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What if the Mortgage Deduction is Eliminated?

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!!!!!

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