Quote Originally Posted by emu steve View Post
Quick pivot back to housing and mortgage interest deductability.

The deductability of mortgage interest, second mortgage interest, property taxes, etc. are all designed to foster home ownership.

That has become a sacred cow in America, but it has become a bedrock of American society. The view that neighborhoods with high ownership rates are more stable, better kept up, more community involvement, etc. etc.

The GOP needs to think and rethink how they wish to handle these deductions.

The GOP could eliminate all of them and housing prices would probably decline 10 - 20% across the board.

And Quicken Loans might be in deep do-do if the number and amount of their mortgages decline sharply and their second mortgage business declines even more.
Not across the board. Only for homes with a value high enough to have a mortgage that provides deductibility. And I thought the cool idea today was housing affordability. Now the argument is to support home prices and keep them high! Who knew.

[[and to your other post...)

Yes, Mitts $396 is less to him than your $250 might be. But Mitt's $396 is more money removed from government pockets that ought to be available to help those in need and at risk. But I'm OK with it if you want the rich to have more cash in their pockets instead of sending it to Washington. It just doesn't make progressive sense. Down with the mortgage deduction! Down with the rich!