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Elimination of 401(k) tax deduction

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  • #16

    As long as I don’t end up paying more tax than before, I don’t care if all of the deductions go away.

    I think that if everyone feels the same way, there cannot be any change. There will be winner and losers, and nobody wants to be a loser.

    But nobody buys a bigger house so they can get a bigger deduction. 
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    True, I no longer have a mortgage and therefore not a dog in this fight. I do believe that the mortgage interest deduction (by putting more cash in the pocket of homeowners with mortgages), consciously or subconsciously, helps to prop up the real estate market and would expect that if this were eliminated, home prices would soften.
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    Looking across the whole market, since it's a real economic impact, it should have some real effect on the market.  But each home purchase is inherently anecdotal.  It's a sea of people making individual decisions.  I'm sure the mortgage interest deduction allows many higher end borrowers to justify taking a bigger mortgage than they ordinarily would, but are there enough of those guys to make a difference?  Perhaps.

    But as someone who is shopping for a new house, anything that softens the market is OK in my book.   :lol:


    • #17
      WCICON24 EarlyBird

      As for Trump not filling his cabinet, that has more to do with Democrats throwing a tantrum and not allowing multiple confirmations to occur per day as has been the custom with previous administrations.
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      Trump has filled his cabinet.

      If you are suggesting that the Trump admin has many unfilled, sub-cabinet level positions because of "temper tantrums" on the part of the opposition party, you literally could not be more wrong.