Letters to the Editor

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TAXES: Should mortgage interest be deductible?

Letter by Donald E. Proctor, Sumner on March 3, 2011 at 4:53 pm with 16 Comments »
March 3, 2011 4:53 pm

A letter writer (TNT, 3-1) suggests that interest for a mortgage on a second home should not be a deductible item for income taxes.

One might ask whether mortgage interest paid by any home buyer (first, second or 12th) should be a deductible expense if rent payment by a renter is not deductible.

If the interest deduction is intended to stimulate jobs in the building trades, second homes are probably just about as stimulating as first homes. And homes that are bought and paid for yield no deduction at all to shelter one from income tax.

We must finally ask whether having a roof over one’s head in some way alters the need for the government services that are paid for by income taxes.

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Leave a comment Comments → 16
  1. Huh???

  2. witchiwoman says:

    Ditto. Huh???

  3. nwcolorist says:

    Don, you probably understood your point, but I missed it.

  4. nokoolaide says:

    I think he is saying we should all shut up and give the government all our money?

  5. the3rdpigshouse says:

    I believe Don likes being a government dependent and would appreciate it if everyone would just go along to get along and support “OH-Bumnmer’s” socialist agenda for the USA!! NOT!!!

  6. donjames says:

    I think this week has set some new kind of record for W-T-F letters.

  7. not to mention W-T-F responses.

  8. donjames says:

    Robo-responder has spoken.

  9. Okay, I thought maybe you guys weren’t trying hard enough to understand the letter, or maybe you were just being mean. No. No. It’s him, not you. I don’t know what he’s trying to say either.

  10. MadTaxpayer says:

    Duh!

  11. I’m drunk, maybe I can help…

    Forst paragraph – some dude, in a previous letter, suggested that the home mortgage deduction for the second home should be abolished… OK…

    Second paragraph – (hypothetical question asked in the form of a statement… translation….) Why should a mortgage be deductable, if a renter cannot deduct, yes you guessed it, his rent payment? (yes there is such a thing as a dumb question)

    Third paragraph – (again a hypothetical question in the form of a statement…. Translation…) if the interest deduction is intended to stimulate jobs (premise might be weak here), building more homes is stimulating too… (again a dumb premise compounded by a dumber premise). (What follows is the apple to the previous orange) – if your house is paid for, then you have no deduction…. (seems like a duh here searching for a point to latch on to… hmm…)

    Fourth paragraph – sorry guys, I gonna need to take some peyote to crack this paragraph but I believe it is a galaxy size leap of logic in the form of a conclusion that is based on the previous stupid premises.

    You know I would like to meet the rocket scientist that thought this letter met some standard… on some planet… somewhere in this galaxy…

  12. I could see rr was headed toward something so I had a couple drinks and now the last paragraph is coming into focus.

    Moving backward through the paragraph — “government services that are paid for by income taxes.” We’ll call that education and road maintenance (just to annoy sue1234.) “…alters the need for…” I guess we don’t need them after all. “…having a roof over one’s head…” is obviously anybody who isn’t homeless.

    Voila! There we have it! The last paragraph says if you aren’t homeless you don’t need to go to school.

    Now I’m tired.

  13. I agree with the notion that mortgage interest should NOT be tax deductable. No interest of any kind should be. Other taxes, sales, income, property taxes etc should remain deductable. You should not pay tax on tax.
    If you choose not to pay cash for something, and have to finance it, why should other taxpayers subsidize your need for credit ?
    A case could be made for the exemptions for children is not vaild also. I bet the state that pays the least amount per filer is the State of Utah. Why should the nation subsidize Mormons and Catholics with large families ? If you have 10 kids, you pay for them, not me. The whole matter of tax deductions is a compilation of national legacies and special interests.
    BTW, Rocket Science is not just tax deductable, it is fully reimbursable by the government (even better).

  14. Backwards… Genius…

  15. rr — Aww, shucks. Thanks. Let me know if I can help with anything else.

  16. And I thought Yogi Berra was hard to understand.

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