Quote:
Originally Posted by Jim in CT
I cannot believe they are seriously considering eliminating the deduction for mortgage interest. That would cause housing values to plummet...
I also agree on unions. Don't get me started on municipal employee unions. They are absolutely disgusting, they are literally a bunch of parasites who have no bounds on the burden they are willing to place on our shoulders.
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Jim - allow me to play devils advocate. Why is it the govt. business if you buy a house? Why should homeowners get a benfit others do not? Isnt the mortage deductions just a payoff from the govt to the banks? You dont really "benefit", tax money in the form of a deduction gets funneled to the banks to pay for outrageous interest. If housing prices plummet, wont they reflect the real market value and not an inflated price due to government intervention. I know it would be painful, but I'm for across the board cuts. Maybe if there is no deduction, people will save up for for down payment, borrow less and in the long run, provide a more stable housing market?
I think there has to be some pain spread across the board.