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As a homeowner I get to deduct mortgage interest in taxes. As a renter I don't. If a corporation decides to own commercial interest. Principal + interest + tax
by nojvek 2y ago
As a homeowner I get to deduct mortgage interest in taxes. As a renter I don't.
If a corporation decides to own commercial interest. Principal + interest + taxes. + maintenance. Everything other than profits gets to be deducted. Renters don't.
Trump cutting corporate income tax from 31 to 21% flat made the wealth jump up to the top. Then Biden came and pumped 5 Trillion in the economy with huge PPP payouts to corporations whose owners were already wealthy. Wealth begets wealth. Rich get Richer.
The current 20-30 somethings are the first generate in the entire history of this nation to build less wealth than their parents at the same age.
The only people in Seattle and SF making it at 20-30 is if they work at BigTech getting $500k in total combined comp.
Everyone else is fucked.
Even if Powell holds the interest rates high, congress continues to spend in trillions.
More on it https://www.youtube.com/watch?v=qEJ4hkpQW8E https://www.youtube.com/watch?v=qEJ4hkpQW8E
Canada, UK, Australia, NZ aren't that much better. The housing pressure is very real.
We must really hate our kids. If the economy won't crush them, global warming will slowly crush their grand kids.
I respect every couple who decide not to have kids. It's a sane financial choice in current economic conditions.
- skissane 2y ago> Canada, UK, Australia, NZ aren't that much better I'd argue Australia is even worse, because at least in the US owner occupiers get mortgage interest deductions, in Australia only landlords can do that. Also, in the US residential mortgages are normally no-recourse (if you default you only lose the house), in Australia they are normally full-recourse (if it sells at foreclosure for less than you owe on the mortgage, you still owe that to the lender)