I just had a huge post on tax credits that was destroyed by blogger's spellchecker. Thanks, useless "recover post" option!
posted by MN Politics Guru @ 19:17
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3 Comments:
The mortgage interest deduction sucks? That's what makes buying a home affordable for me. It is a great tool to help people buy their first home, especially in Philips, where I bought mine. Home ownership is the best way to improve a community. Take away the interest deduction and you take away a major urban renewal tool.
If it is urban renewal you want, create and fund programs that help first-time buyers buy houses in central cities. The mortgage interest deduction casts far too wide a net.
The mortgage interest deduction is the last major deduction available to most of us mortals. Eliminate that and we can buy a pizza and watch the economy go south right before our very eyes.
What I *would* support is placing severe limits on deductibility for the second (and/or third) mortgage.
It's bad enough that the top x percent get preferential treatment in the tax code. Take away mortgage interest deductibility and the only ones who will get the whammy are those of us in the middle and lower-middle classes.
If the intent is to raise revenue, why don't we just call it as it should be and raise the income tax rate at the top end?
The property tax situation is so goofy with paper values escalating (therefore driving the property taxes up). I'm not certain I could even afford this house that I am in now if I had to buy it in today's market!
Programs are already out there for first-time home buyers. Expand those without wrecking chunks of the middle class.
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