Rantings and tirades of a frustrated economist.
Captain,I have heard that mortgage interest is income tax deductible in the US. Is this true? It is not the case in Canada, so we tend to be conservative when in the house buying market.
Hey Anon,Yes, interest expense on your home is tax deductible (as it is on any house/property)We treat interest expense like any other, that it is a business expense that should be deducted before taxes.I do not understand why Canada does not allow for the deduction on interest of at least one's homestead. But in my conversations with other Canadians it is a common theme as to why more Canadians move to the US than Americans move to Canada despite the US having 5 times the population.Any profit seeking capitalists are certainly welcome here in the US of A!
I think the graph is missing the context that the US is the only country listed with a growing population. The last i checked all the other countries were stagnant or declining in population. I think that's a key factor here.
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