Elimination of interest deduction. Ouch!!

[Rich Weese]

There was a lot of talk on finance programs today about obama going for an elimination of the interest deduction. What will this do to owner occupied homeowners? What will it do to investors?
My input is that home owners will handle ity ok. I'm worried about the investors. It would most likely move every investor into a higher bracket. Those that have lots of properties would really take a hit. I don't know at that point if it would make sense to hold or sell. What say you?
It has always been a significant part of the return and benefit of owning. I assume there would be a transfer of equities from the U.S to other countries that may show a better return, if there are any. Canada, I believe, doesn't have an interest deduction currently either. Maybe that is why their "tax freedom day" is consistently later than us. Rich

[Eric M.]

Originally posted by NC Mark:

And I especially liked how Steve Forbes predicted we'd have a flat tax in five years!

I think you were watching a tape from 1995 when he predicted that...or maybe 1999 when he predicted it again...or every other year that he has predicted this for the past 15+ years. Hey, maybe one day he will actually be right. Most likely he'll continue to predict and continue to be wrong. The voters have never shown his plan much love.