[johnny r]

What is not mentioned in the article is that the deductibility of home mortgage interest is incorporated into the value of the assets. As such, elimination of the deduction will cause the effected segment of the housing market to collapse. This is essentially what happened in the late 1980's.

[Wristpin]

"What is not mentioned in the article is that the deductibility of home mortgage interest is incorporated into the value of the assets. As such, elimination of the deduction will cause the effected segment of the housing market to collapse. This is essentially what happened in the late 1980's." OH I dunno about that.... Got many friends with a $25K per month mortgage? I've seen some on TV..Arian Huffington comes to mind. Lives in a $7 Million Dollar home but paid less than $150 in Federal Income tax one year.

[Thermalseeker]

As such, elimination of the deduction will cause the effected segment of the housing market to collapse.

As it was with the so-called "Luxury Tax" a few years back. This "tax on the rich" nearly collapsed the pleasure boat industry, among others.....

[hripka]

What is not mentioned in the article is that the deductibility of home mortgage interest is incorporated into the value of the assets.

True, but that doesn't go far enough. A change in the tax system will change EVERYTHING. Go see

Winners and Losers under the 'FairTax'
http://www.freerepublic.com/focus/f-news/1493038/posts