HIGHTOWER: Welfare Housing For Rich

Enough is enough!We've just got to stop doling out so much welfare, like giving people all these federal housing subsidies. I mean, let 'em pay their own way like you and I do, without Uncle Sugar's help, right?Back off there, Budget Whacker! You're getting dangerously close to me when you talk like that.You see, the biggest housing subsidy by far is not for poor people . . . but the $51 billion tax subsidy that we homeowners get on our mortgages each year. All of the interest that I pay on my home loan is deductible from my taxes -- a very nice break, I don't mind saying.But the break I get on my little home is nothing compared to the subsidy enjoyed by, say, Donald Trump on his family mansion -- plus his condo in the city, his place in the country, his mountain chateau in Aspen, his townhouse in Miami and his vacation compound in Southern California. That's right! No matter how many homes they have, the Donnie Trumps of the world have all of their many mortgages subsidized by Tommie and Tammie Taxpayer.What a deal. The more homes you have and the more expensive your homes are . . . the more subsidy you get! Is this a great country or what?Let's look at some numbers. Most Americans make under $30,000 a year. Less than three percent of these folks get any mortgage subsidy at all, and those who do average $486. But if you're one of the handful of Americans making more than $200,000 a year, you almost certainly have at least one subsidized home, and your average take from the taxpayer is $8,500.Here's my cut-the-welfare proposal: Until everyone in our country has one decent home, we shouldn't subsidize anyone's second homes. And the money we save should be used to finance construction of affordable housing for the millions of working Americans now priced-out of the housing market.

Understand the importance of honest news ?

So do we.

The past year has been the most arduous of our lives. The Covid-19 pandemic continues to be catastrophic not only to our health - mental and physical - but also to the stability of millions of people. For all of us independent news organizations, it’s no exception.

We’ve covered everything thrown at us this past year and will continue to do so with your support. We’ve always understood the importance of calling out corruption, regardless of political affiliation.

We need your support in this difficult time. Every reader contribution, no matter the amount, makes a difference in allowing our newsroom to bring you the stories that matter, at a time when being informed is more important than ever. Invest with us.

Make a one-time contribution to Alternet All Access, or click here to become a subscriber. Thank you.

Click to donate by check.

DonateDonate by credit card
Donate by Paypal

Don't Sit on the Sidelines of History. Join Alternet All Access and Go Ad-Free. Support Honest Journalism.