Comments on: Own A Home? You’re On Welfare.

By: David

David — Mon, 12 Oct 2009 00:36:29 +0000

Absolutely Tim – people only want to put down govt. assistance when it is for poor people. But they are more than glad to accept it when it is for home ownership or corporate interests.

By: Tim Moon

Tim Moon — Sat, 10 Oct 2009 09:35:10 +0000

This doesn’t even count or consider all the giveaways to corporations like oil, logging, mining and farming companies…and many others (steel, railroad, telecoms, etc). Corporate welfare is huge and I would venture that the amount at least rivals that of the handouts you mention.

This is a great way to look at home ownership though because it demonstrates how the government helps average people – Democrats and Republicans alike. Even the ones who hate the government.

By: JoeTaxpayer

JoeTaxpayer — Thu, 08 Oct 2009 22:22:36 +0000

I find the position Time takes to be curious and offensive. I start out with 100% of my earnings, and the government chips away at it. Time suggests that what I get to skim off the top is welfare? Why not simplify the approach, and claim that every dollar I get to keep is by the grace of congress and not by my own labor, deem it all welfare?
I pay my fair share of taxes and then some, and I consider it the cost of freedom and safety. If I need to pay more to help my fellow human get health care, and not die for lack of proper medicine, I’ll pay that as well. The Time implication just rubs me the wrong way, as if none of it was mine to begin with.

By: Kyle

Kyle — Thu, 08 Oct 2009 13:47:58 +0000

I am paying an awful lot in mortgage payments just to be on welfare. I certainly don’t look at it that way.

By: Toddriffic

Toddriffic — Thu, 08 Oct 2009 05:25:02 +0000

While I agree with the majority of these benefits in order to continue to encourage new home buyers, I do think there needs to be a limit or at least a scale for higher income brackets. There’s no reason a person making $1M per year should be able to write off interest the same way someone who makes $50K does…

That may be an overstatement (in that they probably don’t) but if the article is true (and the majority of this money is for people in the higher income brackets) I definitely see something wrong with that.

By: David/Your finances 101

David/Your finances 101 — Wed, 07 Oct 2009 23:53:54 +0000

I disagree with this, and even if the characterization could be justified, I think its a dangerous one to make.

I don’t think we need to be doing anything to discourage home-buying at this stage of our economic crisis.

I still think owning a home is one of the best investments you can make, and if looked at over the long haul, I think it still proves to be true.

By: MyCrossoverPoint

MyCrossoverPoint — Wed, 07 Oct 2009 18:53:17 +0000

While I understand the sentiment behind calling a mortgage interest deduction “welfare” I’m not sure I agree with the use of that term.

I would most likely think of “welfare” as either receiving something from the government for nothing, or having the government pay your income.

Some one getting a mortgage interest deduction is still paying taxes, and by getting back a deduction they are getting back their own money, not taking something from the government for free.

Paul

By: Elizabeth

Elizabeth — Wed, 07 Oct 2009 17:31:27 +0000

Our mortgage interest last year was under $5000…. so we took the standard deduction. Just because you own a home doesn’t mean you get tax benefits. Our property taxes weren’t even deductible because they were only $2k. No ‘welfare’ here.

By: Annie Jones

Annie Jones — Wed, 07 Oct 2009 17:12:16 +0000

The tax deduction for mortgage interest is nice since we’re in the early stages of our mortgage. But it was never the reason we bought a home, and it will never be reason enough for us to hang on to the mortgage if/when we are in a position to pay it off early.

I think some of the people who believe government should stay out of personal lives often forget that they would lose a few benefits if government were to suddenly butt out.

By: Ron

Ron — Wed, 07 Oct 2009 16:16:15 +0000

Don’t forget the welfare given to owners of section 8 housing or the fact that landlords would probably raise rents if their expenses (taxes, maintenance, repairs) weren’t deductible.