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
"distorting the cost of owner-occupied housing relative to other investments"...? interest on all other investments is deductible as well.
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"disproportionately favoring high-income taxpayers" _all_ investment tax provisions affect high-income people more than low; not relevant
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"encouraging overconsumption of bigger and more-expensive homes" this is moralizing; how is it bad for people to want nicer homes?
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Replying to @__ice9 @DavidChiu
Yes let's keep subsidizing bigger homes for the upper middle class while only 1 out of 4 families in poverty has access to rental vouchers.
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Replying to @kimmaicutler @DavidChiu
Like any investment expense deduction, it primarily benefits people with substantial investments. Would you bar deducting bond interest too?
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