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Californians’ home mortgage deduction would be capped under new bill

By OccasionalCortex follow OccasionalCortex   2020 Jan 9, 1:35pm 364 views   11 comments   watch   nsfw   quote   share    

SACRAMENTO — California homeowners with big home loans and vacation properties would owe higher taxes under new legislation to raise money for programs to get the state’s homelessness crisis under control.

The bill by Assemblyman David Chiu, D-San Francisco, would cap a state tax break for mortgages to the interest paid on the first $750,000 of a loan for a primary home. It would eliminate the deduction altogether for mortgage interest on second homes.

Chiu’s office estimates the changes would bring in $400 million to $500 million per year, which would be set aside as dedicated funding for shelters, permanent supportive housing and other homelessness services.

1   willywonka   ignore (4)   2020 Jan 9, 1:55pm     ↓ dislike (0)   quote   flag        

Brilliant redistribution plan to reset the homeless:non-homeless equilibria. Collect more and more money from the non-homeless driving them to the brink of homelessness, and use the money to drive the homeless into homes. OBEY!
2   SunnyvaleCA   ignore (1)   2020 Jan 9, 2:35pm     ↓ dislike (0)   quote   flag        

As WW (above) said: Raise the cost of buying a home so as to help the homeless! That's government (or progressive) logic for you!
3   Shaman   ignore (2)   2020 Jan 9, 3:33pm     ↓ dislike (0)   quote   flag        

The answer to everything is always MOAR TAXES!
4   CovfefeButDeadly   ignore (7)   2020 Jan 9, 3:46pm     ↓ dislike (0)   quote   flag        


Right after statewide rent control!!!!!

Enjoy dummies!
5   Patrick   ignore (1)   2020 Jan 9, 5:48pm     ↓ dislike (0)   quote   flag        

I approve.

Mortgages should not be subsidized at all.

The mortgage interest deduction raises the cost of buying.

Of course it's hard to get rid of, politically, because no one wants to see the price then can sell for fall back to fair value. Banks love all that interest too, and will loudly object.

The Germans and Canadians live just fine with no mortgage interest deduction.
6   porkchopexpress   ignore (0)   2020 Jan 9, 7:18pm     ↓ dislike (0)   quote   flag        

Patrick says
Mortgages should not be subsidized at all.
Right on. Pass this bill. It's a step in the right direction.
7   B.A.C.A.H.   ignore (0)   2020 Jan 10, 6:41am     ↓ dislike (0)   quote   flag        

Factoring tax laws and deductions into purchase decisions is a bad idea, as it depends on politics.

Like the pr*ck car salesman who told me in the 1980's, when all consumer interest was deductible from income, that it would be a good savvy move to get a car with a car loan. Then a year or so later "tax reform" passed, eliminating that deduction.

Same sort of thing on this news.
8   HeadSet   ignore (3)   2020 Jan 10, 7:53am     ↓ dislike (0)   quote   flag        

No consumer interest, including especially MID, should be tax deductible at all. Neither should charitable donations be deductible.
9   NoYes   ignore (3)   2020 Jan 10, 10:20pm     ↓ dislike (0)   quote   flag        

Geee...shows just how HARD the Dems work to rip off taxpayers
10   RC2006   ignore (2)   2020 Jan 11, 9:09am     ↓ dislike (0)   quote   flag        

Why 700k might as well go to 0, oh that might be racist with dem base.
11   Ceffer   ignore (4)   2020 Jan 11, 10:51am     ↓ dislike (0)   quote   flag        

NoYes says
Geee...shows just how HARD the Dems work to rip off taxpayers

Never underestimate them. They can do better. Ghetto whomper collectors and their occasionally employed government worker relatives will be press ganging on doorsteps some day.

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