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wrote:

I see no reason why second home loans or boat loans should be
deductible on income tax. This is simply a subsidy for the rich. Now
that I have made myself so popular here, what do y'all think?

The *interest* paid is tax deductible, not the loan or the loan payment.
If the "rich" buy a boat, why would they not pay cash? If they
finance the boat, they are still paying interest and deducting only that
amount. So they are still paying interest to a bank and getting a
refund on a portion of that.

Do you itemize? It doesn't seem like you get how that works.

I got a home equity loan for my modest boat. While I still pay
Prime-.25% in interest, I can deduct that interest on my income taxes.
Let's say I paid $300 in interest, for example, I would get a tax credit
of roughly $100.00. Now apply that to the "rich" you refer to for the
purchase of a $1MM yacht. You will see it's a relative figure. It
*might* land them in a different tax bracket, but not likely if we are
talking about that kind of cash.

Dan