Quote:
Originally posted by taxwonk
The proposal is to eliminate the deduction for new home mortgages and to phase out the deduction for existing mortgages over five years.
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Eliminating for new mortgages, while understandable, creates a massive problem for anyone looking to buy a new house or sell their old one. Dropping the deduction will have an effect on housing prices. So to reduce the severity of that, one needs to gradualize that effect. So one needs to phase out for existing and new mortgages.
