LogFAQs > #878011832

Balrog0 posted...

Darkman124 posted...

also the big target in all of this is almost assuredly killing the mortgage interest tax break

which i think will have severe consequences in the non-commercial housing industry.

there's no way that would happen

but what consequences would you foresee? the combination of removing the mortgage interest tax break and removing deductions for state and local taxes would be rough

i expect deductions for state/local taxes would be kept

but the mortgage interest tax break drives people's access to itemizing far moreso than the state taxes. this makes itemizing less valuable and seems to me to be step 1 where step 2 is 'oh we need the money and a lot fewer people even use it now, lets kill it'

the effective cost of owning a home would then be increased by a monthly cost of around 30%. you'd see substantial drops in the prices buyers would be willing to pay.

even just raising the standard deduction level will do that.
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