Because neither Willard nor Paul will provide even the skimpiest of details about which tax deductions they'll eliminate to pay for their bag of fairy dust, I have to wonder if the elimination of the home mortgage deduction (if it's part of the plan) will disincentivise many middle-class would-be home buyers.
I think for those just starting out, the long term investment alone will still be a reason to buy their first home, although the lack of a tax savings could mean further investments, like a new kitchen or a finished attic, may have to be foregone. And I wonder how many homeowners in their early 50's and older will see less of a benefit in homeownership. Might they want to sell and rent going forward?
This has been on my mind a lot lately, and I'm wondering how you all feel.
Yes it would. The tax break was a HUGE incentive when I bought my first home , this was back in the 80s though. Anyway I got back between 50 to 60% of the interest I paid for that year <- Yes that money did go for home improvements.
I feel your feelings feel plausible. But it's still unsettling to see such narrow views on these issues. Everything has consequences — or to put it in physics-speak, every action has an equal and crap-encrusted reaction!
Mitt has previously endorsed home foreclosure as a better alternative to mortgage assistance. He wants the banks to aquire new assests because that's business. Corporations are people, my friend! Middleclass and low income home ownership is just the lower part of the food chain. Yes, we're screwed if he takes office. So what do you say we don't let that happen?
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