Comments on: Pres. Bush Rejects Recommended Mortgage Interest Deduction Limits

By: jim

jim — Wed, 22 Feb 2006 15:01:41 +0000

Bush has stated that he’s wanted the tax changes to be revenue neutral so if the mortgage deduction were removed, you’d have to add something else in there that people could deduct – potentially making things more complicated.

By: samerwriter

samerwriter — Wed, 22 Feb 2006 08:35:34 +0000

I agree with RS.

Getting rid of the mortgage deduction as part of a complete overhaul would be OK with me. Every deduction out there has a legion of rabid fans who will complain if it’s removed. But as a result the tax bill is far too complicated and it’s likely many of us overpay on our taxes simply because we aren’t aware of which deductions apply to us. I’d sacrifice my mortgage deduction in a second if it meant I could do my taxes on a 3×5 card.

By: RS

RS — Mon, 20 Feb 2006 15:47:32 +0000

Part of the problem here is perception. Removing the mortgage interest deduction keeps getting reported as a stand-alone change and as that, it would be very bad for many people. I know that it would personally be very bad for me as it is really my only deduction and I am already paying the govt $6000 even with it.

However, if this change were done with a bunch of other changes (overhauls really), it may not be that bad. I have seen a couple of articles that show how it could be a good change when done with some other changes. I think that everyone can agree that something needs to change with our tax system, but if everyone keeps screaming at how bad getting rid of the mortgage interest deduction would be, nothing will ever get done (although nothing will probably get done anyway as most elected officials can not afford to take a chance this big).

By: jim

jim — Sun, 19 Feb 2006 04:05:06 +0000

Well put Anonymous

By: Anonymous

Anonymous — Sun, 19 Feb 2006 04:02:48 +0000

bush says many things

By: FMF

FMF — Sun, 19 Feb 2006 02:30:51 +0000

I’m willing to let it go.