bad idea, its already just about a wash when it comes to rent vs. buy even with the tax deduction. With home prices stagnant it is not such a great investment as it was in the past, so more people would stay in their rentals, some may dump their homes and go back to renting. Especially people upside down in their mortgages, another great reason for them to just walk away. Wow what a great idea!!! We should make it known those in congress that vote for this will see their name on a recall ballot. If they don't believe that, have them look at what's happening to the republicans in Wisconsin...... Who's country is this anyway? IT'S OURS!!!
Michael Coreyof OR9:22AM February 10, 2012
I wonder whether the original plan was to justify mortgage lenders an excuse to get so much in interest up front? Not many people own a house long enough to actually pay off the mortgage.
On the other hand, does the government want to foster more stable communities, families by encouraging an investment in housing? Home owners probably move less often, and are vested in the businesses, schools, churches around not only where they live, but where they are invested.
Most forms of subsidizing are used to encourage a preferred practice...in this case, investing in real estate...as we have seen, not a perfect investment, not one to be entered into beyond one's means, and always with an eye to the ups and downs of the "free market" system.
Clare McCrightof TX2:18PM January 27, 2012
If Congress is considering eliminating the home mortgage interest deduction for the special class of home owners, then the tax deduction of interest rates on mortgages and other money borrowed by businesses for their land, buildings, properties, machinery, equipment and working capital should also be eliminated too. The tax rates that banks should be required to pay on interest earned should be doubled their current rate to support the curret tax crisis that the govenrment is causing by not reducing or controlling it's rediculus spending habits.
Les Minkusof IL11:32AM September 25, 2011
Instead of putting the burden for financial bailout of federal debt on the middle class who are really struggling to make ends meet why not start getting rid of loopholes that allow corporations and extremely rich to pay little of no taxes year after year? This would bring in billions of dollars without hurting the ordinary people who are seen as the "beasts of burden" for the tax structure in America. Also, why not look at revamping the tax code for a flat tax and also evaluate using the valued added tax that is implemented in so many countries of the world.
ted spriggsof CA10:53AM September 08, 2011
How is this country going to move the millions of foreclosed homes with this stupid idea.
If the housing market does not recover neither does the global economy.
Eliminating Charitable deductions is ignorant also, where is the compassion for people?
"The rich get richer. The poor are getting poorer. Fascist, chauvinistic government fools."
If any politician was truly serious about cutting the U.S. deficit we would pull out of Afghanistan Right Now.
Afghanistan currently costs about $5.7 billion per month, according to the Congressional Research Service, or roughly $190 million per day.
Jimmy Jonesof CA1:45PM July 20, 2011
The idealism in between Government, Corporate, and Personal Balance Sheet Account is important, make it large or slim whether necessary and possible.
ideal mlysin11:25PM July 18, 2011
Cap the mortgage interest deduction at $500k of the loan value of one's primary residence, instead of the current $1M, and eliminate the deduction for additional homes.
Bobof CA9:35AM July 16, 2011
Over the life of a 30 year loan, a $300 per month decrease would equal over $100K in savings. Search the web for "123 Refinance" website they helped me find 3.118% rate easily. Strongly recommend them for anyone. Good luck.
jeffreyfloyd123of CA6:46AM July 16, 2011
If the Government kills the mortgage interest tax deduction (MID), house prices will drop 30% in high-price states like California and New York. It's funny: all the talk on the MID revolves around the increased tax burden that would result from its elimination (which is significant) but very little is made of the HUGE blow it will land on the middle class in terms of further destruction of property values. If it is going to be eliminated (and the powers-that-be seem bent on making it so) then it will have to be done over a period of time commensurate with the size of the asset (huge... biggest purchase most families make), the long life of the deduction (20+ years), and how long the deduction has been on the books (70+ years). We're talking like a 30-50 year phase out. Anything less would be cruel to the people that the Government spent years enticing into home ownership with a variety of public policies, including the MID.
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Dick Hurts of MA 7:58PM March 20, 2012
Michael Corey of OR 9:22AM February 10, 2012
Clare McCright of TX 2:18PM January 27, 2012
Les Minkus of IL 11:32AM September 25, 2011
ted spriggs of CA 10:53AM September 08, 2011
Jimmy Jones of CA 1:45PM July 20, 2011
ideal mlysin 11:25PM July 18, 2011
Bob of CA 9:35AM July 16, 2011
jeffreyfloyd123 of CA 6:46AM July 16, 2011
Jeff of CA 1:00PM July 15, 2011