Quote:
|
Originally Posted by NCB
Well, if that's the line of reasoning, should renters be allowed to deduct mortgage intrest from their income taxes? You know, since they're essentially paying the mortgage too
|
I think that mortgage interest should probably not be deductable. I haven't rented for over 25 years but it seems that this is just another tax loophole. A straight forward flat tax on income would be fairer with no loopholes. A national sales tax may be even fairer.
I can see how renters could share in the property tax deduction but interest would be more difficult to determine with all the creative financing going on in the commercial housing market. Probably better to just close the loopholes and lower everyone's tax rate.