ST Alpha - "That's one of the last ones I'd consider removing, It think." (Reading a Post)

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In response to "they can't touch the mortgage interest exemption... it'd be crushing -- nm" by stewie

That's one of the last ones I'd consider removing, It think.

Posted by ty97 Apr 13 '10, 16:55

I'm not a proponent of removing all the rules/credits/etc, but it's beyond out of hand what we have now.

Responses:

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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