Home ownership comparison & the mortgage deductions

[SoCalDem]

"Your Money" on CNN just did a "hit piece" on how "insignificant" the deduction really is, since our home ownership levels are "in line with" UK, Canada & Australia's and THEY do NOT have a deductions like we do... the conclusion they arrived at was this.. We don't need it either..

The ONE gigantic elephant in the room that they all failed to see is the fact that THOSE countries use the lack of that deduction & the money collected, as a part of the budget that finances National Health Care for ALL their citizens..

Given that choice, I would gladly give up the deduction...wouldn't you?

Many people are paying MORE in health care premiums than in mortgage payments (which include interest on their loans).

I DO believe that the deduction should be on ONE home only... the one where you LIVE, and NEVER on "investment property", "vacation homes" or "multiple" homes.

And the deduction should have an upper limit, as well...either a flat limit or some combination with the gross income+mortgage amount.

If the deduction is part of the progressive income tax scheme, it should gradually lessen in "value" as the income increases.

[Mimosa]

1. CNN is delivering propaganda to justify the next rape of the middle class. n/t

[Hello_Kitty]

2. What they're proposing with this isn't that draconian

You can deduct interest on up to $500K home value and no deduction for a second residence. Seems pretty reasonable to me.

[SoCalDem]

3. IF it stays that way.. This is the camel's nose under the tent

and they know it..

People forget (or maybe never knew) that once upon a time ALL interest paid was deductible..

[ProgressiveProfessor]

4. Have to disagree with part of your position

Interest on income property should be deductible since it is a legitimate business expense.