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Posts: 153
In response to
"
Tax simplification has two major barriers that I see.
"
by
ty97
they can't touch the mortgage interest exemption... it'd be crushing -- nm
Posted by
stewie (aka whysoserious)
Apr 13 '10, 16:53
(No message)
Responses:
That's one of the last ones I'd consider removing, It think.
-
ty97
Apr 13, 16:55
12
FWIW most other countries don't have this exemption. Also, the taxpayers that benefit most are the ones with the most expensive houses -- nm
-
Roger More
Apr 13, 16:58
11
Though there is a difference between not having it and taking it away. Even if a good idea in the long run, it would have to be done very gradually. -- nm
-
Dano
Apr 13, 17:03
2
[deleted]
Oh sure - it'd be political suicide. -- nm
-
Roger More
Apr 13, 17:09
Thanks for adding this. I don't think it's all that sacrosanct. If you can't afford to buy, don't buy. -- nm
-
mara
Apr 13, 17:02
There are limits on it. -- nm
-
ty97
Apr 13, 17:01
6
On interest up to $1 million of debt, according to wiki. I wonder how many people have more than $1 million of debt on their house -- nm
-
Roger More
Apr 13, 17:07
5
I don't know that I disagree with the $1 million number.
-
ty97
Apr 13, 17:10
4
Yeah - maybe it could be linked to a % of the average house price in the area or something -- nm
-
Roger More
Apr 13, 17:25
Exactly, When a three bedroom, 2 bath house built in the 50's goes for close to 700k in the bay area (albeit this was 6 years ago) you realize
-
Stephen
Apr 13, 17:23
2
Ideally, numbers like this and the AMT should be localized.
-
ty97
Apr 13, 17:25
1
[deleted]
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