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As I was saying about the home mortgage interest deduction.... [View All]

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No Elephants Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-28-12 01:03 PM
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As I was saying about the home mortgage interest deduction....
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Edited on Wed Nov-28-12 01:13 PM by No Elephants
The other day I posted that eliminating the tax deduction for mortgage interest would only hurt our economy, which is consumer-driven.

Today, I saw a story about someone who wants to use eminent domain to help out people with underwater mortggages.

That led me to google the deduction. I immediately got this tidbit from wiki:

France does not allow a home mortgage interest deduction. In 2007, newly-elected President Nicolas Sarkozy proposed creating the deduction as part of his legislative plan for sparking the French economy.

So, France, which has never had the deduction, proposes to institute it in order to boost its bad economy, while the U.S., which has had the deduction for a long time, really thinks eliminating the deduction will somehow help its ailing, consumer-driven economy?


Eliminating the home mortgage deduction is not about fixing our current economic mess. Rather, it's something that the plutocrats have been after for a long time. It's another damnable bailout/transfer of wealth in the wrong direction, namely from the 99% to the 1%.


People who own businesses have a slew of deductions. People who earn a salary have very few, unless they have a home mortgage.

So, let's keep all the business deductions. What the hell, let's add even more. After all, the job creators deserve them, right? But, let's eliminate the home mortgage interest deduction.

Eliminating the home mortgage brings in more revenue to government from the little guys and gals.

The more that comes into government from the little guys and gals, the less pressure there is to increase taxes on the big guys and gals.

And, lord knows the last thing America needs is making the 1% pay income taxes.
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