Originally Posted by bruceha2000
True, to a point. If you have the cash to buy a house (hah!) you would have to decide if you can make more by investing it than using it to buy a house and having interest to deduct. Remembering that if you pay $1K in interest in a given year and take that off your income, your taxes owed won't go down by anything close to $1K. Not even for the very richest 1%. If your marginal tax rate is 25% (starts at $79,500 for married filing jointly this year), you are STILL out $750 of that interest. If you are in the 15% bracket, $850 is "lost" to the bank.
Even for the ultra rich, Bruce is right, if you can afford to own your house outright and NOT pay interest on a mortgage, you save a bunch or money. Remember that the tax deduction for that mortgage interest is your tax bracket portion of the interest paid amount. You decide who you'd rather pay... the IRS (smaller amount) or the bank (all that interest). The mortgage interest rate write off isn't fair in that renters get no tax break. Of course there's that married tax break also. The fact is that the govt uses taxation to do social engineering. FAIR & EQUITABLE taxation would be where every person pays the SAME % tax on earned income, no matter what their income is or where said "earned" income comes from, with NO deductions except perhaps a single set amount based on the poverty level.
Originally Posted by superchemicalgirl
This morning we had an ice storm (thanks, latestarter) and I left 25 minutes early in a bit of a panic so I could get to work safely. About 5 minutes down the road the car heated up so I turned the heat on, and I don't like it blowing in my face, so I put it on my feet. Immediately I was smelling something awful. It took me about halfway to work before I realized I was cooking biddy poop.
Sorry SCG about the ice storm ... about the cooking poop. Did your coworkers comment on your perfume?
Hope the eggs recover for you @1kluckychik. Those are some expensive birds.
Edited by Latestarter - 3/25/16 at 3:17pm