Romney And the Home Mortgage Interest Deduction

Discussion in 'Politics' started by George Costanza, Sep 17, 2012.

  1. George Costanza
    Offline

    George Costanza A Friendly Liberal

    Joined:
    Mar 10, 2009
    Messages:
    5,179
    Thanks Received:
    1,087
    Trophy Points:
    155
    Location:
    Los Angeles area.
    Ratings:
    +1,187
    What do you think the Romney would do with the home mortgage interest deduction if elected you-know-what? I think he would try his best to remove it. But you can't go around SAYING THAT two months before a national election, now can you?

    Anyone have an information or thoughts on that?

    Here's something to get the ball rolling:

    Mitt Romney Refuses To Say Which Tax Deductions He Would Eliminate
     
    • Thank You! Thank You! x 1
  2. mex
    Offline

    mex Active Member

    Joined:
    Sep 16, 2012
    Messages:
    461
    Thanks Received:
    66
    Trophy Points:
    28
    Ratings:
    +66
    30-year rates are at 3.5%.

    It's not even worth itemizing at that rate.

    Do your math before posting such nonsense.
     
  3. Old Rocks
    Offline

    Old Rocks Diamond Member

    Joined:
    Oct 31, 2008
    Messages:
    46,622
    Thanks Received:
    5,430
    Trophy Points:
    1,840
    Location:
    Portland, Ore.
    Ratings:
    +10,418
    Really? Goodness, you must be in the million + bracket.
     
  4. Lakhota
    Online

    Lakhota Diamond Member

    Joined:
    Jul 14, 2011
    Messages:
    47,781
    Thanks Received:
    4,719
    Trophy Points:
    1,855
    Location:
    Native America
    Ratings:
    +16,092
    Yep, say goodbye to the home mortgage interest deduction under Romney/Ryan.
     
  5. mex
    Offline

    mex Active Member

    Joined:
    Sep 16, 2012
    Messages:
    461
    Thanks Received:
    66
    Trophy Points:
    28
    Ratings:
    +66
    no. my son just bought his first house. He makes just over 30K. At 3.5% APR, his standard deduction is more than he'd get if he itemized.

    This ain't rocket surgery, but I'm willing to look at your numbers to prove me wrong.

    Or, you can keep yammering on about nothing.

    Your move.
     
    Last edited: Sep 17, 2012
  6. American Horse
    Offline

    American Horse AKA "Mustang"

    Joined:
    Jan 23, 2009
    Messages:
    5,741
    Thanks Received:
    892
    Trophy Points:
    153
    Location:
    The Hoosier Heartland
    Ratings:
    +938
    Actually, for low income earners the mortgage deduction has been negated by the minimum standard deduction for some time. I would support it, and my family and extended family have most of our earnings from real estate. The Association of Realtors and the Builders Association are strong promoters, but their support is mostly pro-forma.

    There are also upper limits on deductibility including interest on a mortgage exceeding the value of a home including when a home is "under water" financially. With interest rates so low it would be a good time to remove it, but Romney would need to make the case. I think he'd prefer to be vague about specifics because most of the loopholes and deductions are complex and hard to expkain and easily demagogued; and it will be hard to penetrate the fog) to make them attractive, so he may prefer to remain vague and non specific. That would be an error.

    I think he has a full list of changes to deductions both for businesses and individuals that he would put into effect. The nature of the existing law will make them essentially not applicable to earners below 50k. He would change deductibility of medical treatment, pharma, and medical insurance, but even those will be hard to pass, strong as the opposition will be.
     
    Last edited: Sep 17, 2012
  7. Jarlaxle
    Offline

    Jarlaxle Gold Member

    Joined:
    Sep 4, 2012
    Messages:
    12,716
    Thanks Received:
    1,130
    Trophy Points:
    205
    Location:
    New England
    Ratings:
    +2,605
    My rate isn't that low (IIRC, I'm right at 4%), but you are correct: for me, it's essentially a wash. (The difference was <$100, I don't recall which way.)
     
  8. mex
    Offline

    mex Active Member

    Joined:
    Sep 16, 2012
    Messages:
    461
    Thanks Received:
    66
    Trophy Points:
    28
    Ratings:
    +66
    This is all I'm saying.

    I remember the days of high mortgage interest... it was definitely a benefit to deduct interest in those days.

    4% is a hell of a rate. Lock it in for God's sake. That's almost free money.
     
  9. mex
    Offline

    mex Active Member

    Joined:
    Sep 16, 2012
    Messages:
    461
    Thanks Received:
    66
    Trophy Points:
    28
    Ratings:
    +66
    agreed.

    especially the DEMAGOGUED part.

    Lots of people own homes and have not a clue about their finances. they will fall prey to the politicians' scare tactics.

    Hence this thread...
     
  10. GreatDay
    Offline

    GreatDay Wasn't it?

    Joined:
    Aug 21, 2012
    Messages:
    436
    Thanks Received:
    37
    Trophy Points:
    16
    Ratings:
    +37
    It's the only way to even come close to making his numbers work, but they still don't..

    It is amazing that Romney can look at America and think to himself, damn the poor got way too much and the rich ain't got nearly enough...time to broaden the base and lower the rate.
     

Share This Page