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Mortgage deduction makes housing affordable for working class. Rich people get richer through dividend payments or capital gains. But if they keep reinvesting
by stealthmodeclan 8y ago
Mortgage deduction makes housing affordable for working class.
Rich people get richer through dividend payments or capital gains. But if they keep reinvesting the capital in their business then they'll be able to defer tax forever..
You can reduce inequality by limiting the wealth you can generate from a corporation.
- s73v3r_ 8y ago"Mortgage deduction makes housing affordable for working class." In some places. And the new tax bill placed caps on those, so living in high cost of living areas, because that's where the jobs are, means you're probably not going to be able to afford a house.
- maxxxxx 8y ago"Mortgage deduction makes housing affordable for working class." I don't believe this. People tend to max out what they pay for their mortgage so if they have a tax deduction they just will pay more for houses. Which then benefits the owning class.
- stealthmodeclan 8y agoI don't believe this. People tend to max out what they pay for their mortgage so if they have a tax deduction they just will pay more for houses. Which then benefits the owning class. If you remove mortgage deduction, I'll buy 10 houses just because others can't use their deductions to offset the mortgage. There are all cash buyers sitting around the corners. I advocate for capping the total mortgage deduction.
- maxxxxx 8y ago"I advocate for capping the total mortgage deduction" I agree about capping. Same for capital gains. Put a cap on it that lower income have an incentive to invest. Capping mortgage deductions would also make real estate "investing" less interesting so the money would go to other purposes than driving up house prices.