Current Events > Why do homeowners get so many tax breaks?

(+) Yeah! (+)

People who rent literally throw money at landlords but property owners (who generally already have a financial advantage) get more money. What's the logic here?

My homeowner tax break comes from the interest I pay to the bank yearly. Although I recognize the privilege it grants me vs renters. I pay almost half in mortgage what the going rate is around me plus I get to claim it as a deductible lowering my taxes. Renters are screwed.

We need them because when shit breaks it ain't cheap to fix. Renters don't have to worry about maintenance and repairs financially.

The only tax break I can think of is being able to itemize mortgage interest, but that isnt even relevant for most homeowners since Trump doubled the standard deduction.

Really funny that they're doing this at the same time that the government is considering things like this to address inflation
https://www.bloomberg.com/news/articles/2022-06-20/summers-says-us-needs-5-jobless-rate-for-five-years-to-ease-cpi

Basically, they're fine screwing over the poor and want to help those with money and privileges.

Relient_K posted...

but property owners (who generally already have a financial advantage) get more money. What's the logic here?

This is true for almost every financial standpoint.

Lending, banking, credit, investment, etc. The people with the advantage are granted more privilege to. widen the advantage.

radical rhino posted...

The only tax break I can think of is being able to itemize mortgage interest, but that isnt even relevant for most homeowners since Trump doubled the standard deduction.

Yep. Im a single homeowner and dont get any sort of tax breaks since the interest payments + everything else I could itemize dont come close to the standard deduction.

The fuck you talking about, my parents own our house and they don't get any tax breaks PLUS they have to pay a property tax every year or else the city can just steal our house because fuck us

That's just how our system is set up, the more you have, the more you can save, earn and benefit. Its a snowball effect.

Prismsblade posted...

That's just how our system is set up, the more you have, the more you can save, earn and benefit. Its a snowball effect.

Keep in mind, it's only been like this since shortly after most baby boomers started to earn considerable wealth as a result of the strong unions and pretty unfilled job market that were left there by their parents.