g. car loans, furtniture loans, etc) were deductible before 1986 tax reform.
Personally, I’d rather see the US end other subsidies before this one. At least this one does impact working families (well, at least working families in expeinsve areas). What about the $70 Billion subsidies to big oil companies ?
Let’s cut that first.August 17, 2011 at 6:55 PM #721764Participant[quote=captcha]I was under impression that all interest used to be deductible. If that is the case the current deduction is really not a subsidy, but money not confiscated by the government. Yet.
And low-income renters do get some breaks like Section 8 and renter’s tax credit in some states (including CA).[/quote]
captcha is correct. Interest on credit cards and installment loans (e.g. car loans, furtniture loans, etc) were deductible before 1986 tax reform.
Personally, I’d rather see the US end other subsidies before this one. At least this one does impact working families (well, at least working families in expeinsve areas). What about the $70 Billion subsidies to big oil companies ?
Let’s cut that first.August 17, 2011 at 7:22 PM #720567ucodegen
ParticipantI have covered the problem with eliminating the mortgage interest deduction. It won’t work. Only the rich will be able to work around it, the middle class will get screwed. That is because interest costs are deductible on businesses, LLCs..etc. Wealthy people have good/expensive tax advisers that can show them how to wrap their house in an LLC.
On the other hand, the RE capital gains exemption only rewards those that can own real estate or already have real estate. The capital gains exemption can also be gamed, particularly if you are already in real estate as a broker (can reduce the commission cost to 1/2). There is no real purpose in this one and really should be eliminated. It also helped lead to the speculation that occurred in the RE market, leading to the current mess.
[quote FormerSanDiegan]What about the $70 Billion subsidies to big oil companies ?
Let’s cut that first.[/quote]Sounds like a good one to cut.August 17, 2011 at 7:22 PM #720658ParticipantI have covered the problem with eliminating the mortgage interest deduction. It won’t work. Only the rich will be able to work around it, the middle class will get screwed. That is because interest costs are deductible on businesses, LLCs..etc. Wealthy people have good/expensive tax advisers that can show them how to wrap their house in an LLC.
On the other hand, the RE capital gains exemption only rewards those that can own real estate or already have real estate. The capital gains exemption can also be gamed, particularly if you are already in real estate as a broker (can reduce the commission cost to 1/2). There is no real purpose in this one and really should be eliminated. It also helped lead to the speculation that occurred in the RE market, leading to the current mess.
[quote FormerSanDiegan]What about the $70 Billion subsidies to big oil companies ?
Let’s cut that first.[/quote]Sounds like a good one to cut.August 17, 2011 at 7:22 PM #721259ParticipantI have covered the problem with eliminating the mortgage interest deduction. It won’t work. Only the rich will be able to work around it, the middle class will get screwed. That is because interest costs are deductible on businesses, LLCs..etc. Wealthy people have good/expensive tax advisers that can show them how to wrap their house in an LLC.
On the other hand, the RE capital gains exemption only rewards those that can own real estate or already have real estate. The capital gains exemption can also be gamed, particularly if you are already in real estate as a broker (can reduce the commission cost to 1/2). There is no real purpose in this one and really should be eliminated. It also helped lead to the speculation that occurred in the RE market, leading to the current mess.
[quote FormerSanDiegan]What about the $70 Billion subsidies to big oil companies ?
Let’s cut that first.[/quote]Sounds like a good one to cut.August 17, 2011 at 7:22 PM #721414ParticipantI have covered the problem with eliminating the mortgage interest deduction. It won’t work. Only the rich will be able to work around it, the middle class will get screwed. That is because interest costs are deductible on businesses, LLCs..etc. Wealthy people have good/expensive tax advisers that can show them how to wrap their house in an LLC.
On the other hand, the RE capital gains exemption only rewards those that can own real estate or already have real estate. The capital gains exemption can also be gamed, particularly if you are already in real estate as a broker (can reduce the commission cost to 1/2). There is no real purpose in this one and really should be eliminated. It also helped lead to the speculation that occurred in the RE market, leading to the current mess.
[quote FormerSanDiegan]What about the $70 Billion subsidies to big oil companies ?
Let’s cut that first.[/quote]Sounds like a good one to cut. -
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