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hfojvt

(37,573 posts)

12. it is absolutely NOt critical to lower income people

Reply to Renew Deal (Reply #8)

Thu Nov 29, 2012, 04:15 AM

Nov 2012

77% of those with AGI under $60,000 do not even itemize

And for those who do itemize, the average gain is not very large.

When I wrote "They have accepted the conventional wisdom that "the mortgage interest deduction is a middle class tax break" and no amount of facts will change their minds."

By "they" I meant "the people reading this on DU"

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19 replies

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Highlight:

Republicans want to repeal the mortgage interest deduction because they think it's "unfair" [View all] Renew Deal Nov 2012 OP

I have mixed feelings about the mortgage interest deduction democrattotheend Nov 2012 #1

"Renters do not see the benefits of the deduction in decreased rent" Renew Deal Nov 2012 #3

You're right, I made a mistake democrattotheend Nov 2012 #6

Wait until people paying 10-16k a yr in property & school taxes finds out... Historic NY Nov 2012 #2

Damn! I pay less then $600 a year in property and school taxes. Kaleva Nov 2012 #11

Move to NY state.... Historic NY Nov 2012 #17

Raise taxes on the rich. Lower the retirement age to 55. bluerum Nov 2012 #4

republicans are idiots ......... that is all one needs to know Angry Dragon Nov 2012 #5

none of that makes any sense hfojvt Nov 2012 #7

It's the other way around which you seem to acknowloge Renew Deal Nov 2012 #8

it is absolutely NOt critical to lower income people hfojvt Nov 2012 #12

The mortgage interest deduction ... Whiskeytide Nov 2012 #9

there you go - spouting that conventional wisdom in the face of the facts hfojvt Nov 2012 #13

I see your point, but I think your... Whiskeytide Nov 2012 #18

If you can afford to pay cash for a home, the mortgage deduction is no advantage. LiberalAndProud Nov 2012 #10

so IRS stats that say hfojvt Nov 2012 #14

"348,561 tax returns with incomes between $5,000 and $10,000 claimed...deductions of $3.2B" HiPointDem Nov 2012 #15

Those are some interesting numbers. LiberalAndProud Nov 2012 #19

They want to kill the mortgage deduction so the housing sector tanks RomneyLies Nov 2012 #16