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Politics : Politics for Pros- moderated

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To: LindyBill who wrote (142532)	10/12/2005 8:54:16 AM
From: unclewest	Read Replies (1) of 793914

Hello, Real Estate Crash ...tax reform panel evidently thinks cratering the U.S. real estate market is great tax reform. Capping deductible mortgage interest on loans as low as $350,000 -- down from the current $1 million -- will make real estate more expensive to own, and hence, less attractive. I haven't seen that tax proposal. It does need to be looked at closely. The 1987 tax law changes, that limited deductions on investment property, created negative cash flow out of positive cash flow investments resulting in a huge loss of value. This caused the death of the savings and loan industry and led us into a deep recession. The increasing costs of energy are likely enough to plunge us into a recession and soon, we don't need single item tax reform to dig the hole deeper. And I am not saying this out of concern for my own pocket. this change won't affect me as I no longer have a mortgage. The IRS code must be changed, but not one deduction at a time with no consideration given to the big picture.

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