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IRS Data

IRS Data

TRUTHmin | Dec 5, 2012 01:52 PM ET I happened to look at this data yesterday Speculate717 | Dec 5, 2012 12:41 PM ET Just more welfare for the rich: kill it! ================== Populists are usually incorrect, and you are no exception. 70% of the itemizers fall in between 50-250k and take 70% of the benefit. 11.6% of all home mortgage interest goes to the 250k+ category, which represents 5.6% of filers 18.3% goes to those making less than 50k, which represents 25% of filers

TRUTHmin | Dec 5, 2012 01:55 PM ET "IRS data show that homeowners making $100,000 or more claim almost half of the mortgage interest deducted. " Soooooo then mathematically the other half makes less than $100,000. lol. Talk about a media narrative.

JimR441 | Dec 5, 2012 02:11 PM ET TRUTHmin - you beat me to the punch -- so the proposal`s effect is to take away the mortgage deduction from those with income in the $50K-$100K area. That is, not the rich, and not those who don`t pay any taxes -- the middle class working family. There`s a lot of sloppy thinking in some of these postings, especially from someone who pretends to think like an MBA. Actually the mortgage deduction is a stimulus for workers in the building trades and a net job creator. To claim that the money just goes to mortgage brokers and bankers is just a weak attempt at class envy which someone with a real business background would immediately recognize.

mountainbiker | Dec 5, 2012 02:51 PM ET Phase out the deduction. Homeownership will be fine without it and the gradual phase out of the deduction will mitigate the impact on the housing industry. I do not weep any tears for the homebuilding industry as they had a BIG hand in the housing collapse. Homeownership is still desirable and most people will seek ownership.

njcpa24 | Dec 5, 2012 03:00 PM ET Since the standard deduction accounts for a certain level of itemized deductions anyway, let`s just get rid of all of the deductions (excess healthcare costs, state and local taxes, interest deductions, and charitable contributions). Even President Obama said that getting rid of these would not hurt charities when he was pushing for Obamacare (I personally think he`s right on this one). While this would mostly hurt "th rich," middle class will also feel some of the pain. But somehow we have to pay for all the spending we do.

Malkiel | Dec 5, 2012 03:20 PM ET The authors of this article seem to be confused by their statistics. Take this: "79% of buyers said the mortgage interest deduction was "extremely important" to their decision to buy a home ΓΆ€” even though IRS data show only 27% of California taxpayers claim the credit." Implies that the pool of taxpayers who are buying a home in the current tax year should be a much larger percentage of the overall pool of taxpayers, a questionable assumption. At any given time the number of homeowners who can`t take the deduction (because the house is paid off, or not bought with a mortgage, or inherited, etc.) will be the majority, but the pool of buyers from recent tax years will be heavy users of the deduction. That`s what`s supposed to happen, that`s how it`s supposed to work, and%2

Rayday | Dec 5, 2012 03:22 PM ET If your mortgage deduction is less than the standard deduction then of course you will not take it unless your other itemized deductions take you over the standard deduction. If your mortgage interest does take you over the standard deduction then of course you will itemize and take the benefit of the other deductions available to you that you normally cannot take unless you itemized. Since you will pay less federal taxes this additional money available to you may help you finance a little bigger house. What is the problem, here? This is a no brainer! If you take away the mortgage deduction from the so-called middle class then I am willing to bet that there will be an adverse impact to the housing sector purchased by the middle class.

Beringer | Dec 5, 2012 03:29 PM ET @Glenn1954 - I agree, let`s stop this nonsense about subsidizing the population. Last year my mortgage interest was about $25k - this amounted to a tax savings for me of about $8k. Why should the rest of the country have to pitch in to pay for that? Just get rid of the BS deduction. While we`re on the topic, last year I paid about $100k in Federal taxes. I have a family of 3, and based on what the Fed Govt takes in per individual (around $4k), a payment of $12k would have covered my family... the other $88k went to subsidize other Americans who didn`t pay enough to cover what the Govt spends on them. How about we change the rules where I don`t burden the rest of the country w/ that $8k and I get to keep the $88k that I paid to subsidize other%2

Beringer | Dec 5, 2012 03:32 PM ET This thing no longer gives you the 1100 characters, I guess. should have said: How about we change the rules where I don`t burden the rest of the country w/ that $8k and I get to keep the $88k that I paid to subsidize other Americans. This way, no one is subsidizing anyone else - I think that`s fair.

patelug | Dec 5, 2012 03:34 PM ET Leave it to politicians to fan a smoldering fire. We are just starting to recover from a world wide recession caused by a housing bubble. And what do they want to do? Push you right back into it. I think IQ testing should be a prerequisite to getting on the ballet.

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