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Originally Posted by fasternyou929
I think most of us on this board knew SS would be a black hole we just threw money into for most of our working lives, for nothing in return.
However, nicking the deduction for mortgage interest could unsettle a barely-recovering housing market all over again. With homes making up the bulk of American's net worth, that could be ugly. The last thing we need is to make homeownership less appealing.
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That was my first thought too.
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The plan also calls for a major overhaul of both the individual income tax and the corporate tax systems, with the idea of lowering overall tax rates, simplifying the tax code and broadening the taxpayer base. The top income tax rate would drop from 35 percent to 23 percent.
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If the deductions being taken away was accompanied by a full revamp of the tax code, buying a home could become attractive once again.
Not because of the interest deduction but because the country would be working more, saving more, and spending more wisely. It's a pretty pie-in-the-sky dream but so is the proposed plan.