When this report is issued and the debate then begins ... the National Association of Home Builders is going to do its damnedest to protect the preferred treatment of housing in the tax code.
The biggest tax hike for home owners ever considered.
Put an immediate chill on the housing markets and reverse almost a century of housing policy.
The Generation X-ers who are becoming home buyers right now want more amenities, and they are willing to trade away space to get them.
They're not in a position to help right now.
No one has gone through anything like this before.
The proposal would limit your ability to get any tax break for the mortgage interest you pay. Economists are estimating that this would drop house values by 15 to 20 percent.
Unfortunately, these kinds of storms not only bring out the best in people but also the worst in people. The people down there in New Orleans are going to be depressed, and they are going to be easy prey for a lot of these scoundrels.
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