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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (39054)	10/12/2005 2:00:23 PM
From: CalculatedRisk	Read Replies (1) \| Respond to of 116555

I have to think about this ... In the county I live (Orange County, CA), the median home price is $650K or so. A typical new mortgage must be $500K+. Limiting the mortgage deduction to first $350K of mortgage would be significant. Strangely, where I live, this probably will not have any impact. The current limit of $1 million was passed long ago for anyone putting down 20%. So this seems to be a proposed tax increase on the middle class in more expensive states, but has no impact on the higher income / wealthy Americans. That is my first read ...