On 24/07/2011 12:43 PM, John H wrote:
On Sun, 24 Jul 2011 10:47:58 -0400, Wayne wrote:

On Sun, 24 Jul 2011 06:15:23 -0700 (PDT), John H
wrote:

Eliminate all mortgage interest deductions. That'll do it better.



At least it would be fair across the board. Might not be popular and
might have a somewhat detrimental impact on the housing market. It
would probably help the rental market though.

===========

Home ownership has always been part of the American dream and the
interest rate deduction is a tacit reaffirmation of that goal.
Without question home ownership leads to a more stable citizenship and
increased two parent family formation. Those were worthwhile goals at
the time and still are.

I'm not knocking home ownership. I think it's great. But, if the mortgage interest deduction were
removed, I still think people would want to buy a home. I don't think that would change. However,
for many people, the cost would have to come down far enough to offset the lack of the interest
deduction.

They do in Canada. In fact, the wealthiest Canadians I know all have
their homes free and clear of debt for some time. After your last
mortgage payment, you begin to pay yourself to live in your own home.
Real wealth builder strategy.
--
Obama, enslaving Americans with debt-tax slavery for a spending binge.
Doesn't even borrow real money, Bernanke just creates it like a
counterfeiter. .