Drudge Retort: The Other Side of the News
Sunday, October 29, 2017

The National Association of Home Builders on Saturday accused House Speaker Paul Ryan of abruptly reversing course on a mortgage tax credit proposal and announced it would oppose the tax-reform proposal that GOP lawmakers expect to unveil on Wednesday. The about-face by the housing-industry lobbying group strips Republicans of a powerful ally. Tax breaks for homeowners have long been one of the flashpoints of any attempt to rewrite the nation's tax laws.

Advertisement

Advertisement

More

Comments

Admin's note: Participants in this discussion must follow the site's moderation policy. Profanity will be filtered. Abusive conduct is not allowed.

It's cute that the homebuilders association thinks the GOP gives a ---- about anyone other than the 1%.

#1 | Posted by 726 at 2017-10-30 07:42 AM | Reply

726

A lot of homebuilders are the 1%. Home building makes up about 17% of GDP and employs about 2 million workers (give or take).

A big hunk of people in the home building trades are solidly republican so it is not a sector that the republicans can really afford to piss off too much. Construction in general is also an aging trade with average age about 42 now, given that older people are the heart of republicans we once again have to ask can they really afford to piss off a huge hunk of their base? I don't know donation numbers but I know for a fact that the owner of my company and the VP both gave to Trump how likely will they be to keep that up?

If I were a republican politician I would be very concerned about the NAHB withdrawing support.

#2 | Posted by TaoWarrior at 2017-10-30 08:15 AM | Reply

Of course they do. Any limit on mortgage interest deductions, a subsidy to millionaires, is going to be opposed by all special interests related to real estate.

#3 | Posted by nullifidian at 2017-10-30 08:58 AM | Reply

"Any limit on mortgage interest deductions, a subsidy to millionaires..."

It must be fun to be able to make up any bogus claims you'd like.

Meanwhile, in the real world, lots of non-millionaires take advantage of the mortgage interest deduction, while many millionaires have their interest deduction reduced due to their income level.

#4 | Posted by Danforth at 2017-10-30 09:38 AM | Reply | Newsworthy 1

It ain't just millionaires who use that deduction, Nulli. Sure, they benefit the most, but millions of Americans take it each year to soften the blow on taxes. It encourages homeownership, which is not a bad thing.

#5 | Posted by cbob at 2017-10-30 09:39 AM | Reply

The Shame of the Mortgage-Interest Deduction

It's not just a failure of housing policy. It's a symbol of everything that's wrong with the American tax code.
Steve Dipaola / Reuters Derek Thompson May 14, 2017

www.theatlantic.com

#6 | Posted by nullifidian at 2017-10-30 09:48 AM | Reply

"everything that's wrong with the American tax code."

Because encouraging home ownership sucks.

#7 | Posted by Danforth at 2017-10-30 09:53 AM | Reply

Just more taking from the middle class so the 1% can become slightly more wealthy. Anyone who understands marginal utility gets why this benefits those for whom mortgage interest payments represent a large % of their income (aka lower to middle income home owners).

Lol making this out to be a take away from the rich. This is being done to fund other breaks that help the rich exclusively.

The GOP isn't even trying to hide their servitude anymore.

#8 | Posted by Sully at 2017-10-30 10:06 AM | Reply | Newsworthy 1

Anyone in favor of making the tax code more progressive would kill or limit the mortgage deduction and create a renter's credit. But that would piss off the favored fifth.

#9 | Posted by nullifidian at 2017-10-30 10:17 AM | Reply | Newsworthy 1

"or limit the mortgage deduction"

The mortgage deduction IS limited.

But, by all means, keep making suggestions based on your lack of knowledge.

#10 | Posted by Danforth at 2017-10-30 10:19 AM | Reply

Advertisement

Advertisement

--The mortgage deduction IS limited.

Let's limit it some more. To death. Substitute a renter's credit and help poor people rather than the upper middle-class.

#11 | Posted by nullifidian at 2017-10-30 10:32 AM | Reply

--The mortgage deduction IS limited.
Let's limit it some more. To death. Substitute a renter's credit and help poor people rather than the upper middle-class.

#11 | POSTED BY NULLIFIDIAN

You're ridiculous. Bad day with the indictments? Maybe you should take a week off...or year... Go read that Teen Vogue magazine you love so much.

#12 | Posted by Sycophant at 2017-10-30 10:40 AM | Reply

Favored fifth?

Lol is Nulli an agent of the oligarchs trying to further their divide an conquer strategy?

Race baiting works better, bro.

#13 | Posted by Sully at 2017-10-30 10:51 AM | Reply

"--The mortgage deduction IS limited.
Let's limit it some more. To death. Substitute a renter's credit and help poor people rather than the upper middle-class."

I actually agree with you on that Nulli. Also, here in Florida, we have homestead exemptions on our property taxes which renters do not qualify for and thus their rents are higher. Less affluent folks are penalized, in many ways, for being poor.

#14 | Posted by danni at 2017-10-30 10:56 AM | Reply | Newsworthy 1

"Substitute a renter's credit "

Part of the purpose of the tax code is to encourage behavior which benefits the general welfare. It's no surprise higher home ownership percentages correlate to better outcomes (stability, upkeep, etc.), and benefit not only for the neighborhoods, but the owners as well. It's also reasonable for a civilized society to pursue those goals. So yes, the code is tipped toward homeowners. A renter's credit would go against those goals by leveling the playing field...therefore your point is spot-on: the benefit tilts toward the wealthier, and substituting a renter's credit would move the benefit from the top to the bottom.

BTW, Some states offer a renter's credit. Yours is one. www.ftb.ca.gov

#15 | Posted by Danforth at 2017-10-30 10:57 AM | Reply

A lot of homebuilders are the 1%.

Meh. Maybe a few are. Maybe.

Don't see many here...

www.forbes.com

#16 | Posted by 726 at 2017-10-30 12:26 PM | Reply

The home building industry knows that tax cuts mean nothing if you lose customers that buy your product. By taking away the deduction for local property taxes, they know they will lose customers.

#17 | Posted by 726 at 2017-10-30 12:33 PM | Reply

Today is the day Snoofy Danni and Nulli agreed on something.

The benefit this incentive seeks to provide led to suburban sprawl, paid for white flight, and with longer commutes, more global warming.

#18 | Posted by snoofy at 2017-10-30 12:44 PM | Reply

Yeah people who grow up in congested, crime ridden urban environments shouldn't better themselves. My grandfather who worked two jobs while going to night school so that he could move his family out of the projects and eventually into the suburbs was WAY out of line. He was born poor and should have stayed in that miserable environment because white and flight rhymes and traffic and stuff. Social mobility is bad news.

#19 | Posted by Sully at 2017-10-30 01:02 PM | Reply

--Favored fifth?

Lol is Nulli an agent of the oligarchs trying to further their divide an conquer strategy?

Yeah, I'm an agent of the oligarchs who wants to substitute renter's credits for upper-middle class subsidies.

#20 | Posted by nullifidian at 2017-10-30 01:10 PM | Reply

"Yeah people who grow up in congested, crime ridden urban environments shouldn't better themselves."

They don't better those communities when they leave.

It just becomes an even worse problem for people who can't afford to leave.

You're talking about people. I'm talking about our country. You're not wrong, but we're not talking about the same thing.

#21 | Posted by snoofy at 2017-10-30 01:24 PM | Reply

Hate to break it to you but the only reason things get worse is that those left behind largely are the problem. It isn't good for the country when people work hard and yet have to live where their families face the constant threat if assault.

#22 | Posted by Sully at 2017-10-30 01:48 PM | Reply

What does that have to do with the mortgage deduction, a sop to the upper middle class?

#23 | Posted by nullifidian at 2017-10-30 02:46 PM | Reply

"It isn't good for the country when people work hard and yet have to live where their families face the constant threat if assault."

It's likewise not good for the country when crime and poverty are concentrated in cities and becomes an even greater burden for those too poor to flee.

#24 | Posted by snoofy at 2017-10-30 02:50 PM | Reply

"Hate to break it to you but the only reason things get worse is that those left behind largely are the problem."

Right, so the mortgage deduction doesn't do anything to address the actual problem; it just gives those who are comparatively of greater means a way out. Exactly my point.

#25 | Posted by snoofy at 2017-10-30 02:53 PM | Reply

#23 your inability to understand the marginal utility of money, whether real or feigned, us not something I can "explain".

#26 | Posted by Sully at 2017-10-30 03:09 PM | Reply

#24 actually it is good for the country when hard work pays off. It is very bad for the country if people are discouraged from being productive because there is no social mobility.

#27 | Posted by Sully at 2017-10-30 03:11 PM | Reply

Snoofy there is no cure for the existence of low lives who do stuff like throwing bags of urine out their windows at people or assaulting women on elevators. The idea that working families should be tasked with "fixing" such people rather than simply acquiring the means to get away from them is ours insanity.

Even after the projects my family later left Brooklyn to get away from mafia low lives and their admirers. Fixing an entire sub culture was beyond them but getting the hell away from it was an attainable goal.

#28 | Posted by Sully at 2017-10-30 03:18 PM | Reply

"#24 actually it is good for the country when hard work pays off."

You're just talking in platitudes now; not actually making an argument.

#29 | Posted by snoofy at 2017-10-30 03:19 PM | Reply

"Snoofy there is no cure for the existence of low lives who do stuff like throwing bags of urine out their windows at people or assaulting women on elevators."

So why are there so many here compared to Canada, Germany, Japan?

#30 | Posted by snoofy at 2017-10-30 03:21 PM | Reply

#29 - BS I gave an actual example. You're the one talking in broad strokes about imaginary fixes to loosely defined problems. You've been deliberately vague this whole time.

#31 | Posted by Sully at 2017-10-30 03:30 PM | Reply

So-called progressives aren't about to give up their middle-class subsidies like the mortgage deduction in favor of tax credits for renters.

#32 | Posted by nullifidian at 2017-10-30 03:36 PM | Reply

To the extent that such behavior does not exist in other places...Do you think these countries ever had these problems and "fixed" them through social engineering?

LOL

Fat chance

#33 | Posted by Sully at 2017-10-30 03:38 PM | Reply

#32- if you're bitching about the middle class at this time in our history you are either a shameless shill or a complete moron.

Go after the real problem or give it a rest already.

#34 | Posted by Sully at 2017-10-30 03:41 PM | Reply

For what it's worth, Nulli, I actually respect your position on this. And Snoofy makes a good point about the deduction (and other government programs) being at least partly to blame for sprawl and its associated costs.

If we had true tax reform, and the playing field really were to be leveled, I think most people could live without their deduction.

#35 | Posted by cbob at 2017-10-30 03:49 PM | Reply

The real parasites are homeowners who want poor renters to subsidize them.

#36 | Posted by nullifidian at 2017-10-30 03:51 PM | Reply

--being at least partly to blame for sprawl and its associated costs.

I've been in favor of higher gas taxes and eliminating mortgage deductions for precisely that reason since the 70s.

#37 | Posted by nullifidian at 2017-10-30 03:55 PM | Reply

The Trump tax plan is just more class warfare. But housing costs are out of control in this country. Houses are worth whatever Banks are willing to lend using money they create with each loan. All the stockholders in the Federal Reserve represent private interests, so its structure is deeply flawed. All public work project costs would be cut in half if private banking middlemen were eliminated. The mortgage tax deduction makes more money available for diversion into the Bankers pocket.

#38 | Posted by bayviking at 2017-10-30 05:02 PM | Reply

726

That list is the .00003% and on that list 14% are construction or real estate. NAHB is not just home builders but all the trades that go into it. My company is stone and fireplaces and we are members, not sure my boss is the 1% but certainly the 10% and so is our VP.

#39 | Posted by TaoWarrior at 2017-10-30 05:21 PM | Reply

No way the GOP is going to strip Americans of the mortgage interest tax deductions without a major battle. This was incredibly politically short sighted by the GOP.

#40 | Posted by moder8 at 2017-10-31 02:41 PM | Reply

Home Builders, Home renters, Home owners, Homebodies, ---- Sapiens oppose the GOP tax plan

#41 | Posted by hatter5183 at 2017-10-31 03:07 PM | Reply

The mortgage deduction encourages home debt and raises prices. If you want give an incentive to home owners, allow some property tax as a deduction or credit.
Rent tax credits raise rents and subsidize landlords without much benefit to renters.

#42 | Posted by bored at 2017-10-31 06:40 PM | Reply

Republicans are saying we must pass these tax cuts, or there will be hell to pay in the 2018 midterms. I think if they pass the tax cuts they've been proposing, there will be hell to pay:

Poll: Most back tax increase for wealthy, corporations

thehill.com

#43 | Posted by Gal_Tuesday at 2017-11-01 09:53 AM | Reply

Comments are closed for this entry.

Home | Breaking News | Comments | User Blogs | Stats | Back Page | RSS Feed | RSS Spec | DMCA Compliance | Privacy | Copyright 2018 World Readable

Drudge Retort