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"Canuck57" wrote in message
...
On 12/06/2010 9:48 AM, wrote:
On Sat, 12 Jun 2010 09:37:25 -0600,
wrote:

On deduction that should be phased out is mortgage tax deductability as
you get older. Say at 20 you get the full benefit, but as you get older
say to 50 it disappears. Encouraging people to have their homes 100%
paid for in due time. That is, reduce mortgage deductabiltiy
encouraging equity in the home.

So when the economy tiffs, they are less likely to toss the keys to the
repo man. And be in a hell of a lot better position for retirement.
But this would be progressive and will not happen as the US economy is
now built on debt that is going delinquent.

The other deduction that should go is the "2d home" mortgage
deduction. That is what fueled the "want house" market at the expense
of the taxpayer.

Don't know what the 2d was. But if BMBO (Big Mouth Barrack Obama) wanted
to solve the problems:

1) Declining benefits of mortgage deducability with age. Ok as a start,
but designed to encourage home equity not big debt.

2) If you don't have 20% down, pretty darned good chance you can't afford
it.

3) Factor in kids and lifestyle. There is more to good finances than how
much you can pay. Kids eat crap as parents are "house poor".

4) If a loan puts you over $20k total debt, then you need to graduate a
personal debt and finace course test first. Or no debt.

5) Stop the Fed banks from undervaluing cost of debt, reward depositors.
Stop slighting people who do it right for the losers.

Obama however is a spend crazy jack ass. Selling out USA...

--
Taxation, modern day slavery. The loss of economic freedom.

The key word is Jackass. That's how history will remember him.

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