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Surely the MID would need to be slowly phased out or just capped?
by dcdanko 9y ago
Surely the MID would need to be slowly phased out or just capped?
- rootusrootus 9y agoI would think so. Assuming it was politically feasible at all, it seems like it would need to be phased in. Or at least announced quite publicly that loans originated after a particular date could not have their interest deducted. It's not particularly fair to existing homeowners to eliminate the deduction after they've already purchased a house.
- TheCoelacanth 9y ago> Or at least announced quite publicly that loans originated after a particular date could not have their interest deducted That would probably cause a crash in the housing market and leave many homeowners underwater on their mortgages. Phasing it out gradually seems like a better approach to me.