I am feeling like a prophet. I believe that one of the changes we are going to see in the near future is the federal government taking away the tax deduction for home mortgages. The leaches in Washington are looking for any changes they can make that will give them more money to pass to their cronies.
I was listening to a podcast called Uncommon Knowledge. Peter Robinson was interviewing an economist who was supposed to be conservative. In the course of the interview the economist talked about how the home mortgage deduction only benefitted the rich with their big homes. It would only be fair to the general population to take it away. This is classic class warfare. This is another example of someone disguised as a conservative pushing to move more power to the hands of the elites by making it harder for the common man to get ahead and gather wealth. He may even believe he is conservative but this is “blame the rich” stuff.
Why do I say this? The home mortgage deduction is the same for everyone. It is not graduated like the income tax or capped like social security deductions. Untold millions of Americans with moderate means find that it is the difference between owning a home or living in an apartment. It helped us when we were living on one salary. It is helping my children as they buy their first homes. I must admit that at this time I do not have any mortgages so taking away the deduction would not hurt me in the least.
What about the rich? If you take away this tax break they will simply find another way around it. They will put everything in a trust. They will play all kinds of legal games. They will lease instead of buy, just like they do their cars. I don’t even know how but I know what.
Could I go for getting rid of the deduction? Not in that form but I would be willing to look at a flat tax or some other approach. Whatever we do we need to stop listening to the people who blame the rich for the problems of the poor. I continue to notice that every student at my school has a phone that is more expensive to buy and operate than the one I own. I see the secretaries and janitors drive newer cars than I do. We have a security guard who says he has 100 pair of shoes and I doubt if any of them came from the thrift store.
Give the poor the opportunity to become wealthy by removing the roadblocks not making them more dependent on government.
homo unius libri
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Comments are welcome. Feel free to agree or disagree but keep it clean, courteous and short. I heard some shorthand on a podcast: TLDR, Too long, didn't read.