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Bye Bye Mortgage Interest Deduction under Romney - 8/24/2012 7:52:33 AM   
OttersSwim


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Status: offline 		You know that tax deduction that we middle class folk take on our mortgage interest? Vote for Romney and you will likely be kissing it goodbye...

http://www.businessweek.com/articles/2012-08-21/ahead-of-convention-republicans-ditch-mortgage-deduction

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RE: Bye Bye Mortgage Interest Deduction under Romney - 8/24/2012 9:23:51 AM   
Restyles


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Status: offline 		It may be phased out at higher incomes but there is no chance that it will be eliminated entirely. The already precarious housing market would be decimated costing millions of jobs.

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RE: Bye Bye Mortgage Interest Deduction under Romney - 8/24/2012 9:32:09 AM   
OttersSwim


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Status: offline 		I believe that the chances that current Republican leaders will chose to do anything that negatively affects higher income people is ZERO.

I am trying to hope that they would not put such a burden on the poor and middle classes, but there is strong evidence otherwise in most of their current decisions, policy, and platform.

The fact that Romney says he will go after "tax deductions and loopholes", while praising offshore tax havens for corporations just recently, makes it clear where they would make cuts and who they will affect - they spin it about giving Romney room to make decisions, but the intent is quite clear.

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RE: Bye Bye Mortgage Interest Deduction under Romney - 8/24/2012 10:19:10 AM   
servantforuse


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Status: offline 		The article also states that it would be political suicide to eliminate that deduction and not one congressman would be willing to do so. It will not happen.

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RE: Bye Bye Mortgage Interest Deduction under Romney - 8/24/2012 12:09:39 PM   
DarkSteven


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quote:

ORIGINAL: servantforuse

The article also states that it would be political suicide to eliminate that deduction and not one congressman would be willing to do so. It will not happen.


Yeah. I'm not sure exactly WHAT the article is saying. Why the GOP refused to rubber-stamp approval of the mortgage deduction makes no sense whatsoever.

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RE: Bye Bye Mortgage Interest Deduction under Romney - 8/24/2012 12:13:59 PM   
LadyHibiscus


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Status: offline 		Stuff still has to get through Ways & Means, AND Congress AND the Senate. Ain't happening.

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RE: Bye Bye Mortgage Interest Deduction under Romney - 8/24/2012 12:21:04 PM   
Arturas


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quote:

ORIGINAL: OttersSwim

You know that tax deduction that we middle class folk take on our mortgage interest? Vote for Romney and you will likely be kissing it goodbye...

http://www.businessweek.com/articles/2012-08-21/ahead-of-convention-republicans-ditch-mortgage-deduction



To be clear, the GOP is not axing the deduction. They are keeping all things on the table until a workable plan for debt reduction and regaining our AAA credit rating, the one we lost under Obama, back. I applaud any leadership who stays focused on the issue, our debt, and not the politics, the automatic kneejerk negative reaction to removing the mortgage interest deduction. I would think that removing loopholes and deductions and then giving us a flat tax plan that overall pays the debt and fairly taxes all who can pay taxes while not depending on deductions to favor one thing over another is something I would want our leadership to look at seriously.

Here is the actual quote from the article.
" The GOP refused to put itself on record as supporting the mortgage interest deduction".

This means nothing really. Read it closely. The sentence was tailored to make it appear the GOP is getting rid of the deduction when in fact it does not say that. Just curious, how many parties, both GOP and Dem, put themselves "on record" at each Convention as "supporint the mortgage interest deduction"? Perhaps all each four years or perhaps none? I don't know but I don't remember it being a plank on any Convention platform in my memory.



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RE: Bye Bye Mortgage Interest Deduction under Romney - 8/24/2012 12:30:42 PM   
Arturas


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quote:

" The GOP refused to put itself on record as supporting the mortgage interest deduction".


Ok, I guess I can see how this happened. There they were, GOP staffers standing around a table trying to decide what to do about the coming storm and how they might reschedule things to 'get her done' a bit earlier and some Leftest (Bloomberg) reporter shouts over to them, "will the GOP support the mortgage interest deduction if Romney has his way?", and the staffer waves the reporter away and turns back to the storm plans...ten minutes later, Bloomberg reports "The GOP refuses to put itself on record as supporting the mortage interst deduction" and those of us who are barely making mortgage payments suddenly freak over a perceived threat to their homes and decide to vote Obama, cause it just makes sense right, those damn Republican bastards want to take our deduction for mortage away and give guns to the crazies btw.

Fortunately those who fall for this rarely vote.

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RE: Bye Bye Mortgage Interest Deduction under Romney - 8/24/2012 2:19:36 PM   
tazzygirl


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quote:

the one we lost under Obama, back.


Dont read much do you.

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RE: Bye Bye Mortgage Interest Deduction under Romney - 8/24/2012 2:48:52 PM   
joether


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quote:

ORIGINAL: tazzygirl
quote:

the one we lost under Obama, back.

Dont read much do you.


He apparently fails 'Recent US History'. The history books show that President Obama and Democrats in both the House and Senate tried to reach a deal with Republicans. They even went so far as to axe stuff they REALLY did not want to axe at all; if it meant getting a decent deal from Republicans (that would imply the Republicans axing stuff they too REALLY did not want to axe). That failed. And fault rested squarely on Republican Shoulders.

So the 'Super Committee' was formed consisting of a equal number of Democrats and Republicans to decide on how to deal with the US Deficit while paying down the US Debt. They were given a period of time to complete or else automatic cuts would take place into key 'cash cow' areas that Democrats and Republicans protect at all costs (Democrats: Social Security & Medicare, Republicans: Defense Budget). That committee failed largely due to Republicans not being able to find a comprised in which the Democrats caved in and gave the Republicans everything; While the Republicans didnt have to gie up a cent!

That's when the triple-A rating was down graded to double-A status. And it never stops surprising me just how many conservative folks know absolutely zero factual information on an event they lived through. Its not like we are trying to figure out exactly what the Founding Fathers had in mind for "A Well Regulated Militia...", this was a concept straight out of mathematical and economics textbooks (not to mention poltical science notebooks). Even now, Republicans are struggling to find some way to keep those automatic deductions in the Defense budget from taking place (thereby going back on their deal with Democrats.....AGAIN).

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RE: Bye Bye Mortgage Interest Deduction under Romney - 8/24/2012 2:50:42 PM   
tazzygirl


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Status: offline 		The rating company declared it was a direct result of Congress not handling their business. You would think someone as supposedly well read on this topic would know that.

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RE: Bye Bye Mortgage Interest Deduction under Romney - 8/24/2012 3:03:29 PM   
tj444


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Status: offline 		I come from a place where there is no mortgage deduction for resident owners (it would be a legitimate business deduction for landlords tho) so i dont really get the fuss & Americans so strongly clinging to that deduction..

and imo, it is actually unfair for homeowners to get a deduction but renters get no tax deduction.. (just cuz a landlord would get it as a deduction doesnt mean lower rent for the renter).. Imo, it also helps to create 2 different classes of people..

JMO..

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RE: Bye Bye Mortgage Interest Deduction under Romney - 8/24/2012 3:03:59 PM   
joether


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quote:

ORIGINAL: tazzygirl
The rating company declared it was a direct result of Congress not handling their business. You would think someone as supposedly well read on this topic would know that.


I felt it was implied without stating it directly, tazzy. Congress not working like a well oiled machine but instead a 40-year since rusted solid hunk of junk implies things slid when they shouldnt have. The observation years ago was that, if such a event were to come to past, both parties would drop their pettiness and deal with the problem like responsible adults. Which is different from recent history that a large number of mental and emotional level children now occupy GOP seats in both the House and Senate. Yes, Congress as a whole did not act in time to deal with the issue in a mature fashion; they forced the nation to pay the penalty.


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RE: Bye Bye Mortgage Interest Deduction under Romney - 8/24/2012 4:06:25 PM   
Fellow


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quote:

and imo, it is actually unfair for homeowners to get a deduction but renters get no tax deduction.. (just cuz a landlord would get it as a deduction doesnt mean lower rent for the renter).. Imo, it also helps to create 2 different classes of people..


I join with this thought. Mortgage interest deduction is actually a government subsidy to real estate business. It also leads to an increase in house prices.

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RE: Bye Bye Mortgage Interest Deduction under Romney - 8/24/2012 4:24:35 PM   
Restyles


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quote:

ORIGINAL: tj444

(just cuz a landlord would get it as a deduction doesnt mean lower rent for the renter).




Actually it does.

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RE: Bye Bye Mortgage Interest Deduction under Romney - 8/24/2012 4:39:54 PM   
Restyles


Posts: 116
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quote:

ORIGINAL: Fellow

quote:

and imo, it is actually unfair for homeowners to get a deduction but renters get no tax deduction.. (just cuz a landlord would get it as a deduction doesnt mean lower rent for the renter).. Imo, it also helps to create 2 different classes of people..


I join with this thought. Mortgage interest deduction is actually a government subsidy to real estate business. It also leads to an increase in house prices.



It is a government subsidy to the real estate market and all of those markets that rely on housing.

You are correct, like any subsidy it distorts the market and increases prices. Thats why it is so difficult to take away...the middle class wealth effect of the financial crisis was to to wipe out 45% of their wealth. Removal of the MID would wipe the rest of it out. It was recognized long ago that the consumer drives the US economy and home ownership drives the consumer, and for a long time made up for the low savings rates in the US...homes were the consumer's personal bank. Now with mortgages underwater, paying off those mortgages doesnt increase savings, but other savings are still crowded out because you cant just walk away from the payments.

ETA: I just notice you said its a subsidy to the real estate "business". While that is also true, higher prices mean higher commissions, that is a tiny portion of the overall impact of the MID and a side effect, not the intended reason as your post could be read.

< Message edited by Restyles -- 8/24/2012 4:42:24 PM >

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RE: Bye Bye Mortgage Interest Deduction under Romney - 8/24/2012 5:05:54 PM   
SternSkipper


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quote:

The article also states that it would be political suicide to eliminate that deduction and not one congressman would be willing to do so. It will not happen.


You guy have a suicidal presidential candidate who appoints a running mate who by his own admission will gut medicare and entitlements for the elderly, AND he's reviving the birther issue which is a total fucking political foil hat... And I'm supposed entertain the ravings of a pro-GOP Congress poster????? Hahahaha

< Message edited by SternSkipper -- 8/24/2012 5:06:37 PM >

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RE: Bye Bye Mortgage Interest Deduction under Romney - 8/24/2012 5:15:28 PM   
SternSkipper


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quote:

It is a government subsidy to the real estate market and all of those markets that rely on housing.


Personally, I wonder if the Mortgage Banking Industry will ever let them take it out. It's their ass right after the early shockwaves in the middle class itself. Barring of course another bailout. What I DO know for sure is that the president we have in office will veto the living shit out of it even if the WackJob RunAway GOP Congress blackmails the Senate into passing it through their halls.
I no longer after watching the lunacy in the GOP this year, that there aren't sufficient suicidal lunatics there to present it just for the sake of making yet another inane claim about Obama and the deficit .

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RE: Bye Bye Mortgage Interest Deduction under Romney - 8/24/2012 7:32:45 PM   
tj444


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quote:

ORIGINAL: Restyles


quote:

ORIGINAL: tj444

(just cuz a landlord would get it as a deduction doesnt mean lower rent for the renter).



Actually it does.

no, imo a landlord will charge what the market will bear, no matter if the landlord gets an interest deduction or not.. being a landlord is a business, its not a charity, after all..


< Message edited by tj444 -- 8/24/2012 7:36:04 PM >

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RE: Bye Bye Mortgage Interest Deduction under Romney - 8/24/2012 7:36:10 PM   
FatDomDaddy


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quote:

ORIGINAL: OttersSwim

I believe that the chances that current Republican leaders will chose to do anything that negatively affects higher income people is ZERO.




So ahhh.... what amount do you have to make in your world to be "higher income"?

You do realize that the top 10% of taxpayers pay 70% of the taxes in the United States right? And you want to milk them for more?



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