Here’s your chance to catch up with news included to inform, enlighten and perhaps even entertain you. To read about The Big Apple, check out the other of today’s posts and look for Out and About early next week.
A caller last week was worried about the investment condo he had purchased this year.
His concern centered on the a particular item in the draft plan floated by Erskine Bowles and Alan Simpson, co-chairs of President Obama’s fiscal commission. After this post was published early today, they coincidentally released their 59-page report.
Their recommendations for deficit reduction must be approved by 14 of the panel’s 18 members, accepted by the administration, and passed by the Senate and House to be implemented. I don’t hear many of those members embracing that sodden turkey. (Sorry, but I’m still digesting.)
The item that had my caller concerned was elimination of the tax deduction for mortgage interest, Continue reading →
Abolishing the mortgage-interest deduction would replenish the nation's coffers. (Flickr photo by hto2008)
If anything I have posted so far hasn’t made me a pariah among my professional peers, this piece may well do that.
A column I read in the New York Times on Saturday got me thinking, again, about the question of U.S. government policy of supporting home ownership (which has fallen a couple of points to around 67 percent since the housing bust) by allow a tax deduction for mortgage interest.
In his provocative article, Joe Nocera quotes several economists and questions the policy. Why does the policy represent a cow so sacred that it cannot be slaughtered, not even touched?
That cow, of course, is that that home ownership fulfills the American dream. To my mind, heretical as it may be for a real estate broker to ask, hasn’t the time come to send that old cow to pasture? Continue reading →