Uh Oh You 2nd Homeowners

Mortgage interest deduction may be on the ropes…

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Should not have been approved in the first case.

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??? Elaborate please (my coffee has not kicked in yet)

2nd home is a luxury. Shouldn’t allow mortgage interest deduction.

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Got it. The “first case” part of your comment got me all confused.

So, it is really that cut and dry? No one thinks such a law (if passed) is subjective? Some people may have valid reasons for a 2nd home, no?

Any examples? Let’s those guys appeal… should be very few. Can afford two, hard to believe is a necessity.

This will impact how small a percent of people? This is what’s called the tyranny of the majority using their voting power to redistribute the wealth. Notice the proposal to extend the “temporary” surtax on millionaires passed too? There’s a real cost to all the social programs people want. When they run out of money, they keep working their way down the income spectrum to broaden the tax base. This is literally the history of taxes. Anyone that doesn’t see this coming or thinks it won’t reach down to your income level isn’t paying attention.

Now when are they going to come after Prop 13? :slight_smile:

All interest used to be deductible. They shouldn’t have limited the interest deduction in the first place

I am a tad young to remember that or experience that. God, that would be sweet to write off interest for say a nice vintage Acura NSX…

Can’t you transfer ownership to a corp or LLC and write off the interests as business expense?

Oh to have credit card interest in '86

Reduce it gradually. A million $ mortgage is not helping anyone but the very rich.

The liberals are determined to drive every taxpayer out of state. …What happens when they all leave? Detroit 2.0?
I already have my escape, a house in Nevada, .5 mile from the border…If this passes my house in NV will go up another 20%. …Already know tons of people with NV residences, many collecting CA pensions…

@caiguycaiguy…a million dollar mortgage in the BA is middle class…hardly rich…A modest home in the RBA is $1.5m…

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Is the mortgage deduction limit of $1M indexed to inflation? If it’s a fixed amount, it will gradually be eaten away by inflation. The best is to leave it alone and let inflation gradually make it insignificant.

We should try to make everyone productive and reduce tax rate on everyone. Currently our tax rate is too high because half of the population do not pay tax. We need to create jobs for these half of the population.

I think tax reduction should be focused on reducing business tax first. Lower business tax will bring many new jobs. Once those non-taxpayers start working and we have too much tax collected, we can reduce personal tax by 50%.

We should make the hard working high income people working less hours, raising more kids, enjoying more of their life. Currently high income people work too much, raise too few kids, too much stress and pay too much tax. We should force them to work now more than 25 hours per week, entice them to have more kids, force them to take more vacations.

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Good strategy. In Tahoe? Carson or Reno? Time for me to think about this too :grin:

My NV house is in tahoe…Stateline, NV

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Tax rate is too high for the type of benefits we get, also compared to many nations. For such high tax rates, should have highly subsidized basic healthcare and public housing. Cancel all pensions forcefully… ok, can’t do it here.

Are there that many mom and pop biz that are profitable here? Big corporates are making tons of money and don’t do much investment here because of most of their cash is overseas, and because labor cost is far too high and incorrect labor skills (I heard that most midwest guys don’t even have high school diploma… for those who have, earn them through extra credits). So incentives should be given to big corporate to train these high schools kids some vocational skills and some measures to incentive these kids to go for higher educations (not liberal arts, STEM please). Hopefully, liberals don’t say is not fair not to extend to liberal arts :sweat:

This is what Trump’s primary plan, reducing corporate tax from 35% to 15%. Let us wait until he gets into office. Stocks are booming, DOW towards 20000, expecting great relief from corporate tax benefit.

So it’s that Romney “47%” argument again. Wrong.

Even though someone doesn’t pay income tax, he/she still pays taxes. Payroll tax is collected even before someone gets the paycheck. Yes, technically it’s employers paying it. But where does that money come from? Employer charity? Of course it comes from money otherwise would have been paid to the employee.

And then there is sales tax. Poor people spend much higher percentage of their income because they have less of it. So the poor pay more sales tax, as a percentage of their income, than rich people.

Frankly I find this “they don’t pay taxes” argument pretty cold hearted because they do.