Home values will drop.
Rent will go up.
I have claimed this deduction for 20 years. It will hurt me and my family if it goes away.
But I have long complained about loopholes and deductions for certain industries and special interests. I feel I would be a hypocrit if I said “absolutely not”. But it should be one of the last deductions to go, not the first.
So many people have forgotten the allure of going into debt for a house. You’re young and healthy - working. Borrow on a home, get the deduction and PAY IT DOWN! The interest slowly goes down after the massive all-interest payments in the early years. Principal takes over and the debt gets smaller and smaller.
Before the bust, rising home prices led to equity borrowing, refinancing and equity removal and so on. After all, we had jobs and income and the payments could even stay the same or get smaller. Hello sailboat, new car, swimming pools etc.
Now the house ain’t even worth what we owe on it, and Obama is hell-bent-for-leather on taking away that little deduction that can still give us some cash back to pay the taxes on the damned house, car and boat, etc.
He NEEDS that cash so he can still pay his effing leeches. Those so-called Americans that don’t want to work but still live like us - solely because they still have the right to vote - for Obama.
It’s a fine damned mess, ain’t it? I’m just hoping that I’m still around when everyone figures out this dog don’t hunt.