As Congress looks for ways to close the growing deficit and curb spending, the mortgage interest deduction could be on the chopping block, and with good reason: it’s one of the largest expenditures in the tax code. But some worry taking it off the table will slow the housing market recovery and have long-term economic consequences
Earlier this week, ...the nonpartisan congressional Joint Committee on Taxation released its report of potential tax reform measures and real estate played a central role, making it likely lawmakers will revamp the mortgage interest rate deduction.
Lawmakers are treading lightly with this politically-sensitive issue; after all, it’s been around since 1913 and homeowners have gotten used to the hefty deduction.
This would have a major impact on home prices as well as major economic consequences!!!!!