On Sun, 24 Jul 2011 19:06:12 -0600, Canuck57
wrote:

On 24/07/2011 6:22 PM, wrote:
On Sun, 24 Jul 2011 15:01:48 -0600,
wrote:

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.

Too bad you're not one of them. In any case, this has little to do
with the US model that's been around for quite a while.

Even if you are in the US, it still makes sense to pay your house off.
Sure, some of the interest is recoverable as a tax deduction, but what
about the 70% you just gave to the bank? Once paid off, sure, you don't
get the deduction, but you don't ave to make any payments either.

Typical fleabagger math, give banks $1 so you can get at most, 30% back.
Real stupid, you 70 cents short.

Please show us where anyone would claim differently. As usual, you
don't have a clue.