Re: Reading is Fundamental
OK, so you make $60,000 a year and own a house. You write off $15,000 since you are paying mostly interest. That means you report $45,000 in earnings, and pay what, $8,000?
Now say I make $60,000 a year and rent. Because I am a stupid, bad and worthless person who can't afford to spend $500,000 for a 2 bedroom house where I live, I pay taxes on my full income, or almost $11,000. Frigging Pete Wilson killed our measly $76 renter's tax credit in California- how fair is that?
The way I see it, you get $3,000 a year in welfare at my expense. Ironically, the fancier, more valuable house you have, the more welfare you get. A single mother with two kids reciceving CALWOKS gets less than $4500 a year.
Tax credits or breaks are the same for the government as actually handing out cash. What's the difference between collecting $100 and giving out 20 or just collecting $80? At least when the government collects $100, they can keep some interest.
I love accusing middle class people of accepting welfare, because they hate the suggestion. American men are so vain- they like to believe that they have everything they have on their own merits- as if they didn't benefit from public education, stable courts, law enforcement, public roads, tax breaks, etc.
If the mortgage interest deduction was ever repealed, the government would get a trillion dollar windfall that they could use on schools, healthcare, infrastructure, or, horror of horrors, a tax break for low-income workers.