Political opportunism taken to radical extremes.
Rahm Emmanuel — “Never let a crisis go to waste.”
Mark Muro, policy director of Brookings’ Metropolitan Policy Program, said changes to the century-old tax break are probably on the way — either as part of ongoing talks in Washington, D.C., between congressional leaders and President Obama to avoid the so-called fiscal cliff, or sometime next year.
“This is moving rapidly from the unthinkable to the inevitable,” Muro said.
But he does not believe it will have a devastating effect on most homeowners. The costs of minimizing or dropping the deduction, he said, “are largely going to be borne by those who can afford it.”