Yes, but the hoi-polloi don't get to write off their mortgage interest as a tax deduction.
"The rich have all of the money and pay none of the taxes. The middle class pay all of the taxes and have none of the money. The poor are there just to scare the shit out of the middle class so they keep going to those jobs."
—George Carlin, 1937-2008
UPDATE:
As some replies have pointed out mortgage interest on a primary residence is permitted in some form in six countries: The Netherlands, Switzerland, the United States, Belgium, Denmark, and Ireland. If you live in one of these six countries, my comment does not apply to you. If you live in any of the nearly 200 other countries in the world, it does.
YMMV: "Your Mortgage-interest-deductiblity May Vary."
> Yes, but the hoi-polloi don't get to write off their mortgage interest as a tax deduction.
What a strange example to pick. That's, like, THE major write-off that most people have. It just gets obfuscated by the fact that most people don't go over the standard deduction.
I think this varies between jurisdictions. I believe it is deductible in the USA, but not here in the People's Republic of Kanuckistan, although there are ways around the limitation, depending on your appetite for the risk of a drawn-out battle with the Canada Revenue Agency.
Up here, home mortgage interest is only deductible if the home is used to generate income, so it does not apply to people who use a home as their primary residence. But what if you have a home office? What if you use it as an AirBnB some of the time?
If you ask a tax accountant whether Canadian home mortage interest is deductible, they will answer "a definite maybe." But it's actually "no" for most people who don't structure their home ownership around qualifying for a deduction.
That second part is huge and people don't account for it correctly. It really hasn't mattered much in the era of super-low loan rates, but the amount that your mortgage is deductible is only the difference between the standard deduction and the itemized deduction.
My mortgage interest became "worthless" for that when the standard deduction was raised. I'm still better off than before, but that particular part of the benefit is gone.
The standard deduction for California did not change, unlike the temporary change on the federal side enacted for 8 years beginning with 2018. Also CA did not change the limits on the amount and type of loan interest that is deductible.
Since California by many measures is large enough to equate to a "country", It would be fair to add it to the list of places where primary residence (and a second home too) mortgage interest is largely deductible.
> The rich have all of the money and pay none of the taxes.
This is demonstrably false. But then again, you don't expect factual accuracy from a comedian.
> As some replies have pointed out mortgage interest on a primary residence is permitted in some form in six countries: The Netherlands, Switzerland, the United States, Belgium, Denmark, and Ireland.
This Wikipedia sourced list is obviously not exhaustive. And interest deduction is allowed in the US which is the relevant case here.
Elon Musk lives in one of them though, si that's not very relevant. You should take it up to your own government if you want to make it happen wherever you live, not be against Musk doing the same
"The rich have all of the money and pay none of the taxes. The middle class pay all of the taxes and have none of the money. The poor are there just to scare the shit out of the middle class so they keep going to those jobs."
—George Carlin, 1937-2008
UPDATE:
As some replies have pointed out mortgage interest on a primary residence is permitted in some form in six countries: The Netherlands, Switzerland, the United States, Belgium, Denmark, and Ireland. If you live in one of these six countries, my comment does not apply to you. If you live in any of the nearly 200 other countries in the world, it does.
YMMV: "Your Mortgage-interest-deductiblity May Vary."