Congress to eliminate mortgage interest tax deduction
 

Mortgage interest tax deduction elimination is on the table to pay for
bailout.

Thank you Democrats!

Congress to eliminate mortgage interest tax deduction
 

"Dave" wrote in message
...
On Sun, 28 Sep 2008 19:42:54 -0600, "Charles Momsen"
said:

Mortgage interest tax deduction elimination is on the table to pay for
bailout.

Thank you Democrats!

Actually, there's something to be said for that. The mortgage interest
deduction is one method of throwing taxpayers' money at people who take on
debt to own their homes, at the expense of those who rent. It encourages
debt that may not contribute to overall economic efficiency. In that
regard
it's very much like the deductibility to employers of paying employees'
doctors' bills. When the taxpayer bears half to cost of providing a good
or
service, the result is likely to be higher prices for, and excessive
consumption of, that good or service as compared with the amount that
would
be consumed (and the resulting price) if the person making the decision to
purchase were bearing the entire cost..


Congress has eliminated other deductions in the past. I suppose if the other
inequities in the tax system were fixed, the elimination of this deduction
wouldn't be the end of the world. However, I think it's a pipe dream to
think that would any chance of passing in an election year.

--
"j" ganz @@
www.sailnow.com

Congress to eliminate mortgage interest tax deduction
 

"Dave" wrote in message
...
On Sun, 28 Sep 2008 19:42:54 -0600, "Charles Momsen"
said:

Mortgage interest tax deduction elimination is on the table to pay for
bailout.

Thank you Democrats!

Actually, there's something to be said for that. The mortgage interest
deduction is one method of throwing taxpayers' money at people who take on
debt to own their homes, at the expense of those who rent. It encourages
debt that may not contribute to overall economic efficiency. In that
regard
it's very much like the deductibility to employers of paying employees'
doctors' bills. When the taxpayer bears half to cost of providing a good
or
service, the result is likely to be higher prices for, and excessive
consumption of, that good or service as compared with the amount that
would
be consumed (and the resulting price) if the person making the decision to
purchase were bearing the entire cost..

It's not necessarily at the expense of those who rent. The landlord may have
a mortgage on the property and the tax savings is passed on to the tenant.
Are you implying that if the deduction were eliminated for the landlord that
rents would remain unchanged? So how do renters pay for the interest
deduction of homeowners? Is there a specific tax?

What is the criteria for debt to contribute to "overall economic
efficiency"? What is the definition of "overall economic efficiency" and how
is it measured?

However, your point is well taken. Throwing taxpayers money at a large,
bloated military probably does not contribute to overall economic
efficiency. Rather, each citizen should bear the cost and burden of the
common defense with an assault rifle mounted above the fireplace, a howitzer
in the garage and a lifetime of obligated military service.

The income one has after all taxes are paid, is that money gained at someone
elses expense? Is the income you're allowed to keep really other taxpayer's
money?

Is property theft?

Congress to eliminate mortgage interest tax deduction
 

"Dave" wrote in message
...
On Sun, 28 Sep 2008 22:36:29 -0700, "Capt. JG"
said:

Congress has eliminated other deductions in the past. I suppose if the
other
inequities in the tax system were fixed, the elimination of this deduction
wouldn't be the end of the world.

But it would be the end of the world otherwise? I don't think so.


Well, I recall when they eliminated credit card interest. Those with really
high balances that they were carrying weren't very happy. But, mortgages are
a bit different isn't it... slightly higher amounts, much larger impact on
every-day people. Or, do you think no adjustment in the other tax issues is
ok... everything fair? Oh I forgot. You believe in destroying the middle
class before you save it.

--
"j" ganz @@
www.sailnow.com

Congress to eliminate mortgage interest tax deduction
 

"Dave" wrote in message
...
On Mon, 29 Sep 2008 10:04:36 -0700, "Capt. JG"
said:

Congress has eliminated other deductions in the past. I suppose if the
other
inequities in the tax system were fixed, the elimination of this
deduction
wouldn't be the end of the world.

But it would be the end of the world otherwise? I don't think so.


Well, I recall when they eliminated credit card interest. Those with
really
high balances that they were carrying weren't very happy. But, mortgages
are
a bit different isn't it... slightly higher amounts, much larger impact on
every-day people. Or, do you think no adjustment in the other tax issues
is
ok... everything fair? Oh I forgot. You believe in destroying the middle
class before you save it.

So you do believe the world would end if mortgage interest ceased to be
deductible.


Asked and answered.

--
"j" ganz @@
www.sailnow.com

Congress to eliminate mortgage interest tax deduction
 

On 29 Sep 2008 15:10:02 -0500, Dave wrote:

On Mon, 29 Sep 2008 10:04:36 -0700, "Capt. JG" said:

Congress has eliminated other deductions in the past. I suppose if the
other
inequities in the tax system were fixed, the elimination of this deduction
wouldn't be the end of the world.

But it would be the end of the world otherwise? I don't think so.


Well, I recall when they eliminated credit card interest. Those with really
high balances that they were carrying weren't very happy. But, mortgages are
a bit different isn't it... slightly higher amounts, much larger impact on
every-day people. Or, do you think no adjustment in the other tax issues is
ok... everything fair? Oh I forgot. You believe in destroying the middle
class before you save it.

So you do believe the world would end if mortgage interest ceased to be
deductible.

So much for the adage that there are no stupid questions!

Congress to eliminate mortgage interest tax deduction
 

wrote in message
...
On 29 Sep 2008 15:10:02 -0500, Dave wrote:

On Mon, 29 Sep 2008 10:04:36 -0700, "Capt. JG"
said:

Congress has eliminated other deductions in the past. I suppose if the
other
inequities in the tax system were fixed, the elimination of this
deduction
wouldn't be the end of the world.

But it would be the end of the world otherwise? I don't think so.


Well, I recall when they eliminated credit card interest. Those with
really
high balances that they were carrying weren't very happy. But, mortgages
are
a bit different isn't it... slightly higher amounts, much larger impact
on
every-day people. Or, do you think no adjustment in the other tax issues
is
ok... everything fair? Oh I forgot. You believe in destroying the middle
class before you save it.

So you do believe the world would end if mortgage interest ceased to be
deductible.

So much for the adage that there are no stupid questions!



I'm very embarassed. I actually answered it!

--
"j" ganz @@
www.sailnow.com

Congress to eliminate mortgage interest tax deduction
 

On 29 Sep 2008 09:11:01 -0500, Dave wrote:

On Sun, 28 Sep 2008 22:36:29 -0700, "Capt. JG" said:

Congress has eliminated other deductions in the past. I suppose if the other
inequities in the tax system were fixed, the elimination of this deduction
wouldn't be the end of the world.

But it would be the end of the world otherwise? I don't think so.

About time you people stoppe getting molly coddled by your Govt.

Never did understand deducting interest rates.




OzOne of the three twins

I welcome you to Crackerbox Palace.