“The mortgage interest tax deduction lets those with money a-plenty keep more than they deserve. It's as if you had a grown son making lots of money, and you let him live at home without helping you pay the mortgage/rent or for the food and laundry facilities he uses. He needs to make a contribution! Folks who buy McMansions and then get a tax break on their up-to-a-million-dollar mortgage are freeloading, just like that big spoiled kid living off his parents. But if you are low-income and own a home, you may not benefit from the mortgage interest deduction, because if you don't earn enough to itemize, there's no tax to get a break on. Most of the benefit if this deduction goes to the very wealthiest among us, and encourages them to buy bigger homes and take out bigger mortgages. Even the Bush tax commission thought this deduction needed to be capped. We give away far more to wealthy homeowners than we spend on helping the homeless or the working poor.
coolaid8 on May 28, 2010 at 15:05:01
“Letting people keep their own money isn't giving it away. Taking the money that people made and giving it to others is giving it away. I am not saying that is something we shouldn't do, but if we are going to redistribute wealth than at least look at it the right way. You are right that low income people don't get a break from the mortgage deduction, but they get a pretty good break by not having to pay income tax at all.”