- Nov 26, 2011
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One widely cited 1996 study by Dennis Capozza, Richard Green, and Patric Hendershott estimated that eliminating the mortgage interest and property tax deductions would reduce housing prices in the short term by an average of 13 percent nationwide, with regional changes ranging from 8 to 27 percent.
http://www.taxpolicycenter.org/Uplo...erest-Deduction-Affect-the-Housing-Market.pdf
Your MID is cancelled out by higher home prices. You gain nothing.
Who benefits from higher home prices? Bankers, brokers, realtors, and home builders.
In other words, your "deduction" is being taken from your pocket and transferred into the pockets of bankers, brokers, realtors, and home builders.
Retards. That's why that real estate lobby spends over $100 million a year in Washington to keep the MID alive. They profit from the MID to the tune of $95 BILLION a year.
Suckers.