Tax Write off for Rent

Economy
1

America is steering towards the permanent renter lifestyle due to the cost of living crisis. Due to record inflation tens of thousands of Americans will rent their residences permanently. Due to this and the soaring debt that this country cannot pay off there is no reason that Renters should not be able to par take in some of the tax incentives as homeowners.

Renters should be able to deduct at anywhere from 30% of their rent up to $10,000 similar to the SALT deduction or just up to $10,000 flat out.

The facade that taxes fund the government is long gone leaving no reason for renters and many Americans to hold onto their hard earned money.

The tax savings for thousands of Americans could lead to future homeowners and a step closer to the American dream.

2 Likes
4

Honestly, I’d go farther. Homeowners actually get something out of paying their mortgages, while rent is just a poverty tax. Renting one’s primary residence should be 100% tax deductible.

Obviously, this will embolden some unscrupulous landlords to raise rents to compensate for the slightly greater wealth of their tenants. Other steps, such as lowering legislative overhead on new construction, kicking out illegals, and forcing “private equity firms” out the housing market are absolutely necessary.