Looks like if you own a home with a mortgage...your not going to get intrest deduction any longer

Totally Trumptastic!

That was the idea all along probably...incentive borrowing to buy a house ...then once we are a peak debt yank the rug out ...debt = slavery . end

Tha fukkk!

Damnit.

Funny....there is no bill in from ANYONE that states anything like that.



Last Edited by Useless Cookie Eater on 10/29/2017 12:11 PM

Google it . its in play ..and I bet mcdouchin and that phony Cohen are in on it

Show me the bill..... or....






...nothing but talk and rumor.


.

Last Edited by Useless Cookie Eater on 10/29/2017 12:12 PM

If overall I pay less taxes, then I don't mind.

Just make money gold again ..so these h brews can no longer control us

YOUR is possessive... as in your dog

YOU'RE is YOU ARE, shortened. Thus, your title is grammatically flawed.

...you're not going... NOT ...your not going...

So what, I'm being a Nazi... not in the mood this morn.

That would be a wise choice.
Doubtful you could do it with just gold.
it would have to be a basket of precious metals.....but that would be wise.

Crypto-currencies may change the way the entire banking system runs in the future too.
They are in their infancy as well speak.
Much will change in the future.

why, does nothing to the debt, nothing

you arent making sense OP...if you own your home you wont have a mortgage.
having a mortgage means someone else owns it and you are paying them for the home.

if you own your own home, then you only owe the yearly taxes.

Lol ... First ones who can take your home if not being paid is city or town for unpaid taxes ...bank is second in line ..they know this ...that's why your taxes are escrowed in your payment

I own properties with and without and let me tell you makes no difference in fact mortgage with all its current perks is probably way under rated

Intrest deduction will bring down home prices across the board .

Not that I would be in favor of it, but I never saw the logic in having a write off of interest payments.

It's an incentive for ppl to go into massive debt.

It's also not equitable for ppl that haven't the means to buy a house. They pay rent, but pay taxes on all of it. If you want housing costs to be tax exempt, that's fine. Why should some get the benefit while others don't?

Just for the sake of argument.

Enlighten me as to why you think that. It will lesson the payment, but that has nothing to do with the home "price".

Moron ...mcfly ...houses get bid up because of debt market ...add a cocktail of rising rates along with your intrest not being able to be offset or deducted and you have a recipe for not many people being able to afford to borrow easily and therefore houses prices will drop.

MAGA!

Rents will increase.

I think it should be capped.

No Mortgage Interest deduction (MID) for any home after 1st home (i.e. second homes , vacation homes etc.);
No MID for mortgage indebtedness in excess of the median NATIONWIDE home value;

And, a digression, END THE CARRIED INTEREST DEDUCTION used investment bankers ;
Exempt stock gains from capital gains tax and only reserve capital gains tax treatment for investments in tangible assets.

You don't need what is effectively a government subsidy to accomplish that. Basic supply/demand economics will have the same effect. Government shouldn't be propping up any industry, including housing.

Why do you have to get personal, and start name calling? Not that I care, but it generally shows a lack of intelligence.

Seems like an excellent compromise. Kudos

Americans have more debt than ever before — and it is creating an economic trap

A scary little statistic is buried beneath the US economy's apparent stability: Consumer-debt levels are now well above those seen before the Great Recession.

As of June, US households were more than half a trillion dollars deeper in debt than they were a year earlier, according to the latest figures from the Federal Reserve. Total household debt now totals $12.84 trillion — also, incidentally, about two-thirds of gross domestic product.

The proportion of overall debt that was delinquent in the second quarter was steady at 4.8%, but the New York Fed warned over transitions of credit-card balances into delinquency, which "ticked up notably."

Here's the thing: Unlike government debt, which can be rolled over continuously, consumer loans actually need to be paid back. And despite low official interest rates from the Federal Reserve, those often do not trickle down to financial products like credit cards and small-business loans.

Michael Lebowitz, the cofounder of the market-analysis firm 720 Global, says the US economy is already dangerously close to the edge.

"Most consumers, especially those in the bottom 80%, are tapped out," he told Business Insider. "They have borrowed about as much as they can. Servicing this debt will act like a wet towel on economic growth for years to come. Until wages can grow faster than our true costs of inflation, this problem will only worsen."

[link to www.businessinsider.com]

I use turbo tax. About 3 or 4 years ago I ran my taxes both with and without the deduction for interest and property taxes. The difference was only just over $100. I was paying about 3K a year in property taxes and I don’t remember the interest deduction. It was early in the loan on an 80% Loan (20% down) on a 1200 square foot $165K house on 1/8th of an acre.

I made at that time about $105K a year as a single person.

The suspect that the deduction has been phasing out for years!!!

Good!

It raises the price of homes. And is unfair to those that DONT carry a mortgage.

FUCK the money lenders.

90% of people most wealth asset is their home ...sure let's drop home prices and put everyone under water
..that will spur the economy ...a nice wipe out of wealth.

Face it its inflate or die at this point ..the humans are beyond stupid at this point to all not gather 300 million Americans and demand gold standard immediately .

With such low interest rates not nearly so many people anymore can take deduction for mortgage interest since standard deduction is higher.

Low taxes will increase house prices actually as carrying costs go down.

In Canada you can only deduct interest on real estate generating income which you claim rental on your tax return as well as expenses.

But the increase in capital value is not taxed eg. when you sell the property.

This is what helps keep real estate's high valuation in Canada for the most part.

You may for awhile. Look at it this way. You go from variable deductions to ONE fixed deduction.

If mortgage rates, and your pay increases say over 10 to 20 years, your 12 or 24k deduction becomes a really, really bad deal.


This a scheme to keep the beast alive for as long as possible