|
bostonbubble.com Boston Bubble - Boston Real Estate Analysis
|
SPONSORED LINKS
Advertise on Boston Bubble
Buyer brokers and motivated
sellers, reach potential buyers.
www.bostonbubble.com
YOUR AD HERE
|
|
DISCLAIMER: The information provided on this website and in the
associated forums comes with ABSOLUTELY NO WARRANTY, expressed
or implied. You assume all risk for your own use of the information
provided as the accuracy of the information is in no way guaranteed.
As always, cross check information that you would deem useful against
multiple, reliable, independent resources. The opinions expressed
belong to the individual authors and not necessarily to other parties.
|
View previous topic :: View next topic |
Author |
Message |
news
Joined: 14 Jul 2007 Posts: 0 Location: Greater Boston
|
|
Back to top |
|
|
JCK
Joined: 15 Feb 2007 Posts: 559
|
Posted: Tue May 11, 2010 3:34 pm GMT Post subject: |
|
|
OK. Sounds objectively reasonable to me. But the politics behind doing this are toxic.
At best, we could cap the mortgage value subject to the deduction, now at $1m for a first mortgage, at a lower value, or make the deduction less regressive, which right now reduces your taxes at your marginal rate.
Either of those might be politically (more) viable. |
|
Back to top |
|
|
Kaidran
Joined: 17 Mar 2010 Posts: 289
|
Posted: Tue May 11, 2010 3:39 pm GMT Post subject: |
|
|
Both seem like good ideas to me but I have already read plenty of diatribes when similar things have been suggested. |
|
Back to top |
|
|
admin Site Admin
Joined: 14 Jul 2005 Posts: 1826 Location: Greater Boston
|
Posted: Tue May 11, 2010 3:44 pm GMT Post subject: |
|
|
There are also a few things that could be done to make any such changes less of a shock to the system. First, existing borrowers could be grandfathered into their deduction on existing mortgages, perhaps for up to 30 years. Second, the changes could be phased in over a period of many years (say 10), so that the system has a chance to transition smoothly. I do agree that this is unlikely to fly politically anytime soon, though, given the pull of the FIRE industries.
- admin |
|
Back to top |
|
|
JCK
Joined: 15 Feb 2007 Posts: 559
|
Posted: Tue May 11, 2010 7:10 pm GMT Post subject: |
|
|
Grandfathering is probably a good idea, given that people take out a mortgage with the expectation of getting the tax deduction.
I guess if they don't raise the $1m cap for a really long time, that would have the same effect.
I don't believe the cap value is tied to inflation, like much of the rest of the tax code. |
|
Back to top |
|
|
|
|
You can post new topics in this forum You can reply to topics in this forum You cannot edit your posts in this forum You cannot delete your posts in this forum You cannot vote in polls in this forum
|
Forum posts are owned by the original posters.
Forum boards are Copyright 2005 - present, bostonbubble.com.
Privacy policy in effect.
Powered by phpBB © 2001, 2005 phpBB Group
|