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The MID for the family you describe would be minimal, maybe $500 a year.
Minimal? We pay at least 10K in interest, and that is what we use to lower our yearly income. It makes a BIG difference.
As an aside, for the record, we put money down and are not in an exotic loan. We purchased a home that was within 2.5 x our income, which is not considered aggressive. So our home is more than 100k....we work and pay all bills. Like I said, we can use all the write offs that we can get.
Minimal? We pay at least 10K in interest, and that is what we use to lower our yearly income. It makes a BIG difference.
As an aside, for the record, we put money down and are not in an exotic loan. We purchased a home that was within 2.5 x our income, which is not considered aggressive. So our home is more than 100k....we work and pay all bills. Like I said, we can use all the write offs that we can get.
Exactly correct. I live in a very high tax area and despite not having an outrageous mortgage, we've paid over $13,300 this year in property taxes and interest alone. And that's considered quite low for this area.
"Brookings Institution senior fellow Alan Mallach stirred the controversy during an October lecture at University of Nevada, Las Vegas, when he supported the commission's plan to reduce, or even eliminate, the tax deduction for homeowners.
He said lower-income households typically aren't able to take advantage of mortgage deductions and end up subsidizing wealthier people who have larger, more expensive homes. It's also a myth that the tax deduction encourages renters to buy homes."
Give it a rest. It's a deduction available to anyone who has a mortgage, not just wealthy people with expensive mortgages in high ownership locations whatever that means.
I know plenty of "no-so-rich" people that take advantage of the mortgage deduction.
You are more than welcome to join the ranks of home owners who enjoy this deduction. Nobody but yourself is stopping you from staying a renter.
If a landlord loses his mortgage deduction (assuming this is an apartment in a single family house, which is common where I live) I would imagine said landlord is going to find away to make up the lost deduction in the rent?
Tax and spend, tax and spend, tax and spend, Ad infinitum. Can they possibly conceive of anything else?
The Fiscal Commissions proposals that contained both spending cuts and tax reform were defeated. There were some very good proposals from the bi-partisan commission and hopefully some of them will be implemented. Something has to give or we will end up like Greece, the budget needs to be balanced one way or another and it cannot be entirely spending cuts.
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