Explain, how is it fair and not redistributing wealth when a renter gets no tax deduction for his houing cost, whilst a person with a mortgage gets to deduct not only interest but property taxes, but can even deduct TWO home mortgages?
The landlord gets the rent to pay for the mortgage and taxes and expenses and deducts DEPRECIATION. still gets to deduct all that on top of his regular deductions. DEPRECIATION amounts to WELFARE, as the govt is effectively paying for a large % of the property's value.
Talk about a long running stimulus plan for the rich.
Know many landlords who don't get top market rate? even though their building is paid for and paid for largely by the govt? Not very risky is it.
Let's hear why it's fair. I know it is practically a necessity to prop up the housing market, but fair? C'mon get real right wing extreme, get at least back to where Ronald Reagan was at 18.2% tax rate.