Homeowners Could Lose Their Mortgage Deduction

Ax May Fall on Tax Break For Mortgages

SNIP:

"The popular tax break for mortgage interest, once considered untouchable, is falling under the scrutiny of policymakers and economic experts seeking ways to close huge deficits."

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Should homeowners and investors lose the tax deduction they now enjoy they would have to recalculate the value of ownership. I dont think it would bode well for property prices and it would certainly reduce the amount of disposable household income putting downward pressure on consumer spending during already frugal times.