The Deficit Commission’s Trial Balloon: A Few Good Ideas, and Two Horrible Ones that Deserve to Die
“Renters–typically the young, singles, and the less wealthy–should not have to subsidize homeowners”
Class warfare talk.
Am I subsidizing you because you have kids and I don’t?
Am I subsidizing you because you have student loan interest and I don’t?
Am I subsidizing your next move when you take a deduction for it?
How about the other 10,000 examples?
When I hear someone say something like “renters subsidize homeowners”, it’s clear that they are conservative except when they think they are getting the short end of the stick; then they are ‘liberal’.
The facts are that the tax code has thousands of clauses that people have structured important aspects of their lives around. Whenever it’s messed with for ANY REASON, there will be winners and losers, and some disruptions can be catastophic….like taking away the mortgage deduction would be for some people.
Yes the tax code should be simplified, but it should only be done gradually, and with consideration to how disruptive it is.
And taking away something as significant as the mortgage deduction isn’t tax-code simplification, it’s a TAX HIKE, pure and simple.
