Do you take the mortgage interest deduction on your federal or state income tax?

Between property tax and the mortgage interest deduction it is a nice chunk.

The repigs will throw anyone over the side just to keep the top rates and cap gains rate low.

They will even fuck their upper income supporters over as long as it keeps the rate low for a handful of supporters who support Norquist et al.

Read: Spending Millions To Save Billions to see just how few people/families are pulling the strings.

Top rate, capital gains and inheritance tax. Everything else is gravy. The top .0001% don't need mortgages. They WANT close to zero taxes.

We would survive without it, but we would spend much less elsewhere. Others might struggle to keep their homes. This is not something that seems workable across the board, IMO.

from when i was a first time homeowner. it is supposed to be for the life of my mortgage. i did refinance once, but cannot do it again and retain the MCC. i think it's pretty shitty for them to even think about ending the mortgage interest credit, and hope MCC's aren't on the table as well!

I could understand it if ALL interest on loans was tax deductible, but singling out the mortgage interest seems justifiable only as an inducement to debt, i.e. as an incentive to enrich the banks. I'd be happy to see it go. Or, as I said, to see it extended to all forms of interest on debt.

All loan interest was deductible, even credit cards. That came to an end under Reagan.

eom

(not good), and really hurt tax revenues.

Thanks to Ronnie I pay income tax on my S/S benefit.

SS should be exempt, PERIOD.

Not every real estate sales person is a 'Realtor'.
That's a national organization.
With a powerful lobby.
Mortgage interest deduction encourages HOME PURCHASES.

but the following limits should apply:

1) Deduction capped at median price of a house in your state.

2) One and only one house.

3) Businesses may qualify only if: a) CEO pay not greater than 100 times lowest paid employee. b) no income is sheltered from taxes on foreign soil. c) 90% of employees must be in the U.S., including contractors. d) wages must be 150% poverty line minimum.