We've been hearing about it and it hasn't received enough votes to be put on the ballot. But, really? Take away the Mortgage Interest and Property Tax Deduction? Would that be a wise idea?
Everyone looks forward to tax time with a great amount of dread. Yet, for homeowners, the deduction of property taxes and mortgage interest paid has always helped to reduce the total amount due. I enjoy it, surely every other homeowner enjoys it as well. Makes paying income taxes less dreadful.
If it is taken away and property values are still in decline mode? In my opinion, that's just the icing on the cake to make some borrowers go over the edge to the next step. Let their property fall into default. And, then what happens? We have even more foreclosed properties.
I get that it would help with the economic situation, sort of....
But it's a band-aid for a bigger wound that would surely open....and bleed our economy even more.
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