View Poll Results: Should we end the tax deduction for mortgage interest?

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Thread: Should we end the tax deduction for mortgage interest?

  1. #1
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    Should we end the tax deduction for mortgage interest?

    What do you think about the tax deduction for mortgage interest?

    NOTE: If you're an anti-tax type who opposes ALL tax increases, you can think about it as being revenue neutral if you like. You can imagine that the tax rate would be cut by a proportional amount if the deduction was ended. I don't want this to be about overall levels of taxation; I want to find out your views of how the mortgage deduction specifically should fit (or not fit) into our overall tax code.
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    Re: Should we end the tax deduction for mortgage interest?

    I think it's a complete waste of our funds. The federal government forgoes up to $130 billion in tax revenue because of it, and for what? Why are we subsidizing homeownership in the first place? Is there some societal benefit to owning a home as opposed to renting it?

    Furthermore, it is a subsidy to mortgage lenders. Since they know that the government is picking up part of the tab, they can charge higher interest rates than they otherwise could. It's also a subsidy to lenders themselves, who take out much larger mortgages than they otherwise would.

    The mortgage deduction has certainly contributed to the housing bubble. 38% of capital was invested in real estate since 1980. Ending the mortgage deduction would free up some capital for stocks, bonds, and other forms of investments.

    Furthermore, there's the simple fact that our tax code is too complex, and this is one of many pointless deductions that should be ended to simplify it.
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    Re: Should we end the tax deduction for mortgage interest?

    i like the bowles-simpson plan of generally reducing tax breaks in order to lower and flatten tax rates. yes, the mortgage interest break should be part of that.

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    Re: Should we end the tax deduction for mortgage interest?

    Tax deductions should be ended period. It just creates a wall of obscure accounting tricks for rich people to avoid contributing to their country.

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    Re: Should we end the tax deduction for mortgage interest?

    Home ownership is the foundation of wealth. We should continue to encourage it.

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    Re: Should we end the tax deduction for mortgage interest?

    I don't find the mortgage interest deduction to be worth it. Increased home ownership is a nice bonus, but it isn't worth the serious cost and increase in complexity that the deduction brings.
    Last edited by rathi; 03-06-11 at 08:41 PM.

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    Re: Should we end the tax deduction for mortgage interest?

    Quote Originally Posted by Viktyr Korimir View Post
    Home ownership is the foundation of wealth. We should continue to encourage it.
    No it isn't. Homes are a horrible investment, compared to the average rate of return you can get in the stock market...or usually even in the bond market.
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    Re: Should we end the tax deduction for mortgage interest?

    I don't see why the govt. is encouraging you to buy your own home.

    Voted to end it.
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    Re: Should we end the tax deduction for mortgage interest?

    Quote Originally Posted by Kandahar View Post
    What do you think about the tax deduction for mortgage interest?

    NOTE: If you're an anti-tax type who opposes ALL tax increases, you can think about it as being revenue neutral if you like. You can imagine that the tax rate would be cut by a proportional amount if the deduction was ended. I don't want this to be about overall levels of taxation; I want to find out your views of how the mortgage deduction specifically should fit (or not fit) into our overall tax code.
    Take away the mortgage interest deduction any time in the foreseeable future and think of it as driving the final nail into the coffin of the real estate market.

    My answer is, "No way."
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: Should we end the tax deduction for mortgage interest?

    Quote Originally Posted by MaggieD View Post
    Take away the mortgage interest deduction any time in the foreseeable future and think of it as driving the final nail into the coffin of the real estate market.

    My answer is, "No way."
    OK, but why would that be a bad thing? Home prices and mortgage interest rates would fall, if the government wasn't subsidizing them.
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