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Discussion: Make Mortgage payments 100% Tax-Deductible on the primary residence.
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GeehiBeetle |
Make Mortgage payments 100% Tax-Deductible on the primary residence.
Feb 22 2008, 7:02 AM EST
I believe some other countries do this.It may be necessary to cap the value of the elegible residence, and / or the age / income of the applicants. This would make housing affordable for those who currently struggle to enter the market It would also assist the viability of the housing construction industry, and the trades that depend on it for employment. It might also offset the mounting environmental and regulatory costs inhibiting this sector. 54 out of 74 found this valuable. Do you? |
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Posted Anonymously |
1. RE: Make Mortgage payments 100% Tax-Deductible on the primary residenc
Feb 27 2008, 3:58 AM EST
As long as government taxes interest on personal savings, then it's fair enough that we should get deductions for interest on personal debt. The government shouldn't be able to have it both ways.That said, I would prefer they simply stop taxing interest on our savings than allowing deductions (but failing I'd support your idea as option #2) 6 out of 7 found this valuable. Do you? |
dra_red |
2. RE: Make Mortgage payments 100% Tax-Deductible on the primary residence.
Mar 8 2008, 10:12 PM EST
Geehibeetie, I like the idea but it would completely change the landscape of our economy, imo. It would cost the government a fortune so I could see them racing into it. It would also encourage people to invest heavily in their own home. The government would soon find itself giving tax deductions for swimming pools, worksheds etc. Actually, how would it be possible to know what the money for the mortgage is beig used for. People could be buying anything with the money from their loan. Just these considerations make it a bit of an iffy idea. It would need to be thought over very carefully. One thing is for sure to me is that the balance between tax breaks for investors and the average Joe needs to be changed. Things are just too far in favour of those with money. Cheers, Dale 2 out of 3 found this valuable. Do you? |
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Posted Anonymously |
3. RE: Make Mortgage payments 100% Tax-Deductible on the primary residenc
Apr 7 2008, 4:04 AM EDT
Actually... it wouldn't encourage investment in your own home - rather, it would encourage you to refinanace, or have a permanent line of credit against your home, since the interest would be deductible.
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