It is currently Fri Nov 24, 2017 7:31 am

All times are UTC - 7 hours


Please visit our local business partners Site Terms of ServicePrivacy Policy
Allroos Cactus Jack's Saloon and Grill Dan Smith, Loan Officer Evergreen, Conifer Elevation Dental El Rancho Brewing Co. Evergreen Towing Ferellgas Lynn Brown Nerium RE/MAX Alliance Evergreen Tree Top Thai Massage & Spa Tupper's Team




Post new topic Reply to topic  [ 10 posts ] 
Author Message
PostPosted: Mon May 15, 2017 7:31 pm 
Offline
User avatar

Joined: Sun Aug 05, 2012 2:19 pm
Posts: 1617
Although about two-thirds of American households own a home, only one-quarter of them claim the deduction.

In 2015 . . . the federal government spent $71 billion on the MID, and households earning more than $100,000 receive almost 90 percent of the benefits. Since the value of the deduction rises as the cost of one’s mortgage increases, the policy essentially pays upper-middle-class and rich households to buy larger and more expensive homes.


https://www.theatlantic.com/business/ar ... on/526635/


Top
 Profile  
 
PostPosted: Mon May 15, 2017 7:50 pm 
Offline
User avatar

Joined: Mon Jul 14, 2014 7:05 pm
Posts: 5452
We should probably start talking about war spending and what it has done to the national debt and/or deficit, as well as tax cuts for corporations and a megawealthy class of individuals in everything from investment return rates to offshore shelters, first, before squeezing more from the homeowner class. Homeownership is prosperity, it's worth investing in as a society.


Top
 Profile  
 
PostPosted: Tue May 16, 2017 4:58 am 
Online
User avatar

Joined: Wed Mar 05, 2014 2:45 pm
Posts: 10327
Canada does not have it and has equivalent rates of home ownership. I prefer a simple tax code and eliminating this would help.

_________________
When given the choice between two evils, do the one you haven't done yet.


Top
 Profile  
 
PostPosted: Tue May 16, 2017 6:06 am 
Offline
User avatar

Joined: Tue Jan 27, 2015 7:28 pm
Posts: 5194
Location: My Safe Space
Tarryall wrote:
Canada does not have it and has equivalent rates of home ownership. I prefer a simple tax code and eliminating this would help.


Agree. I've been saying this for years and years.

Every single time this topic comes up, the emotional, anti-logical, mathematically illiterate, progressive left jumps in to vigorously defend the existing mortgage deduction for the upper middle class. Ditto. :lol:

I disagree with one point in the article though, deductions are not government spending, but refundable tax credits are the same as spending. You trade off fewer deductions to get lower tax bracket rates, which spreads taxes around more evenly and fairly to everyone.


Top
 Profile  
 
PostPosted: Tue May 16, 2017 8:04 am 
Online
User avatar

Joined: Wed Mar 05, 2014 2:45 pm
Posts: 10327
And if they grandfather it out next year, there just might be a surge of buying and building. (Not that Colorado needs this surge.)

_________________
When given the choice between two evils, do the one you haven't done yet.


Top
 Profile  
 
PostPosted: Tue May 16, 2017 8:36 am 
Offline
User avatar

Joined: Tue Oct 19, 2010 8:50 am
Posts: 11329
Any economic surge would be short-lived though. Interest expense offsets income for landlords too, they might dump
those investments en mass.


Top
 Profile  
 
PostPosted: Tue May 16, 2017 8:49 am 
Offline
User avatar

Joined: Mon Jul 14, 2014 7:05 pm
Posts: 5452
Well if we don't want to continue to do it because it's socially responsibility, then perhaps we should do it because why should we be taxed to live, and, simultaneously, taxed for someone else's profits?


Top
 Profile  
 
PostPosted: Tue May 16, 2017 8:52 am 
Offline
User avatar

Joined: Tue Jan 27, 2015 7:28 pm
Posts: 5194
Location: My Safe Space
Because we need all the tax revenue from you we can get... for others' social benefit reasons. :)


Top
 Profile  
 
PostPosted: Tue May 16, 2017 8:52 am 
Offline
User avatar

Joined: Mon Jul 14, 2014 7:05 pm
Posts: 5452
joeschmo wrote:
Because we need all the tax revenue from you we can get... for others' social benefit reasons. :)

Yes, and there are many many more equitable places to start before hitting societies, families, and communities in the gut with an economic haircut. And it's not as if property taxes aren't already going up. Mine just rose 25% in one year.


Top
 Profile  
 
PostPosted: Tue May 16, 2017 9:10 am 
Offline
User avatar

Joined: Tue Jan 27, 2015 7:28 pm
Posts: 5194
Location: My Safe Space
Don't assume your property taxes are going up 25%, that was just an assessment. I'd be more worried about the future Empire mine lost revenues if I lived in Clear Creek.


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 10 posts ] 

All times are UTC - 7 hours


Who is online

Users browsing this forum: No registered users and 4 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
POWERED_BY