The case for ending housing finance subsidies

[ucodegen]

I 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.

[KIBU]

Agreed that they want to cut the mortgage interest tax deduction.

But how are they going to do that without triggering another housing collapse which may trigger another recession???

For this, perhaps if we vote more tea party candidates into congress, they will follow thru with this. They are pretty good at cutting anything.

[KIBU]

Agreed that they want to cut the mortgage interest tax deduction.

But how are they going to do that without triggering another housing collapse which may trigger another recession???

For this, perhaps if we vote more tea party candidates into congress, they will follow thru with this. They are pretty good at cutting anything.

[KIBU]

Agreed that they want to cut the mortgage interest tax deduction.

But how are they going to do that without triggering another housing collapse which may trigger another recession???

For this, perhaps if we vote more tea party candidates into congress, they will follow thru with this. They are pretty good at cutting anything.

[KIBU]

Agreed that they want to cut the mortgage interest tax deduction.

But how are they going to do that without triggering another housing collapse which may trigger another recession???

For this, perhaps if we vote more tea party candidates into congress, they will follow thru with this. They are pretty good at cutting anything.

[KIBU]

Agreed that they want to cut the mortgage interest tax deduction.

But how are they going to do that without triggering another housing collapse which may trigger another recession???

For this, perhaps if we vote more tea party candidates into congress, they will follow thru with this. They are pretty good at cutting anything.

[eavesdropper]

[quote=ucodegen]I 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.
[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.[/quote]

Agreed, ucodegen and FSD. It’s not that I disagree with the arguments that many are making. But, quite honestly, this is the only significant way that most Americans, even those earning very healthy incomes, can shelter it.

I agree that we, as Americans, should be willing to pay the costs of maintaining our nation’s health, safety, and stability. However, the Congress best get busy eliminating tax shelters and loopholes for wealthy corporations and individuals, of which there are an obscene abundance. And, no, I’m not referring to people making $250K/year as “wealthy”, for any reactionaries in the peanut gallery….

I’m perfectly willing to pay taxes on my entire income when corporations and the rich begin to do the same. Hell, at this point, I’d be happy if companies like Exxon and GE would pay corporate income tax on SOME of their profits.

[eavesdropper]

[quote=ucodegen]I 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.
[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.[/quote]

Agreed, ucodegen and FSD. It’s not that I disagree with the arguments that many are making. But, quite honestly, this is the only significant way that most Americans, even those earning very healthy incomes, can shelter it.

I agree that we, as Americans, should be willing to pay the costs of maintaining our nation’s health, safety, and stability. However, the Congress best get busy eliminating tax shelters and loopholes for wealthy corporations and individuals, of which there are an obscene abundance. And, no, I’m not referring to people making $250K/year as “wealthy”, for any reactionaries in the peanut gallery….

I’m perfectly willing to pay taxes on my entire income when corporations and the rich begin to do the same. Hell, at this point, I’d be happy if companies like Exxon and GE would pay corporate income tax on SOME of their profits.

[eavesdropper]

[quote=ucodegen]I 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.
[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.[/quote]

Agreed, ucodegen and FSD. It’s not that I disagree with the arguments that many are making. But, quite honestly, this is the only significant way that most Americans, even those earning very healthy incomes, can shelter it.

I agree that we, as Americans, should be willing to pay the costs of maintaining our nation’s health, safety, and stability. However, the Congress best get busy eliminating tax shelters and loopholes for wealthy corporations and individuals, of which there are an obscene abundance. And, no, I’m not referring to people making $250K/year as “wealthy”, for any reactionaries in the peanut gallery….

I’m perfectly willing to pay taxes on my entire income when corporations and the rich begin to do the same. Hell, at this point, I’d be happy if companies like Exxon and GE would pay corporate income tax on SOME of their profits.

[eavesdropper]

[quote=ucodegen]I 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.
[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.[/quote]

Agreed, ucodegen and FSD. It’s not that I disagree with the arguments that many are making. But, quite honestly, this is the only significant way that most Americans, even those earning very healthy incomes, can shelter it.

I agree that we, as Americans, should be willing to pay the costs of maintaining our nation’s health, safety, and stability. However, the Congress best get busy eliminating tax shelters and loopholes for wealthy corporations and individuals, of which there are an obscene abundance. And, no, I’m not referring to people making $250K/year as “wealthy”, for any reactionaries in the peanut gallery….

I’m perfectly willing to pay taxes on my entire income when corporations and the rich begin to do the same. Hell, at this point, I’d be happy if companies like Exxon and GE would pay corporate income tax on SOME of their profits.

[eavesdropper]

[quote=ucodegen]I 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.
[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.[/quote]

Agreed, ucodegen and FSD. It’s not that I disagree with the arguments that many are making. But, quite honestly, this is the only significant way that most Americans, even those earning very healthy incomes, can shelter it.

I agree that we, as Americans, should be willing to pay the costs of maintaining our nation’s health, safety, and stability. However, the Congress best get busy eliminating tax shelters and loopholes for wealthy corporations and individuals, of which there are an obscene abundance. And, no, I’m not referring to people making $250K/year as “wealthy”, for any reactionaries in the peanut gallery….

I’m perfectly willing to pay taxes on my entire income when corporations and the rich begin to do the same. Hell, at this point, I’d be happy if companies like Exxon and GE would pay corporate income tax on SOME of their profits.

[eavesdropper]

[quote=KIBU] For this, perhaps if we vote more tea party candidates into congress, they will follow thru with this. They are pretty good at cutting anything.[/quote]

What gets me is that everything they cut affects the middle class. They refuse to do anything that would negatively affect the rich or wealthy corporations. Blows my mind!

In the meantime, some of the more “restrained” Republicans have come up with plans that cut across the board AND raise taxes. Cuts are deep, but they affect everything and everyone. But these guys have ended up being abused by the Tea Party congressional crew, and the middle class voters who put them there…..Crazy!!

[eavesdropper]

[quote=KIBU] For this, perhaps if we vote more tea party candidates into congress, they will follow thru with this. They are pretty good at cutting anything.[/quote]

What gets me is that everything they cut affects the middle class. They refuse to do anything that would negatively affect the rich or wealthy corporations. Blows my mind!

In the meantime, some of the more “restrained” Republicans have come up with plans that cut across the board AND raise taxes. Cuts are deep, but they affect everything and everyone. But these guys have ended up being abused by the Tea Party congressional crew, and the middle class voters who put them there…..Crazy!!

[eavesdropper]

[quote=KIBU] For this, perhaps if we vote more tea party candidates into congress, they will follow thru with this. They are pretty good at cutting anything.[/quote]

What gets me is that everything they cut affects the middle class. They refuse to do anything that would negatively affect the rich or wealthy corporations. Blows my mind!

In the meantime, some of the more “restrained” Republicans have come up with plans that cut across the board AND raise taxes. Cuts are deep, but they affect everything and everyone. But these guys have ended up being abused by the Tea Party congressional crew, and the middle class voters who put them there…..Crazy!!

[eavesdropper]

[quote=KIBU] For this, perhaps if we vote more tea party candidates into congress, they will follow thru with this. They are pretty good at cutting anything.[/quote]

What gets me is that everything they cut affects the middle class. They refuse to do anything that would negatively affect the rich or wealthy corporations. Blows my mind!

In the meantime, some of the more “restrained” Republicans have come up with plans that cut across the board AND raise taxes. Cuts are deep, but they affect everything and everyone. But these guys have ended up being abused by the Tea Party congressional crew, and the middle class voters who put them there…..Crazy!!

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