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Mac. Do you take a interest mortgage deduction? Would you give that "free" tax deduction up?
What "free" stuff are you referring to? That mortgage deduction cost the Treasury like 120 billion a year. That's a bunch of "free" stuff right there. Why do people like you and I get this feebie Mac?
A tax deduction is not 'free stuff'. A tax deduction is what the government does not take of what we earn. It takes nothing out of anybody else's pocket; it just allows us to keep more of what we worked for and is rightfully ours.
"Free stuff" is what you did nothing to earn but you receive while somebody else pays for it out of their pocket.
There is a difference between these two things for those with the ability to reason and understand.
Oh bull shit. The mortgage interest deduction should have absolutely nothing to do with the payment of income tax. It is a freebie to people like me that have a mortgage. It reduces my tax obligation. Why?
The government has nothing to do with the contract I entered into for a mortgage loan.
So what are you talking about when you say the highlighted section above? Or do you know what you are talking about?
I know that the tax deduction is subtracted from the EARNED INCOME that we would otherwise owe taxes on. If you have no earned income or not enough earned income, the deduction is moot because you aren't paying taxes anyway. If you don't have enough deductions, the deduction is moot because you do better taking the general standard deduction allowed all taxpayers instead of itemizing.
But if I am legally entitled to pay $1,000 less in taxes because I have deductible mortgage and interest expenses, how does that cost anybody else anything? It takes nothing away from you and obligates you for nothing whatsoever.
But if the government gives me $1,000 it had to take that from somebody else or obligate somebody else to pay it plus interest.
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