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View Diary: Conservative pundit explains why Republicans are screwed on taxes (137 comments)

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  •  I worry about the effect (0+ / 0-)

    on housing affordability for middle class folks on the coasts if these deduction limits come to pass.

    Buying a moderate house in cities like Boston, DC, metro NYC, SF, or LA is already a financial nightmare for many families, and the mortgage deduction is often what lets people step into a more walkable neighborhood, or one with better schools, etc.  

    The devil's in the details, of course, but even a $35k cap could easily hit cash strapped families with childcare expenses and student loans.  This will get worse when interest rates inevitably rise.  At 7%, a $300,000 mortgage means $20k in interest in the first year.

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