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View Diary: Abbreviated Pundit Roundup: Biden wins debate, proves Romney-Ryan ticket is a joke (193 comments)

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  •  thank you! (4+ / 0-)

    I don't know how else to look at r/r's ideas, than to think they care only about personal gain, and further enrichment of the rich.

    Even if they don't care a whit about the middle class, one would think they would wish the US economy to do well ON THEIR OWN WATCH!

    ....but....eliminating the mortgage int deduction does far more than hurt the purse of a homeowner:  it destroys one of the main incentives for many people for homeownership at all!!  As the poster above said, the ripple felt through the residential building industry (and so many other industries) would be devastating.  When making macro-econ policies, one must look at incentives and the non-immediate rippling effects of economic decisions.

    Aldus Shrugged : The Antidote to Ayn Rand. ***Buy ALDUS SHRUGGED on amazon, and ALL royalties will be donated directly to Democrats in contentious Downballot races. @floydbluealdus1

    by Floyd Blue on Fri Oct 12, 2012 at 05:36:09 AM PDT

    [ Parent ]

    •  Mortgage deduction (0+ / 0-)

      I'm not so sure it's a good thing.

      Seems to me it's main effect is to push up house prices, since people figure it in when deciding how much they can afford. It subsidizes the housing market and boosts the profits of builders and bankers. It doesn't really help the buyers. They pay higher prices, borrow more and get it back in lower taxes.

      The problem is removing it would screw people who bought counting on it, not to mention doing it now would depress the housing market further.

      In the long run, I think it should go, but not now. Remove it, or decrease it slowly, to dampen the next housing bubble.

      The Empire never ended.

      by thejeff on Fri Oct 12, 2012 at 08:30:15 AM PDT

      [ Parent ]

      •  You're kidding right? (0+ / 0-)

        Um, the bank determines how much you can "afford". It really doesn't matter what you "get back" once a year. That didn't figure into my home buying experience whatsoever.

        I was thinking: how much is the mortgage? What is the monthly payment?

        If the payment is 4,000/mo but I only make 2,000 first if all I'm not getting the loan. Second, I have no way to pay the mortgage. Who gives a shit whether I'd get back 100% of it in April. And frankly, even if I could foot the 4,000/mo comfortably, the deduction is once a year, not every month. Sure, you could say that getting those deductions (and possibly a refund) somehow balances it all out. But if you think most home buyers are doing all that thinking at the te they're buying a house, I think you don't know enough people. Or at least people with modest incomes.

        Yes, we realize there is a deduction of the interest on a mortgage. I knew that when I bought. But I didn't bother figuring out what it would amount to. All I knew was the mortgage was going to be 1/3 what I'd been paying in rent for a jillion years. That was enough for me.

        For the record, I am not a member of Courtesy Kos. Just so you know. Don't be stupid. It's election season. My patience is short.

        by mdmslle on Fri Oct 12, 2012 at 03:20:01 PM PDT

        [ Parent ]

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