CA can't even get rid of a tax break for vacation and second homes that would generate $300-400M for affordable housing. Cc @DavidChiuhttps://twitter.com/dillonliam/status/889554677943025664 …
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Replying to @kimmaicutler @DavidChiu
Mortgage interest is a form of investment interest. Investment interest (personal or business) is deductible. An exemption would break that.
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Moreover, it would break the principle of the deductibility of investment interest specifically for _individuals_ and not businesses.
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Replying to @__ice9 @DavidChiu2 replies 0 retweets 1 like
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MID is an accident of history. There was no large, highly liquid mortgage market when it deductible interest was written into the tax code.
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Replying to @kimmaicutler @DavidChiu
But by that reasoning, the income tax itself is an accident of history. There was almost no tax base for it when it was written into code.
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Replying to @__ice9 @DavidChiu
It was intentional to add an income tax. MID was not intentional. Furthermore it is regressive and has no impact on homeownership rates in
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Markets like California. https://www.wsj.com/amp/articles/BL-REB-37631?responsive=y …
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