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As an American, Canadians are insane for buying into this system. As a European, the US mortgage system combined with very generous tax-deductible interest rul
by dagw 3y ago
As an American, Canadians are insane for buying into this system.
As a European, the US mortgage system combined with very generous tax-deductible interest rules, is probably one of the most generous and property owner friendly system around. As a property (and mortgage) owner myself, I'm very envious of it.
That being said, had I been a renter in the US I would probably be very upset about how much tax payer money is going to support home owners.
- throwaway2037 3y agovery generous tax-deductible interest rules There is a lot of economic research around the second order impact of these tax deductions. Do they, in fact, increase the cost of homes? There is _some_ evidence that says yes, so the tax deduction is offset by higher purchase price.
- frumper 3y agoThe standard deduction is now taken close to 90% of the time in the US. Most people no longer benefit from the mortgage interest on their taxes.
- psunavy03 3y agoThe standard deduction has been significantly increased in the US recently. Mortgage interest is often not worth itemizing unless you're in a high cost of living area or have a big house elsewhere.