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Comment by nfriedly

2 years ago

Granting a tax credit for something encourages that thing. So, from that perspective, I think it makes some sense to grant a tax credit for mortgage interest but not credit card debt.

6 comments

nfriedly

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edwr  2 years ago

Tax credit for mortgage interest encourages speculative investment in the housing market. Tax credit for credit card debt encourages consumer economic activity.

  • red-iron-pine  2 years ago

    you have to live somewhere.

    maybe you rent, but renters DGAF about the local community the way that homeowners do.

    home (property) taxes also fund a lot local services, schools, etc. you want prices higher and stable, and not dominated too heavily by mega-corps that will weasel out of paying said taxes.

    • i80and  2 years ago

      I've rented in my town for ten years, and I care about it a lot thank you very much.

      Renters absolutely care about the local community.

mwexler  2 years ago

Though one can write off losses from gambling in the US.

I wish the tax code had more a more positive slant per your point, but lobbying seems to be a bigger driver.

  • ScottEvtuch  2 years ago

    Pretty sure you can only write off gambling losses to offset gambling winnings, which entirely makes sense. That way you only pay taxes on your net winnings for the year.