Steal More from Renters!

“[K]ey Senate Democrats said Wednesday that hundreds of millions of dollars of new federal aid may be needed to assist homeowners at risk of foreclosure.” Washington Post, 4/11/07 (Link below.)
So, the most progressive legislators in the country say home owners should get more public money. Renters, rolling in dough, will once again get nothing.
Now, I don’t mind letting people who were tricked into mortgages break even and return to renting. But the overarching Cult of the Home Owner makes me sick.
Homeowners get the tax deduction on their housing costs, which is worth about 25%. Let’s call that The Home-Owners-Only 25% Discount on housing costs. Renters don’t need a 25% discount.

But that’s just the beginning.
They also get The Home-Owners-Only 25% Discount on
–Credit card interest (attached to a housing line of credit)
–State and local income taxes
–State and local sales taxes
–Gasoline taxes
–Some medical and dental expenses
–Union dues
–Charitable contributions
–Job education
–Casualty and theft losses
Renters don’t need a 25% discount on any of those.
When homeowners make money selling a home, they generally pay no income or Social Security tax, as one does for money earned by work. Let’s call that The Home-Owners’ 35% Unearned Income Bonus.
These subsidies to homeowners–let’s call them First Class Citizens–are substantially paid for by renters–let’s call them Second Class Citizens–in the extra taxes they have to pay to make up the deficiency in tax-revenue.
But it turns out that the 25% Discount on expenses and the 35% Bonus on income just aren’t enough. Renters have to give them more.
We could cut out a lot of bureaucratic expense by having each homeowner steal directly from the nearest renter they can find. They could then deduct the cost of burglar tools and firearms on their next 1040 (Long Form).
WP Article



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One response to “Steal More from Renters!”

  1. Marcy Sheiner Avatar

    Wow, this makes me so mad! I very recently tried buying a house myself, but I can’t get a loan. And all because of bad timing–if I’d tried a year ago I’d be one of these people who were “duped” into it, sitting pretty now in my house, letting other people help me pay the mortgage. Damn!