[freeloop3]

You're putting the poor in an awfully tight position there. Between no tax deduction for a mortgage and paying the same property tax (what you call land value tax) for their trailer as the mansion next door, they're kind of getting screwed.

And what about old people that have owned their own house for decades? If the local economy goes up, increasing the land value tax, they either leave or go bankrupt. And the kicker is that their investment into their home is now worth a lot less.

[scarface74]

You're putting the poor in an awfully tight position there. Between no tax deduction for a mortgage and paying the same property tax (what you call land value tax) for their trailer as the mansion next door, they're kind of getting screwed.

Poor people don’t benefit from the mortgage interest deduction. With todays low interest rate, you have to have a mortgage of over $300,000 to have more than the $120000 standard deduction in interest.

With the median household income being $60,000 a year, it would be nearly impossible to come up with a scenario where many would itemize deductions after mortgage interest, state taxes and property taxes.

[adventured]

People with trailers are not benefiting from the mortgage interest deduction.

The mortgage interest deduction overwhelmingly benefits households earning over $100,000 per year. Only one in five tax filers take the mortgage interest deduction, the extreme majority are in that $100k+ income bracket.

The substantially increased standard deduction is far more important than the MID for the middle class. Cutting the MID tax break for the top 1/3 of earners, is what will help pay for raising the standard deduction that is a huge benefit to the bottom 2/3 of earners.

https://www.cnbc.com/2017/08/31/that-beloved-mortgage-deduct...

"Mortgage Interest Deduction Saves Middle Class Taxpayers All Of $51/Month"

"Most of the MID 2012 tax benefits went to people making six figures or more. Households earning over $100,000 in 2012 claimed 77.3 percent of the total MID tax savings, essentially the same as in 2010. And just looking at those making $200,000 or more, we found the very top earners claimed 34.6 percent of the total MID benefits and saved $5,021 on average for 2012."

https://www.forbes.com/sites/realspin/2013/12/18/mortgage-in...

[lg]

When an area gets better economically, it becomes more desirable, so home prices (and land prices) go up. Outside of California, property taxes go up too, and retired owners often do the math and cash out.

[chiefalchemist]

I think the counter argument is that housing prices will fall and be closer to free market. I can't really get much worse for the poor, the status quo clearly isn't helping them.

You do have a point, but there seems to be another side as well.

[bgitarts]

If your poor the tax deduction doesn't mean much since it's based on a lower tax bracket.