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Kelvin Mace

(17,469 posts)

12. I agree with the deduction within reason

Reply to trof (Reply #10)

Thu Nov 29, 2012, 10:58 AM

Nov 2012

but the following limits should apply:

1) Deduction capped at median price of a house in your state.

2) One and only one house.

3) Businesses may qualify only if: a) CEO pay not greater than 100 times lowest paid employee. b) no income is sheltered from taxes on foreign soil. c) 90% of employees must be in the U.S., including contractors. d) wages must be 150% poverty line minimum.

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Do you take the mortgage interest deduction on your federal or state income tax? [View all] trof Nov 2012 OP

I do. Hassin Bin Sober Nov 2012 #1

Yes, we do. HuckleB Nov 2012 #2

i have a mortgage credit certificate shanti Nov 2012 #3

life long renter and frankly, I've never understood the morgage interest deduction.... mike_c Nov 2012 #4

Once upon a time Kelvin Mace Nov 2012 #7

that makes a whole lot more sense to me than the mortgage interest deduction.... mike_c Nov 2012 #8

Yeah, but it encourages debt Kelvin Mace Nov 2012 #13

Yep, and taxes on S/S income. trof Nov 2012 #9

Now THAT was stupid Kelvin Mace Nov 2012 #11

The 'Realtor's' lobby is powerful. trof Nov 2012 #10

I agree with the deduction within reason Kelvin Mace Nov 2012 #12

mortgage interest deduction for multiple homes should be eliminated 2Design Nov 2012 #5

We do. The news report I just watched said it would cap the deduction on mortgages over 500K - 1Mill PATXgirl Nov 2012 #6