06-22-2015, 06:14 PM
(06-22-2015, 06:01 PM)fredtoast Wrote: It is pandering to the wealthy because it benefits them much more than the middle and lower classes.
Not only do the wealthy have larger mortgages, but the deduction is worth more because they are in higher tax brackets. A $10K deduction is worth $2500 to a person in the middle class but worth almost $4000 to a person in the top bracket.
Again it is phased out up to 80% for the richest. The phase out begins at like $165,000. And the $2500 is much more important to the middle class guy than the $4000 to the rich guy.
Bottom line is if you take it away, you hurt millions of middle class families. How much do you think you could cut their taxes by eliminating the interest deduction? I have no idea how to figure that out.
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