Reply to We're doing a mortgage refi at 3.75% -- someone tell me why that interest should be deductible?

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Reply to "We're doing a mortgage refi at 3.75% -- someone tell me why that interest should be deductible?"

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[quote=Anonymous][quote=Anonymous]OP, in theory I have no problem getting rid of the mortgage tax deduction but in practice it would hurt a lot in the short run. If we could phase it in I would be willing to do it.

It really is such a free ride for homeowners. I love how people moan about the poor getting handouts when the mortgage tax deduction allows me to deduct business trips, my internet connection and computer gear and even books I buy related to work. [/quote]

Why do you say it is a 'free ride'?  You don't think the interest deduction is embedded into the house price.   If you got rid of it today, house prices will go down even more.   Homeowners would pay more taxes and they would find their house value has dropped again. This is not a good time to get rid of it.

Again, I ask, why pick on this deduction and not the many other deductions and tools people use to shield wealth.  Why not tax investment the same as labor?

There is not a chance I would support removal of this deduction unless the tax code was made more fair for the middle class relative to the 1%.  Again, Romney paid 13% in taxes last year, which is less than what I pay with my interest deduction.[/quote]

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