California credit rating cut close to junk

[Ban Hammer 13,641]

There's always the mortgage interest tax break. That's something too..

that may be history before too long.

The NJ state personal income tax mortgage interest deduction is already history.

we never had one here that i'm aware of.

[Ban Hammer 13,641]

...and one could argue back that what is the point of penalizing responsible homeowners who make their payments, pay their taxes and didn't lose their houses in the ridiculously stupid, ill thought out sub prime fiasco?

It honestly just seems to me like money has to come from somewhere to help pay for all the billions borrowed....so it's clawed back from this -which seems counter productive to me as isn't the housing market a major driving force of our economy, home ownership is good for the economy-why remove a 'perk'??

I'm not saying it should be removed - but it shouldn't be given to the homeowner at the expense of the renter.

Either exempt both renters and homeowners or neither.

what interest are the renters paying?

[tmma 467]

...and one could argue back that what is the point of penalizing responsible homeowners who make their payments, pay their taxes and didn't lose their houses in the ridiculously stupid, ill thought out sub prime fiasco?

It honestly just seems to me like money has to come from somewhere to help pay for all the billions borrowed....so it's clawed back from this -which seems counter productive to me as isn't the housing market a major driving force of our economy, home ownership is good for the economy-why remove a 'perk'??

I'm not saying it should be removed - but it shouldn't be given to the homeowner at the expense of the renter.

Either exempt both renters and homeowners or neither.

Ah, ok...I see what you are saying now..but how would a renters exemption be figured? Would it be based on the portion of the landlord's mortgage interest?

[natty bumppo 297]

...and one could argue back that what is the point of penalizing responsible homeowners who make their payments, pay their taxes and didn't lose their houses in the ridiculously stupid, ill thought out sub prime fiasco?

It honestly just seems to me like money has to come from somewhere to help pay for all the billions borrowed....so it's clawed back from this -which seems counter productive to me as isn't the housing market a major driving force of our economy, home ownership is good for the economy-why remove a 'perk'??

I'm not saying it should be removed - but it shouldn't be given to the homeowner at the expense of the renter.

Either exempt both renters and homeowners or neither.

Ah, ok...I see what you are saying now..but how would a renters exemption be figured? Would it be based on the portion of the landlord's mortgage interest?

taxed value for the property?

[Ban Hammer 13,641]

...and one could argue back that what is the point of penalizing responsible homeowners who make their payments, pay their taxes and didn't lose their houses in the ridiculously stupid, ill thought out sub prime fiasco?

It honestly just seems to me like money has to come from somewhere to help pay for all the billions borrowed....so it's clawed back from this -which seems counter productive to me as isn't the housing market a major driving force of our economy, home ownership is good for the economy-why remove a 'perk'??

I'm not saying it should be removed - but it shouldn't be given to the homeowner at the expense of the renter.

Either exempt both renters and homeowners or neither.

Ah, ok...I see what you are saying now..but how would a renters exemption be figured? Would it be based on the portion of the landlord's mortgage interest?

i thought the landlord got the mortgage interest deduction? if the renters did too, then wouldn't that be double dipping on the tax rolls?

[Trompe le Monde 1,107]

I'm not sure if it still exists but you used to be able to get a tax credit in Michigan if you were a renter, based on the premise that you were subsidizing the landlords property taxes through your rent

[mawilson 2,133]

i thought the landlord got the mortgage interest deduction? if the renters did too, then wouldn't that be double dipping on the tax rolls?

No more so than the double taxation of the renter and the landlord on the income generated by the rental property.

In other words - the landlord gets a mortgage interest exemption, but is fully taxed on the rental income;

the renter should then get a rent exemption.

[tmma 467]

i thought the landlord got the mortgage interest deduction? if the renters did too, then wouldn't that be double dipping on the tax rolls?

No more so than the double taxation of the renter and the landlord on the income generated by the rental property.

In other words - the landlord gets a mortgage interest exemption, but is fully taxed on the rental income;

the renter should then get a rent exemption.

But how would it be figured, and how would it be equitable for all renters? I mean, some pay more rent than others, some are in rent controlled areas, some people's rent is paid for by the state...etc etc.

[Ban Hammer 13,641]

i thought the landlord got the mortgage interest deduction? if the renters did too, then wouldn't that be double dipping on the tax rolls?

No more so than the double taxation of the renter and the landlord on the income generated by the rental property.

In other words - the landlord gets a mortgage interest exemption, but is fully taxed on the rental income;

the renter should then get a rent exemption.

but that's ok for the landlord, as we hate rich people and want to tax them into poverty.

[mawilson 2,133]

i thought the landlord got the mortgage interest deduction? if the renters did too, then wouldn't that be double dipping on the tax rolls?

No more so than the double taxation of the renter and the landlord on the income generated by the rental property.

In other words - the landlord gets a mortgage interest exemption, but is fully taxed on the rental income;

the renter should then get a rent exemption.

but that's ok for the landlord, as we hate rich people and want to tax them into poverty.

I hate targeted tax tricks of any kind - for the rich or the poor.