Comments on: Sacred cow of mortgage tax relief needs slaughter http://blogs.reuters.com/breakingviews/2010/11/15/sacred-cow-of-mortgage-tax-relief-needs-slaughter/ Mon, 26 Sep 2016 03:26:00 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: BHOlied http://blogs.reuters.com/breakingviews/2010/11/15/sacred-cow-of-mortgage-tax-relief-needs-slaughter/comment-page-1/#comment-5084 Fri, 19 Nov 2010 14:45:28 +0000 http://blogs.reuters.com/columns/?p=4612#comment-5084 @Agnes,

I get very tired of people complaining about how the rich receive all of the rewards for tax breaks. The answer is very simple and I’m sure its understood by you, a journalist for Reuters.

The fact is the rich receive the tax breaks because they pay the taxes. Is that so hard to understand? No really, please respond after reading this:

http://www.msnbc.msn.com/id/36226444/ns/ business-personal_finance

Craziness. Your profile says you discuss Fannie and Freddie – perhaps we should focus our attention there, after all, they are two of THE BIGgest factors of the housing crisis. The government subsidized (inflated) housing and blamed the went Saul Alinski on Wall Street for the crash. Heck we force banks to loan to people based on RACE alone and we’re not going to admit fault? Please…

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By: BHOlied http://blogs.reuters.com/breakingviews/2010/11/15/sacred-cow-of-mortgage-tax-relief-needs-slaughter/comment-page-1/#comment-5083 Fri, 19 Nov 2010 14:40:13 +0000 http://blogs.reuters.com/columns/?p=4612#comment-5083 @tumlindice who said:
“The upper middle class has to pay for everything”.

Oh really? I’m not sure what your definition of upper middle class is but read this and tell me the middle class pays for everything:

http://www.msnbc.msn.com/id/36226444/ns/ business-personal_finance

Ah yes, half of the nation pays no income taxes, how interesting.

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By: Tumblindice http://blogs.reuters.com/breakingviews/2010/11/15/sacred-cow-of-mortgage-tax-relief-needs-slaughter/comment-page-1/#comment-4995 Tue, 16 Nov 2010 23:16:32 +0000 http://blogs.reuters.com/columns/?p=4612#comment-4995 I’m not as bitter as some of the writers above but not far from it. I come from the other side of the political spectrum but I strongly agree with core point. The upper middle class has to pay for everything. In making a modest income, AMT negates all your deductions. It seems the Government wants people to make less money but be leveraged to the teeth or take your money if you not playing the game and AMT you to death! My kids can’t even get student loans and I’m always paying taxes. My unemployed neighbors have kids going to school on student loans while I am paying through the nose by playing it by the rules. I feel like a 17th European serf!! Converting to S or C corps limits your income in certain ways that you’re lucky to refi the house you live in order to improve marginal cash flow. If this is the American Dream that every wanna-be “rich” person is worried about never attaining, they can have it!! Whatever your political leanings are (Left, right or center) this is certainly not working and something needs to be done! I am now of the belief that if I have to pay high taxes, I’d like something for it, like health care and less war. I can’t tell you how many times I’ve written this letter to senators and representatives of all stripes, but no one listens to a serf!

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By: zotdoc http://blogs.reuters.com/breakingviews/2010/11/15/sacred-cow-of-mortgage-tax-relief-needs-slaughter/comment-page-1/#comment-4983 Tue, 16 Nov 2010 21:14:53 +0000 http://blogs.reuters.com/columns/?p=4612#comment-4983 I would be in favor of doing away with this deduction in exchange for a lower overall tax rate. This is a good article and a good idea. The less our government sets up artificial incentives the more people will get back to doing what makes economic sense and the fewer bubbles we will have. By the way, I’m almost 60 and I would give my social security benefits altogether if I could be excused from paying any more social security tax and invest that money myself.

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By: y2kurtus http://blogs.reuters.com/breakingviews/2010/11/15/sacred-cow-of-mortgage-tax-relief-needs-slaughter/comment-page-1/#comment-4966 Tue, 16 Nov 2010 16:50:25 +0000 http://blogs.reuters.com/columns/?p=4612#comment-4966 I’ll agree to cut the deductibility on home equity loans and 2nd homes… (easy for me as I don’t have either)…

But for the sake of the country lets keep as many people as possible on some kind of a forced savings regimen.

How about this… morph the earned income credit into a 401k style plan with a 100% match up to $5,000 for earned income filers with AGI’s under $100,000. That would cost a fortune in goverment rev but probably not as much as the deductibility of mortgage interest.

Then you’ve got people investing in productive capital rather than housing stock that needs to be maintained.

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By: ARJTurgot http://blogs.reuters.com/breakingviews/2010/11/15/sacred-cow-of-mortgage-tax-relief-needs-slaughter/comment-page-1/#comment-4960 Tue, 16 Nov 2010 15:06:01 +0000 http://blogs.reuters.com/columns/?p=4612#comment-4960 Marginal propensity issues here. That lower 80% experiences that extra couple of hundred differently, and it may in fact, be what is keeping some of them in those middle-class first homes. Be careful when targeting the rich, especially when using tools like tax policy that historically come with lots of law of unintended consequences thingies. Bowles/Simpson is very attractive, but then something remarkably light in detailed analysis can do that rather well.

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By: t-add http://blogs.reuters.com/breakingviews/2010/11/15/sacred-cow-of-mortgage-tax-relief-needs-slaughter/comment-page-1/#comment-4957 Tue, 16 Nov 2010 14:28:33 +0000 http://blogs.reuters.com/columns/?p=4612#comment-4957 I have a much better idea. Instead of stealing from the middle class and giving to the poor…STOP GIVING TO THE POOR. 75% of “those in need” in my home town simply don’t want to work! These people COULD WORK if they wanted to. Instead they continue to suck the system dry. Stop putting warning lables on EVERYTHING, stop the HANDOUTS and let those who CAN and WILL do something for themselves..and let nature weed out the rest. Our country can’t survive if we don’t FORCE people to do for themselves.

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By: Justtakemine http://blogs.reuters.com/breakingviews/2010/11/15/sacred-cow-of-mortgage-tax-relief-needs-slaughter/comment-page-1/#comment-4924 Tue, 16 Nov 2010 00:22:37 +0000 http://blogs.reuters.com/columns/?p=4612#comment-4924 Speak for yourself. I’m tired of hearing how good everyone has it who is able to have a nice house, car and provide for their family. I have the pleasure of paying the AMT so I can”t realize all my qualified deductations. However, my sense is, you think that is okay and I should feel good about paying more to uncle sam to bail out the entitled dead wieght Americans. The hard working upper middle class is the true sucker of today. We make too much to benefits from tax breaks and make too little not feel taxes. Perhaps you should go to the UK, wiat in line for healthcare, a job, and a score 1000sqft 3 bedroom flat with 1 bath for your family of 4 about 2 hours outside of London. That sounds great, let me know how it is working for you in 6 months. Of course, Canada is really great too!

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