The Wall Streeter derivatives boy who wrote this article is dishonest.
Not only will the taxpaying homeowner have to pay thousands more in taxes every year, the value of his/her home will plummet another 20% or so, wiping out a lot of equity.
You don’t abolish a tax exemption that people made a 30-year investment decision on and on which they have much if not most of their accumulated wealth.
HORRIBLE idea. Next.
There does seem to be a general lack of attention to the fact that if a house costs a buyer more per month (as in, if there is no mortgage interest deduction), then the price of the house has to go down to meet the buyer's per month budget.