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Own a Home? Then You’re Gonna Hate the Republican Tax Plan.
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| Contributor | RP |
| Last Edited | RP Jan 13, 2017 04:05pm |
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| Category | Analysis |
| Author | Jordan Weissmann |
| News Date | Wednesday, January 4, 2017 11:40:00 PM UTC0:0 |
| Description | Considering it’s been less than a decade since the real estate crash that plunged the world into economic calamity, you might think Republicans in Congress would be a little wary of legislation that risked infuriating voters by pushing down house prices.
Apparently not! As part of the massive tax-cut push they've cued up for this year, GOP leaders are quietly contemplating a proposal that would indirectly curtail the mortgage interest deduction, long considered a sacred cow of American tax policy. The move would almost certainly lead some home values to fall, though it's hard predict by how much.
The perverse upshot of all this is that Republicans have engineered a way to mostly eliminate the mortgage interest deduction, hurting home values for the middle- and upper-middle-class, while leaving the luxury market comparatively unscathed. |
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