Dropping the mortgage tax deduction will definitely help the waning real estate market. There is nothing as effective as knowing your taxes are going up to cause people to run out and buy real estate.
Hey everybody, if you buy real estate, you get to deduct the mortgage interest. Ho-Hum.
Hey everybody, if you buy real estate, we took away that pesky tax deduction for the mortgage interest so now you don't have to mess around with reporting it and reducing your taxes! YAAAA!!!!!
BOOYAH!!! Now I'll go out and buy some real estate after my taxes just went up!!!!!!
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