Quote:
Originally Posted by shmike
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.
|
True, but I'm far more skeptical that a major tax overhaul is worked out than I am about them dropping the mortgage interest deduction. lol
To goof's point, as someone that "did it right" and put 20% down on my house, I can guarantee you when you elminate the ability to write off interest payments, it will affect the appeal of home ownership.
Which brings us full circle... if the tax overhaul happens and actually benefits the middle class, it may not have such an impact. But if status-quo remains and they drop that benefit, I think we'll see home values drop more as demand slows.