An advisory panel for tax reform recommended a huge reduction in the tax deduction for homeowners, and elimination of state and local tax deductions for federal taxes.
I’m still trying to figure out how this would affect me. I do have a feeling that we are going to get screwed. But then again, I’m not so sure. The places the NYT talks about have housing that is much more expensive than here in Greensboro, so maybe it won’t be so bad.
In any event, these are just recommendations. And I think any politician that endorses this would get attacked as being against home ownership. So I think when it comes down to it, we’ll just see more of the status quo.
What do you think? Do you think that these recommendations will actually be implemented?