Right now the deduction does not apply to homes worth over 1 million bucks. They may half it to 500k. Personally, it doesn’t effect me, I could care less.
You are naive economically. There is no way this would not effect you.
No way Obama pulls the trigger on this one, since halving the deduction to 500K would cost his party the vast majority of voters in the People’s Republic of California, and the Worker’s State of New York.
Do any shopping at a small business? Gun store, groceries, gas station, garden store, etc.?
Do you think they will eat the cost of the extra taxes, or pass the costs on to their customers?
And when the government finds out that cutting the mortgage deduction by half didn’t raise enough money, what do you think they’ll do next, now that they have their “foot in the door”?
A: Half it again to $250K or eliminate it entirely.