Reply to There is no housing bubble in the DC area so get over it

Forum Index » Real Estate

Reply to "There is no housing bubble in the DC area so get over it"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]Anybody thought of this situation also adding to the problem:

http://www.ft.com/intl/cms/s/0/6a268d3c-adc8-11e2-a2c7-00144feabdc0.html

"One of the largest tax breaks that would have to be curbed is the deduction that some 37m US homeowners claim for their mortgage interest payments, estimated to cost the government $68bn in 2012."

On average the mortgage interest tax break "costs" the government $100B a year. With all the talk of Congress scrambling to find some sort of deal to avert Sequestration's effects still (see: FAA deal), which coincidentally stands at $100B a year over the next decade...do any of you honestly think this will last in its current form? Especially considering that the primary beneficiaries are what the rest of the nation would consider to be wealthy households, with incomes above $100k (not wealthy by DC standards), and that the growing sentiment that we see is that this tax deduction is a taxpayer-subsidized payment to homeowners?

The tax code is prime for overhaul, last time it was visited was 1986, and prior to that, ALL interest was tax deductible and that was changed in the face of ever growing Federal deficits. Doubtful they will cut it outright, but I think you're making a losing bet if you think it's going to stand "as-is" over the next decade. Especially now that all the banks are getting into the rental game and are issuing fewer and fewer mortgages...just a thought[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics