General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsQuestion summary from the Ed show: How many of you would be pissed to lose your
home interest deduction that Romney plans to eliminate?
LiberalEsto
(22,845 posts)matt819
(10,749 posts)I'd be one of those in the middle class on whom Romney intends to raise taxes. I don't need any reason other than the R after his name to make my voting decision, but this is a good one.
peacebird
(14,195 posts)SheilaT
(23,156 posts)I still have a couple of years, according to my accountant, to make use of the deduction, and even if I lost it immediately it wouldn't matter to me, since I based my purchase on a payment I could afford, not on what I'd get back at tax time.
For many of those who take it, the loss would matter, but the reality also is that the larger majority of people either don't itemize at all, are renting, or are at a point in their mortgage that the interest paid isn't enough to trigger a deduction.
Oh, and I only bought my home three years ago. The accountant said the deduction would be good for about five years.
I'm considering refinancing for a lower rate to lower my payment, which would be quite nice and would probably eliminate the deduction immediately.
tblue
(16,350 posts)then they deserve to lose. It's a nonstarter.
The mortgage interest deduction is sacred. Vote Repub and you lose it. Just say it, Nr. President. Please.
1-Old-Man
(2,667 posts)I think there may have been three or four years in my working life where I had enough other deductions to use that one too and be able to beat the Standard Deduction.
HopeHoops
(47,675 posts)oldhippie
(3,249 posts)I haven't been able to beat the standard deduction in decades.
How about if everyone making over $250K/yr lost the home interest deduction? Would we be happy then?
Liberal_in_LA
(44,397 posts)oldhippie
(3,249 posts)... as I don't plan to ever sell it. My son may worry about it someday, but lots of other things can happen by then.
Plus, I doubt anyone making over $250K/yr is going to buy my house, even if it was for sale.
Semi_subversive
(1,396 posts)but if I were in a different situation, I would be extremely pissed to lose the deduction.
sinkingfeeling
(51,457 posts)expense'. Like dancing horses.
phleshdef
(11,936 posts)Dirty Socialist
(3,252 posts)That would ruin my family big time.
mfcorey1
(11,001 posts)Dirty Socialist
(3,252 posts)That would be tantamount to a tax increase, wouldn't it?
WorseBeforeBetter
(11,441 posts)the deduction should remain for those with mortgages. If Mitten does "win," many Americans -- of all political stripes -- are in for a rude fucking awakening. I'd wager the majority have no idea this proposed elimination is even on the table...
QED
(2,747 posts)I'm underwater as it is and barely making ends meet. I'd have to walk away from my house and have no idea where I would go.
hollysmom
(5,946 posts)But get rid of deduction for property tax and I would be in deep doo doo.
I don't expect any tax deductions to disappear, just that the debt will be soaring and Fox News will tell us how this is not important.
Liberal_in_LA
(44,397 posts)CTyankee
(63,912 posts)be limited for upper income folks. Even if that were proposed, the real estate lobby would go into overdrive. This would be a bad time to damage a vital U.S. industry.
EnviroBat
(5,290 posts)To offset the loss...
Comrade_McKenzie
(2,526 posts)But I do not advocate getting rid of it.
Ganja Ninja
(15,953 posts)I dare the man to cut the home mortgage interest deduction.
Cha
(297,275 posts)HeiressofBickworth
(2,682 posts)but I remember the years when a deduction for interest on the mortgage was very helpful. I suspect there are many people who still have mortgages who would really feel the bite. It would be harder to sell a house; real estate agents use interest deduction as a selling feature.
In an ironic twist, I think the lack of interest deduction would largely impact the McMansion owners -- you know, rich people, the ones who think the Romney/Ryan tax plans are just wonderful. And as sweet as many of us might think that would be, the fact that it would hurt people who are just hanging on is unacceptable.
The Velveteen Ocelot
(115,719 posts)because my house is finally paid for, but there was a time when it made a significant difference. And there are plenty of people in that situation - I think trying to eliminate this deduction, which is the only significant deduction a lot of people can use, would be politically disastrous for anyone who argued for it. Eliminating the deduction would also be a terrible kick in the teeth for the housing and construction industries, which are only now starting to recover a little.
BlackGuero
(9 posts)Another example of a pressing issue the low information voter will look past. Everyone needs to let any homeowner who is disillusioned with the voting process know this. This is big.
renate
(13,776 posts)With a month to go I have to think this will get mentioned at some point--ideally during the next debate. Unless Parallel-Universe Mitt shows up and denies the whole thing.
Welcome to DU!
liberal N proud
(60,335 posts)A republican idiot I work for was pissed until he found out it was his republican buddies were responsible, then he started regurgitating whatever Rush Limpballs told him.
The idiot just sucked it up in the interest of the party. He was a total idiot, I fortunately got promoted and transfered before the 2000 SCOTUS fuckup.
trayfoot
(1,568 posts)appleannie1
(5,067 posts)Liberal_in_LA
(44,397 posts)porphyrian
(18,530 posts)It may increase my rent, though.
Shrike47
(6,913 posts)However, we've been in the house a long time and are close to paying it off.