Should mortgage interest deduction and charitable donations be allowed?

Jan 2008
32,903
9,709
Vertiform City
Yes, good. Get rid of ALL deductions.

We need to seriously recouple the tax equation with peoples' votes.
 
Mar 2012
5,217
933
We are now hearing both Democrats and Republicans coming forward saying both the deductions for giving to charity and mortgage interest should be on the table when it comes to the fiscal cliff. Thoughts?
All interest should be deductible. Historically this was the case as there was little distinction between personal finances and business finances for the average American farming family.

Mortgage interest was left intact as a vestige of this arrangement back in the 1980s.

In my opinion, ALL interest should be deductible. BUSINESSES get to deduct interest as a legitimate business expense.

Charitable giving? In theory, no, in practice the government they have to tighten it up a LITTLE to make it more verifiable....
 
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Feb 2010
35,228
25,418
between Moon and NYC
We are now hearing both Democrats and Republicans coming forward saying both the deductions for giving to charity and mortgage interest should be on the table when it comes to the fiscal cliff. Thoughts?

Paying for charitable giving - Washington Post

When will lawmakers get serious on the "fiscal cliff"? - CBS News
Think everything needs to be on the table for discussion.

That said, the mortgage interest deduction was created and exists for a reason. To motivate families to buy and build homes. The tax break is a nice incentive for an action which helps move and expand the economy.
 
Mar 2012
60,082
41,512
New Hampshire
I can remember a lot more deductions when the tax rates were higher. We used to be able to take off car loan interest and even credit card interest. I remember people buying a car every three or four years just to take off the interest from their taxes!
 
Dec 2010
36,825
28,616
Virginia
Think everything needs to be on the table for discussion.

That said, the mortgage interest deduction was created and exists for a reason. To motivate families to buy and build homes. The tax break is a nice incentive for an action which helps move and expand the economy.
So socialism is okay if it's for a purpose of which you approve?
 
Jan 2012
3,597
1,666
Vacaville, CA
Think everything needs to be on the table for discussion.

That said, the mortgage interest deduction was created and exists for a reason. To motivate families to buy and build homes. The tax break is a nice incentive for an action which helps move and expand the eco, nomy.
Are people who buy homes somehow "better" than people who rent? Considering the rise in divorce rates and broken families in the last three decades, owning a home seems unrelated to morality and stability.