rehmwa 2 #26 March 17, 2015 headoverheelsI might agree, or not, about the organizations. I definitely am against deductions for charitable contributions and mortgage interest. If you want to contribute to a cause, go right ahead (as do I), just don't ask for a reduction in your taxes. If you want to buy a house to live in and need to borrow money (as did I), go right ahead, just don't ask for a reduction in your taxes. I'm good with that too. Mortgage interest deduction........but but but but,,, that's one of MY 'special' perks. If you get rid of that, hundreds of politicians will lose votes. And just think of the decades of the deductions and how they artificially forced up home prices. What would we do? ... Driving is a one dimensional activity - a monkey can do it - being proud of your driving abilities is like being proud of being able to put on pants Quote Share this post Link to post Share on other sites
champu 1 #27 March 17, 2015 rehmwaAnd just think of the decades of the deductions and how they artificially forced up home prices. What would we do? And that's really the root of the problem with financial "benefits" to individuals that come from the government. Once the dust settles, the individual is not benefited and you just end up with superfluous gears in the machine that would hurt people to remove, so no one ever does. As you noted, being able to deduct mortgage interest doesn't actually make it easier to afford home ownership, it means everyone can now afford to spend more to buy a house. It just turns "house dollars" into a different, inflated currency that only houses and mortgages are traded in. Quote Share this post Link to post Share on other sites
GeorgiaDon 340 #28 March 17, 2015 champu***And just think of the decades of the deductions and how they artificially forced up home prices. What would we do? And that's really the root of the problem with financial "benefits" to individuals that come from the government. Once the dust settles, the individual is not benefited and you just end up with superfluous gears in the machine that would hurt people to remove, so no one ever does. As you noted, being able to deduct mortgage interest doesn't actually make it easier to afford home ownership, it means everyone can now afford to spend more to buy a house. It just turns "house dollars" into a different, inflated currency that only houses and mortgages are traded in.Canada has never allowed mortgage interest to be tax deductible, and home ownership rates are at least as high as the rate in the US, which suggests the deduction doesn't do much to promote home ownership. Incidentally, home prices are significantly higher in Canadian cities than they are in US cities. Don_____________________________________ Tolerance is the cost we must pay for our adventure in liberty. (Dworkin, 1996) “Education is not filling a bucket, but lighting a fire.” (Yeats) Quote Share this post Link to post Share on other sites
grue 1 #29 March 17, 2015 GeorgiaDon Incidentally, home prices are significantly higher in SOME Canadian cities than they are in SOME US cities. Don Fixed that for ya. cavete terrae. Quote Share this post Link to post Share on other sites
SkyDekker 1,141 #30 March 17, 2015 GeorgiaDon******And just think of the decades of the deductions and how they artificially forced up home prices. What would we do? And that's really the root of the problem with financial "benefits" to individuals that come from the government. Once the dust settles, the individual is not benefited and you just end up with superfluous gears in the machine that would hurt people to remove, so no one ever does. As you noted, being able to deduct mortgage interest doesn't actually make it easier to afford home ownership, it means everyone can now afford to spend more to buy a house. It just turns "house dollars" into a different, inflated currency that only houses and mortgages are traded in.Canada has never allowed mortgage interest to be tax deductible, and home ownership rates are at least as high as the rate in the US, which suggests the deduction doesn't do much to promote home ownership. Incidentally, home prices are significantly higher in Canadian cities than they are in US cities. Don Average price for a free standing home in Toronto just surpassed $1 million. Quote Share this post Link to post Share on other sites
rehmwa 2 #31 March 17, 2015 SkyDekker Average price for a free standing home in Toronto just surpassed $1 million. Homes that are more structurally challenged, I assume, are much less expensive..... ... Driving is a one dimensional activity - a monkey can do it - being proud of your driving abilities is like being proud of being able to put on pants Quote Share this post Link to post Share on other sites
SkyDekker 1,141 #32 March 17, 2015 not at all....have to pay extra for the shoring! Avtually many of the $1 million dollar homes are getting bought, with the plan to tear them down and build a new home on them. Quote Share this post Link to post Share on other sites
Rstanley0312 0 #33 March 17, 2015 wmw999 Like Joel Osteen? Wendy P. Bingo! Life is all about ass....either you're kicking it, kissing it, working it off, or trying to get a piece of it. Muff Brother #4382 Dudeist Skydiver #000 www.fundraiseadventure.com Quote Share this post Link to post Share on other sites
Rstanley0312 0 #34 March 17, 2015 champu ***And just think of the decades of the deductions and how they artificially forced up home prices. What would we do? And that's really the root of the problem with financial "benefits" to individuals that come from the government. Once the dust settles, the individual is not benefited and you just end up with superfluous gears in the machine that would hurt people to remove, so no one ever does. As you noted, being able to deduct mortgage interest doesn't actually make it easier to afford home ownership, it means everyone can now afford to spend more to buy a house. It just turns "house dollars" into a different, inflated currency that only houses and mortgages are traded in. I am good with this as long as it is AFTER I pay my home off! Life is all about ass....either you're kicking it, kissing it, working it off, or trying to get a piece of it. Muff Brother #4382 Dudeist Skydiver #000 www.fundraiseadventure.com Quote Share this post Link to post Share on other sites
rehmwa 2 #35 March 17, 2015 Rstanley0312 ******And just think of the decades of the deductions and how they artificially forced up home prices. What would we do? And that's really the root of the problem with financial "benefits" to individuals that come from the government. Once the dust settles, the individual is not benefited and you just end up with superfluous gears in the machine that would hurt people to remove, so no one ever does. As you noted, being able to deduct mortgage interest doesn't actually make it easier to afford home ownership, it means everyone can now afford to spend more to buy a house. It just turns "house dollars" into a different, inflated currency that only houses and mortgages are traded in. I am good with this as long as it is AFTER I pay my home off! but you won't be (if you ever want to sell it) - if they pull the tax benefits out, then your home value will take a corresponding 'correction' down in value to it's "real" value, IMO. See, once you get it in, then all the beneficiaries become stuck with it. the only real winners of 'subsidy' (benefit, entitlement, etc) type actions are those that get in immediately before the market corrects to absorb the action. Continuous 'help' in any area is only real if more and more, new and new, programs and efforts are cut in so help doesn't grow stale. Repeat ad nauseum until you break the bank. ... Driving is a one dimensional activity - a monkey can do it - being proud of your driving abilities is like being proud of being able to put on pants Quote Share this post Link to post Share on other sites
champu 1 #36 March 17, 2015 rehmwaBut you won't be (if you ever want to sell it) - if they pull the tax benefits out, then your home value will take a corresponding 'correction' down in value to it's "real" value, IMO. See, once you get it in, then all the beneficiaries become stuck with it. the only real winners of 'subsidy' (benefit, entitlement, etc) type actions are those that get in immediately before the market corrects to absorb the action. Continuous 'help' in any area is only real if more and more, new and new, programs and efforts are cut in so help doesn't grow stale. Repeat ad nauseum until you break the bank. Your "only real winners" statement is not quite true. The reason I made the "house dollars" comment is because these types of subsidies continuously benefit people that ride the exchange rate between inflated "house dollars" and regular dollars. Namely these are real estate agents, mortgage brokers, escrow company employees, and anyone else who makes commission based directly or indirectly off the sale price of the house. Quote Share this post Link to post Share on other sites
aphid 0 #37 March 18, 2015 SkyDekkerAverage price for a free standing home in Toronto just surpassed $1 million. Pfffft. I'll see your Toronto, and raise you a Vancouver! "The index price for existing detached homes on Vancouver’s west side rose 9.7 per cent over the past year to $2,282,400, while increasing 10.3 per cent to $936,500 on the east side." (source: http://www.livingin-canada.com/house-prices-canada.html) Quote Share this post Link to post Share on other sites
