Thursday, November 03, 2005

The Lowdown on Slashing Mortgage Interest Taxes

MSNBC: The Natl Assoc of Home Builders, called that proposal to slash the mortgage interest deduction "the biggest tax hike for home owners ever considered." In an indication of the type of outrage that will be widely heard, changing the mortgage interest deduction "would punish millions of home owners, particularly those living in CA and other high-cost markets. Equally disturbing, the tax reform proposals would reduce home values and send a chill through the housing market, which has been leading the economic expansion for the past 3 yrs." What makes the home mortgage deduction most tempting to reformers is the size of the pot of money involved. Aside from the huge annual outlays by homeowners for mortgage interest, any change in that deduction will have a ripple effect beyond the housing industry; it’s going to have an impact on the retail industry and home improvement." The ownership society my ass... the only thing this WH wants us to own is serfdom.
Posted by Tina :: 12:02 AM :: 0 Comments:

Post a Comment

---------------------------------------