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URL:  http://boards.fool.com/my-suggestion-is-to-adjust-to-not-using-the-tax-19147243.aspx

Subject:  Re: tax deductions Date:  6/5/2003  3:30 PM
Author:  TeddyRuxpin Number:  65695 of 121351

My suggestion is to adjust to not using the tax 'refund' (read: 'interest free loan to the IRS') as your kitty, or otherwise as a savings strategy or 'source of income'. It's just not.

This is well said, you aren't paying mortgage payments anymore, who cares if you don't get a few or several grand back at the end of the year, you're also spending less month to month. Bottom line.

Besides, as this reply alludes to, but doesn't state explicitly (i.e. spending 100 bucks to save 20), a deduction only reduces your income, and you get taxed on your income at some rate, say 27% (or lower, I don't know your situation). Therefore, reducing your income by the amount of interest you paid in a year on a mortgage, by say oh...10K, would mean you'd pay 27% of that reduction LESS in taxes, but you still paid 7300 in interest that you'll never see again, no matter how you slice it! (roughly, but the logic is the point)
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