GOP Blueprint for Overhauling U.S. Tax Law, A Better Way?

[Jim Keisker]

I am very much a rookie in the real estate investment game and am just starting the process of buying my first rental property.  One of the ideas that sold me on real estate investing is that real estate is a "multi-dimensional asset," as described by experts, like Jason Hartman.  That is, if we play our cards right as investors, we should be able look forward to benefits such as:  asset depreciation, mortgage interest deductions, cash flow and asset appreciation.  However, in today's copy of the WSJ Business and Financial section there is an article titled "The Property Sector Braces for a Tax Upheaval."  According to this article, authored by Richard Rubin," the GOP has a blueprint for overhauling the U.S. tax law that may affect some of these multi-dimensional aspects of real estate that investors hold so dear.  For instance, according to Rubin, "the GOP blueprint calls for the elimination  of the deduction for state and local property tax."  Also, according to Rubin, the GOP plan calls for the elimination of depreciation.  Instead, investors would be able to treat the entire cost of buying the property, minus the cost of the land, as a business expense.  Has anybody else read this article?  I am wondering to what extent this "GOP Blueprint" might have on real estate investments going forward?