http://ochousingnews.com/north-oc/buena-park/renters-deserve-better-than-to-subsidize-loan-owners
Renters deserve better than to subsidize loan owners
By golfplan18 Follow Fri, 8 Jun 2012, 7:05am 1,739 views 14 comments
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Oil Can's website
End the Mortgage Interest Tax Deduction!
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Oil Can says
You will not find a single law maker in USA supports this,for whom you can vote for. :)
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I rented for over half my adult life. There is a problem with this meme that renters don't have power. Renters can vote in taxes and then not have to pay them. For example, I voted for every single tax increase that was related to local education and schools because I put a high value on this, even though I never had to suffer the consequences of my vote. That is real power. Now that I am an owner, I still vote the same way, but now I pay for it via my $12,000+/year real estate taxes that renters don't pay. Perhaps you pay indirectly via higher rents, but you can shop the market. The tax bill is sent to me, as a home owner, not to you, the renter. So in literal terms, I am supporting the renters in my district who take advantage of the great school system without having to pay for it. I don't have kids, so I support all,owners and renters alike with children, with no direct benefit to me. But again, I value education, so to me it is worth the extra cost. I like living in areas where my neighbors value education because it makes for a better community. So I indirectly benefit as well. I can think of many similar examples where the renter benefits from the taxes I pay that the renter does not. So who is subsidizing who again?
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Buster says
Hmmmm.... doesn't the landlord factor his tax liability into the rent payment.... you just don't see it broken out in the monthly rent payment but the renter IS paying the taxes, otherwise the Sheriff will be there to boot the tenant out...
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I have acknowledged your claim that you pay the real estate tax indirectly;
"Perhaps you pay indirectly via higher rents, but you can shop the market. The tax bill is sent to me, as a home owner, not to you, the renter."
But you have the choice to shop for a better deal. My choice is to sell and not pay real estate taxes. I get the bill, you don't. You are not a victim. You chose to be a renter. I am not a victim, I choose to be an owner. There are no victims, just choices we make. Deal.
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The home ownership subsidy is over 100 billion a year. Mortgage interest deduction on first and second homes, Fannie/Freddy,state and local property tax deductions (the landlord deducts, not the renter), capital gains exemption for residence, etc., etc..
I own houses so this is not sour grapes. Any way you cut it renters everywhere are involuntarily subsidizing me. That's not a choice on their part.
How do renters shop for a better deal, renters pay market rates. The rent includes property taxes, mortgage interest, maintenance, depreciation, fees, etc., etc. that the landlord deducts from his income and lowers his tax bill. Homeowners have interest deductions and no capital gains which lowers their tax bills. Renters have nothing to lower the tax bill. This is all a big subsidy no matter how you try to spin it otherwise. I'm not a good enough person to refuse the subsidy my renters pay on moral principals, but I do recognize it's not right and am not sanctimonious about it like buster.
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it's no secret that the government encourages home ownership over rentership. Home ownership involves risks and taking on liabilities. So there are incentives attached to it.
If you think home owners have such a great deal then go out and buy a house.
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I have and I still don't see why the government should provide incentives. It's a scam, especially the MID, most of which goes to people who are wealthy enough to not need it.
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toothfairy, It sounds like poor investment decisions….decisions made by you the investor. So please look in the mirror while complaining.
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Love the photo OCHN! Been my sentiment for 3 years. (The turd one, all are good)
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FUCKAPOCALYPSE says
I dont think I'm the one complaining. I'm ok with the system as it stands.