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End the mortgage deduction

By tovarichpeter   2013 Feb 6, 10:12am   ↑ like   ↓ dislike (1)   913 views   8 comments   watch (0)   share   quote  

http://www.latimes.com/news/opinion/commentary/la-oe-mcmanus-mortgage-deduction-20130206,0,7018080.column

Would you support a tax reform measure that could help reduce the federal deficit, remove a needless distortion in the economy and make the system fairer? Me too, which is why I'm taking aim at a sacred cow: the home mortgage interest deduction. That's right, the mortgage interest deduction that every homeowner, including me, loves.

#housing

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1   elliemae   2013 Feb 6, 3:37pm  ↑ like   ↓ dislike (1)   quote   top   bottom   home   share  

Oh, great. So "now" isn't the time to buy?

2   Tenpoundbass (72/72 = 100% civil)   2013 Feb 6, 11:57pm  ↑ like   ↓ dislike   quote   top   bottom   home   share  

The mortgage deduction doesn't do jack squat for MOST middle class families.
Well the ones that don't own a $500K + + spread.

The standard deduction if far greater almost double than any benefit I gain from the mortgage deduction.

3   ducsingle5313   2013 Feb 7, 12:12am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

When it only benefits 30% of taxpayers and something like 75% of that 30% live in New York, Los Angeles, and San Francisco, it seems like it would be relatively easy to convince folks in the flyover states that the mortgage interest deduction should go away.

4   Tenpoundbass (72/72 = 100% civil)   2013 Feb 7, 1:04am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

ducsingle5313 says

it seems like it would be relatively easy to convince folks in the flyover states that the mortgage interest deduction should go away.

You would think. But we're also dealing with the same lot that talks about education inequality in this country while defending the status of their "Good School" district and don't dare talk about taking funding away from those over privileged kids. Their parents paid a 500K premium to live there for those PUBLIC schools.

5   dublin hillz   2013 Feb 8, 2:01am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

CaptainShuddup says

ducsingle5313 says



it seems like it would be relatively easy to convince folks in the flyover states that the mortgage interest deduction should go away.


You would think. But we're also dealing with the same lot that talks about education inequality in this country while defending the status of their "Good School" district and don't dare talk about taking funding away from those over privileged kids. Their parents paid a 500K premium to live there for those PUBLIC schools.

It's not that. It's the fact that in those areas where MID is of benefit such as where I live the median income is relatively high, state/local taxes are high (which makes for a great benefit when itemizing) and with housing starts overall within driving distance of major employers are low those that make more than median are the ones bidding on homes. So it's not even about some conspiracy to segregate themselves via "good schools" - it's simply supply and demand factors at work.

6   Tenpoundbass (72/72 = 100% civil)   2013 Feb 8, 3:23am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

dublin hillz says

So it's not even about some conspiracy to segregate themselves via "good schools" - it's simply supply and demand factors at work.

You like to think that don't you.
But I've already sampled Patnet on this. They belive that their taxes paid for the best public schools therefore they should get the Google Campus style schools and Fat wite republicans should pay more taxes to bring education up to standard in the bad schools.
They can't for the life of them imagine that they should pay higher taxes, just because that's the cost to be the boss, living large in a well kept gated community with a police force that knows the residents by name and would never dare to pull them over and give them a ticket for anything. So they harass every jackass from the other part of town that does a rolling stop at the stop sign at an empty intersection and give them a seatbelt violation while they are at it. And that their Library is the greatest library in the county. Every thing in those neighborhoods goes way and beyond just their tax base paid for. They get handsome grants from the Federal Government to for Parks, and other Civic projects that are also one sided compared to the Community centers in the other parts of town. Where the community centers are primarily used as a location for Misdemeanor violators to show up for community service.
If you paid a Million dollars for your house, you should be in a city that gets the least money out of anyone in the whole state for education. And those kids that live in that community should go to a private school if they don't like the standardized education the kids at the school down the street is getting.
But that school should have no advantage what so ever than any school on Martin Luther King Blvd. America. NOT ON THE PUBLIC DIME!

7   dublin hillz   2013 Feb 8, 3:30am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

CaptainShuddup says

But that school should have no advantage what so ever than any school on Martin
Luther King Blvd. America. NOT ON THE PUBLIC DIME!

Here in california public schools are funded primarily by property taxes so it is natural that the neighborhoods with higher home prices will have "better schools." And that there's the issue that at least in bay area schools in poorer areas tend to have more gang issues, truancy etc.

8   Tenpoundbass (72/72 = 100% civil)   2013 Feb 8, 3:34am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

It should all go to a public fund that funds all schools equally, and if anyone doesn't like then send Jr. to private school.

Here in Florida we even started the Loto for the education system. But the best I can tell that money is used to build impressive schools in the new sprouting developments, and state of the art media centers for the best schools.

Many of the other schools still have trailers on the school yard, and mildew stains on the acoustic tiles though out the school and every year, all of the educators do the But pucker's waltz, as budget cuts are weighed every year, on who will get the axe and who will get their salary cut.

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