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Sure. . .being able to get a 3% mortgage, and the new effort President Obama is making to help people refinance is being negated by that 1/10th of 1% "tax"! And this "tax" at least makes sense: people with little means pay little, people with big means pay more! I hope there will be more changes in the tax code regarding mortgages. I believe that interest on mortgages up to $400.000 (or the level of "jumbo loan," which varies around the US to account for cost of properties in different areas) should continue to be tax deductible, but that the amount over that "base mortgage" (or the part of the mortgage that is "jumbo") should lose the tax deduction. It would not only make people think twice about building and occupying those huge, good for nothing except using more energy and making a much bigger foot print on our environment. And still. . .it wouldn't keep people who want those mega mansion from exercising that right. . . . but at their own expenses!
Sure. . .being able to get a 3% mortgage, and the new effort President Obama is making to help people refinance is being negated by that 1/10th of 1% "tax"!
And this "tax" at least makes sense: people with little means pay little, people with big means pay more!
I hope there will be more changes in the tax code regarding mortgages. I believe that interest on mortgages up to $400.000 (or the level of "jumbo loan," which varies around the US to account for cost of properties in different areas) should continue to be tax deductible, but that the amount over that "base mortgage" (or the part of the mortgage that is "jumbo") should lose the tax deduction.
It would not only make people think twice about building and occupying those huge, good for nothing except using more energy and making a much bigger foot print on our environment. And still. . .it wouldn't keep people who want those mega mansion from exercising that right. . . . but at their own expenses!
