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Author: SeattlePioneer Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 310325  
Subject: Re: Parents as Role Models for Financial Matters Date: 4/20/2012 3:57 AM
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<<My mortgage deduction is just as much welfare. There's no difference between it and the EITC. It's all just monkeying around with tax rates based on what is supposedly a benefit to society. Calling it welfare just means, "I don't happen to like this tax credit.">>

The EITC is a welfare program administered by the IRS.

The mortgage interest deduction is a subsidy for buying a house, which usually reduces taxes that would otherwise be owed.

There's a big difference between paying out money to people and reducing the amount of taxes that people owe.

Sorry if you can't appreciate the difference.

There is a good argument for eliminating the mortgage interest deduction. Good luck on getting that through the Congress, though.

Seattle Pioneer
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