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View Diary: Mortgage Interest Deduction? [With Poll] (55 comments)

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  •  I am OK an insignificant revenue gain ... (1+ / 0-)
    Recommended by:
    Nowhere Man

    ... if it brings the deduction closer to the goal of helping lower and middle income families afford a home - a primary residence.  I feel no obligation to helping the wealthy afford a vacation home(s) or helping a landlord buy more properties.  The wealthy can help themselves and I am more in favor of individual home ownership than subsidizing landlords.

    Please do not be alarmed. We are about to engage... the nozzle.

    by Terrapin on Fri Dec 07, 2012 at 11:48:48 AM PST

    [ Parent ]

    •  MID has nothing to do with the low end market (3+ / 0-)
      Recommended by:
      tardis10, Andrew F Cockburn, Terrapin

      Because you have to itemize to take the MID, it does nothing for low end house prices.

      Mortgage interest on an $80k home at 6% is about $4800/yr.  So any single filer buying a house priced below that gets no benefit from the MID.  For married filing jointly, double that.

      There are entire MSAs where the median home price is below $160k.  My mother's 3BR/2BA in central IL was $68k.  She has never seen any benefit at all from the MID.

      If you want the MID to matter at the low end, you need to remove the need to itemize.

      -7.75 -4.67

      "Freedom's just another word for nothing left to lose."

      There are no Christians in foxholes.

      by Odysseus on Fri Dec 07, 2012 at 01:07:14 PM PST

      [ Parent ]

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