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View Poll Results: Replace?
Yes, replace and exchange 4 25.00%
No, do not replace and exchange 3 18.75%
No; get rid of it with nothing in exchange 8 50.00%
I don't know 1 6.25%
Voters: 16. You may not vote on this poll

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Old 09-21-2012, 03:57 PM   Topic Starter
La literatura La literatura is offline
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Home Mortgage Interest Deduction

Would it be better to get rid of the mortgage interest deduction and replace it with a lowered rate deduction?
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Old 09-21-2012, 04:01 PM   #2
KC native KC native is offline
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Our tax system needs a dramatic simplification.

Retain the structure while eliminating all credits and deductions (obviously the lowest amount where taxes kick in would have to be raised).

This would eliminate massive costs associated with tax compliance and IRS collections and administration.
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Old 09-21-2012, 04:07 PM   #3
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Originally Posted by KC native View Post
Our tax system needs a dramatic simplification.

Retain the structure while eliminating all credits and deductions (obviously the lowest amount where taxes kick in would have to be raised).

This would eliminate massive costs associated with tax compliance and IRS collections and administration.
Life is complicated. We need a complicated tax code to go with it. But if we did get rid of all credits and deductions, what would you think a good tax rate schedule would be?
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Old 09-21-2012, 08:22 PM   #4
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Life is complicated. We need a complicated tax code to go with it. But if we did get rid of all credits and deductions, what would you think a good tax rate schedule would be?
No we don't need it to be complicated. We should not be using the tax code to modify behavior.

I don't know what the exact rates should be, but if all the nonsense were thrown out the statutory rates would be significantly lower than what they are today.
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Old 09-22-2012, 01:12 PM   #5
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Just ask yourself why is this being touted at all and who is supporting this move and then you will be able to put 2+2 together
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Old 09-22-2012, 01:14 PM   #6
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Just ask yourself why is this being touted at all and who is supporting this move and then you will be able to put 2+2 together
maybe the ones that see the fiscal train wreck coming?
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Old 09-21-2012, 08:58 PM   #7
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Life is complicated. We need a complicated tax code to go with it. But if we did get rid of all credits and deductions, what would you think a good tax rate schedule would be?
Life isn't fair. We need a really unfair tax code to go along with it.
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Old 09-21-2012, 09:09 PM   #8
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Originally Posted by Saul Badguy View Post
Life isn't fair. We need a really unfair tax code to go along with it.
We need a tax code that follows life. The tax code currently just follows business innovations.
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Old 09-21-2012, 09:12 PM   #9
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We need a tax code that follows life. The tax code currently just follows business innovations.
Is this true of all laws, or is it a phenomenon unique to the tax code?
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Old 09-21-2012, 09:25 PM   #10
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Quote:
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We need a tax code that follows life. The tax code currently just follows business innovations.
Good. More proof you are a complete moron. A tax code that follows life. This has potential.
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Old 09-21-2012, 10:48 PM   #11
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Quote:
Originally Posted by Literature View Post
We need a tax code that follows life.
I actually agree...and furthermore I have done research and plenty of thinking on this.....The only way to accomplish this fairly is to abolish income tax altogether....We do not want to punish people for investing or saving or making money...

What we have to do is tax based on CONSUMPTION.

You want a 'life' following tax, there you go.


If you want to live like you are rich: consume more & pay more tax

If you want to live frugally and help society: consume less, recycle,buy used goods and get rewarded with less taxes.

No loopholes.
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Old 09-22-2012, 12:50 PM   #12
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Quote:
Originally Posted by KC native View Post
Our tax system needs a dramatic simplification.

Retain the structure while eliminating all credits and deductions (obviously the lowest amount where taxes kick in would have to be raised).

This would eliminate massive costs associated with tax compliance and IRS collections and administration.
Exactly why it will never happen. Simplifying taxs would not require the IRS or as large a system. The governments doesn't get rid of jobs that easily.
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Old 09-22-2012, 01:10 PM   #13
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Exactly why it will never happen. Simplifying taxs would not require the IRS or as large a system. The governments doesn't get rid of jobs that easily.
It would also raise the unemployment rate. Why do all of you hate American workers?
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Old 09-21-2012, 04:08 PM   #14
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By 'lowered rate deduction', do you mean a lower rate in general? Or is this some other term that I don't understand?

The mortgage rate deduction is flawed in that it provides a bigger benefit to those who are more affluent and it encourages people to buy more home than they need, which has all sorts of other implications. It would be better to have a lower rate, but I have no idea how you put that genie back in the bottle. Phasing out the home mortgage deduction would be very difficult and it would damage a lot of households. I don't know how you could even do it from a realistic perspective.
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Old 09-21-2012, 04:13 PM   #15
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By 'lowered rate deduction', do you mean a lower rate in general? Or is this some other term that I don't understand?

The mortgage rate deduction is flawed in that it provides a bigger benefit to those who are more affluent and it encourages people to buy more home than they need, which has all sorts of other implications. It would be better to have a lower rate, but I have no idea how you put that genie back in the bottle. Phasing out the home mortgage deduction would be very difficult and it would damage a lot of households. I don't know how you could even do it from a realistic perspective.
I was thinking something like "Homeowners with existing mortgage, check box" and check box provides a certain percentage rate deduction on gross income. Not sure what a good percentage would be. I'll throw out 2%, and people can tell me about that.
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