Facts About Mortgage Deduction for Californians

 

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By Stephen Frank,  California Political News and Views

The Left LOVES taxes.  They love taxing the rich.  Yet, they are upset that those who pay more than $10,000 in mortgage interest might pay more in taxes.  Democrats are trying to have it both ways—supporting higher taxes for the rich—then opposing higher taxes.  Confusing.

Richard Rider has presented a series of stories showing the hypocrisy and why it may not even be true.  This is a good analysis of the subject.

“Furthermore, as I read the convoluted language of the bill, if a new mortgage loan exceeds $500K, the deduction is STILL allowed for the first $500K. For instance, if the mortgage balance is $600K, then roughly 5/6 of the loan interest would still be deductible.

Finally (and this one is a counterintuitive shocker), Canada does not allow an income tax deduction for mortgage interest on a home residence, and yet a significantly higher percentage of Canadians own homes than Americans. How DO they do it?

https://en.wikipedia.org/wiki/List_of_countries_by_home_ownership_rate

Think Democrats or the media tells the truth?  Want to buy a bridge in New York?

Related article: Mortgage interest deduction facts about California


Stephen Frank

Stephen Frank: Is the the publisher and editor of the California Political News and Views.  Mr. Frank speaks all over California and appears as a guest on several radio shows each week. He has also served as a guest host on radio talk shows and is a full time political consultant. http://capoliticalnews.com/

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