The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: MulhollandDrive who wrote (43482)	10/21/2005 8:01:06 PM
From: Lizzie Tudor	Read Replies (2) of 306849

did you miss the discussion? The issue is that the fed wants to cap mortgage interest deductions on the dollar. So say the cap is 500K. The problem is you can live like a king like that in the midwest. In CA you are buying a dump. You cannot impose price based property tax or mortgage deductions and expect it to be fair. The coasts end up subsidizing the midwest again, and the new buyers pay the most. If they want to cap mortgages to say, one single family home or one "modest" home, the better metric is square footage. I actually think the right thing to do is just keep the deduction to ONE home per family. That would solve most of the problem imho. Pardon me if I'm missing the sarcasm in this dialogue. edit- ok I read your post again. I think you think we are talking about REAL ESTATE taxes, local taxes. We are not. The federal tax code is being revisited, these are federal deductions and 2 things on the table are capping the mortgage interest deduction and removing the state income tax deduction. Now personally I think both of these are DOA. But anyway thats whats on the table.

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