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Killing (or Maiming) a Sacred Cow: Home Mortgage Deductions

 
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Joined: 14 Jul 2007
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Location: Greater Boston

PostPosted: Tue Feb 24, 2009 5:32 pm GMT    Post subject: Killing (or Maiming) a Sacred Cow: Home Mortgage Deductions Reply with quote

Use this forum thread to discuss the following link.

Description: Killing (or Maiming) a Sacred Cow: Home Mortgage Deductions
URL: http://economix.blogs.nytimes.com/2009/02/24/killing-or-maiming-a-sacred-cow-hom ...truncated...
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JCK



Joined: 15 Feb 2007
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PostPosted: Tue Feb 24, 2009 6:31 pm GMT    Post subject: Reply with quote

Frankly, I'm in favor of getting rid of this deduction, but it would have to be done very, very carefully, as so many people have made plans surrounding the availability of the deduction.

I think you'd have to allow people who already bought places to continue to use it, phase it out very slowly, or both.

Personally, if we're going to change this, we should also rethink the $250k capital gains exemption on home sales.


It encourages people to trade up unnecessarily, especially if they start approaching the $250k/$500k limit. By encouraging people with large sums of equity onto the market, you're only driving up prices.
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ConcernedCitizen2
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PostPosted: Tue Feb 24, 2009 8:32 pm GMT    Post subject: Kill all the deductions! Reply with quote

Move to a flat tax. If Russia can do it why can't we? Who's supposed to be the capitalists!?

http://www.cato.org/pubs/policy_report/v29n4/cpr29n4-1.html
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