HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » Question summary from the...
Introducing Discussionist: A new forum by the creators of DU

Mon Oct 8, 2012, 01:20 PM

Question summary from the Ed show: How many of you would be pissed to lose your

home interest deduction that Romney plans to eliminate?

35 replies, 1975 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 35 replies Author Time Post
Reply Question summary from the Ed show: How many of you would be pissed to lose your (Original post)
mfcorey1 Oct 2012 OP
LiberalEsto Oct 2012 #1
matt819 Oct 2012 #2
peacebird Oct 2012 #3
SheilaT Oct 2012 #4
tblue Oct 2012 #5
1-Old-Man Oct 2012 #6
HopeHoops Oct 2012 #7
oldhippie Oct 2012 #8
Liberal_in_LA Oct 2012 #17
oldhippie Oct 2012 #24
Semi_subversive Oct 2012 #9
sinkingfeeling Oct 2012 #10
phleshdef Oct 2012 #11
Dirty Socialist Oct 2012 #12
mfcorey1 Oct 2012 #16
Dirty Socialist Oct 2012 #20
WorseBeforeBetter Oct 2012 #13
QED Oct 2012 #14
hollysmom Oct 2012 #15
Liberal_in_LA Oct 2012 #18
CTyankee Oct 2012 #19
EnviroBat Oct 2012 #21
Comrade_McKenzie Oct 2012 #22
Ganja Ninja Oct 2012 #23
Cha Oct 2012 #29
HeiressofBickworth Oct 2012 #25
The Velveteen Ocelot Oct 2012 #26
BlackGuero Oct 2012 #27
renate Oct 2012 #31
liberal N proud Oct 2012 #28
trayfoot Oct 2012 #30
appleannie1 Oct 2012 #32
Liberal_in_LA Oct 2012 #33
porphyrian Oct 2012 #34
Shrike47 Oct 2012 #35

Response to mfcorey1 (Original post)

Mon Oct 8, 2012, 01:21 PM

1. It would destroy us financially, I fear. nt

Reply to this post

Back to top Alert abuse Link here Permalink


Response to mfcorey1 (Original post)

Mon Oct 8, 2012, 01:24 PM

2. That would suck

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.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to mfcorey1 (Original post)

Mon Oct 8, 2012, 01:24 PM

3. It would certainly make tax day a lot harder, if not impossible, for lots of folks.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to mfcorey1 (Original post)

Mon Oct 8, 2012, 01:28 PM

4. It wouldn't matter in the least to me.

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.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to mfcorey1 (Original post)

Mon Oct 8, 2012, 01:29 PM

5. If Dems don't make a huge issue of it

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.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to mfcorey1 (Original post)

Mon Oct 8, 2012, 01:38 PM

6. It never did me any good, I couldn't beat the Standard Deduction most of my working life

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.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to mfcorey1 (Original post)

Mon Oct 8, 2012, 01:57 PM

7. Well, personally I wouldn't. I don't have a mortgage on it - paid for.

 

Reply to this post

Back to top Alert abuse Link here Permalink


Response to mfcorey1 (Original post)

Mon Oct 8, 2012, 02:06 PM

8. Wouldn't bother me ...

 

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?

Reply to this post

Back to top Alert abuse Link here Permalink


Response to oldhippie (Reply #8)

Mon Oct 8, 2012, 03:09 PM

17. it would tank the value of your house, less people in the market

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Liberal_in_LA (Reply #17)

Mon Oct 8, 2012, 05:05 PM

24. I don't really care about that, either ....

 

... 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.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to mfcorey1 (Original post)

Mon Oct 8, 2012, 02:17 PM

9. I only have two more mortgage payments to make,

but if I were in a different situation, I would be extremely pissed to lose the deduction.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to mfcorey1 (Original post)

Mon Oct 8, 2012, 02:21 PM

10. I would if corporations get to continue to deduct everything under the sun as a 'business

expense'. Like dancing horses.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to mfcorey1 (Original post)

Mon Oct 8, 2012, 02:21 PM

11. Very much so here.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to mfcorey1 (Original post)

Mon Oct 8, 2012, 02:23 PM

12. Any Links to Back That Up?

That would ruin my family big time.

Reply to this post

Back to top Alert abuse Link here Permalink



Response to mfcorey1 (Reply #16)

Mon Oct 8, 2012, 03:14 PM

20. Thanks for The Link

That would be tantamount to a tax increase, wouldn't it?

Reply to this post

Back to top Alert abuse Link here Permalink


Response to mfcorey1 (Original post)

Mon Oct 8, 2012, 02:28 PM

13. My home is paid for, HOWEVER...

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...

Reply to this post

Back to top Alert abuse Link here Permalink


Response to mfcorey1 (Original post)

Mon Oct 8, 2012, 02:42 PM

14. I'd be homeless.

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.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to mfcorey1 (Original post)

Mon Oct 8, 2012, 02:58 PM

15. I lived here for 30 years, house is paid off.

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.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to mfcorey1 (Original post)

Mon Oct 8, 2012, 03:09 PM

18. me

Reply to this post

Back to top Alert abuse Link here Permalink


Response to mfcorey1 (Original post)

Mon Oct 8, 2012, 03:10 PM

19. I don't think it would be eliminated entirely, but I think there's a good chance it would

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.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to mfcorey1 (Original post)

Mon Oct 8, 2012, 03:16 PM

21. I'd start growing and selling pot.

To offset the loss...

Reply to this post

Back to top Alert abuse Link here Permalink


Response to mfcorey1 (Original post)

Mon Oct 8, 2012, 03:18 PM

22. Wouldn't affect me any. I live with my parents and they rent...

 

But I do not advocate getting rid of it.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to mfcorey1 (Original post)

Mon Oct 8, 2012, 03:19 PM

23. I rent so it won't effect me right away.

I dare the man to cut the home mortgage interest deduction.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Ganja Ninja (Reply #23)

Mon Oct 8, 2012, 07:16 PM

29. Lets Not Give him a chance!

Reply to this post

Back to top Alert abuse Link here Permalink


Response to mfcorey1 (Original post)

Mon Oct 8, 2012, 07:07 PM

25. My house is paid off

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.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to mfcorey1 (Original post)

Mon Oct 8, 2012, 07:11 PM

26. It wouldn't affect me personally

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.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to mfcorey1 (Original post)

Mon Oct 8, 2012, 07:12 PM

27. He wouldn't, would he? Oh yeah, he would.

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.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to BlackGuero (Reply #27)

Mon Oct 8, 2012, 07:29 PM

31. it certainly is big

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!

Reply to this post

Back to top Alert abuse Link here Permalink


Response to mfcorey1 (Original post)

Mon Oct 8, 2012, 07:14 PM

28. I remember when the personal interest deductions were taken away

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.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to mfcorey1 (Original post)

Mon Oct 8, 2012, 07:19 PM

30. I definitely would be upset!

Reply to this post

Back to top Alert abuse Link here Permalink


Response to mfcorey1 (Original post)

Mon Oct 8, 2012, 07:32 PM

32. It would not affect me but 5 of my kids have mortgages and one grandchild just bought a house.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to appleannie1 (Reply #32)

Mon Oct 8, 2012, 07:48 PM

33. hope ROmney doesn't win for their sakes

Reply to this post

Back to top Alert abuse Link here Permalink


Response to mfcorey1 (Original post)

Mon Oct 8, 2012, 07:49 PM

34. I haven't owned a house yet, so I wouldn't notice that one directly.

 

It may increase my rent, though.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to mfcorey1 (Original post)

Mon Oct 8, 2012, 08:00 PM

35. It would affect us negatively.

However, we've been in the house a long time and are close to paying it off.

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread