the night that everyone knew for sure that Kamala Harris had no chance to win a fair election.
I had the same thought: triplets with three different fathers . . .
ok, a very similar thought.
long ago I considered that instead of getting a 'mortgage deduction' the money should go to pay down the mortgage.
and also excise tax to the bank on the part of the home that they still own.
home mortgages were created so that banks, who owned everything, didn't have to pay property tax on all of it.
so they were given a special deal and all kinds of tax breaks that were supposedly to the home owner, but which really benifit the lender. If you didn't have a mortgage you didn't get the deduction . . .
and then for a certain percentage of the mortgages the borrower would default and the home would go back to the lender.
to me the 'deduction' benefited the lenders far more than the borrowers.
plus in encourages people to go into debt.
also it keeps home prices artificially high.
and people treat their property like a piggy bank and many peole NEVER pay off their mortgages.
It seemed to me a better idea would be to pay to those who OWN their homes and those who have a mortgage . . . the amount of equity they have would determine their tax advantage, and whatever money that the government could give them would be applied to the principle: to encourage PAY OFFS and to stop people from borrowing so much.
should say 'seem to have been created' because I have no way of proving that was the motivation behind the federal government becoming so tied up in the mortgage industry.