Comments 1 - 12 of 12 Search these comments
Of course, but it won't.
Interesting, I didn't realize there were that many renters here.
The MID benefits banks, by increasing the amount of interest paid to banks. It also benefits realtors, by keeping purchase prices artificially higher than they would be
And about half of the public (houseowners) would lose equity right away if the MID were eliminated, because new buyers would have to pay all the interest with after tax income, meaning they could not pay quite as much interest.
This means lower prices = lower equity.
aren't renters paying all that interest now, but to the landlord, and not getting any tax deduction for it? That hasn't effected home prices, the rents keep going UP!
They pay the landlord's interest as part of their rent payment (along with the property taxes and insurance). They just don't get the tax deduction.
http://www.mercurynews.com/2017/11/17/borenstein-nix-the-mortgage-interest-deduction-but-not-like-this/