A close look on the mortgage part of the advice confirms me that


送交者: psycho 于 2005-10-23, 13:00:32:

回答: I had read nothing besides your description. 由 psycho 于 2005-10-23, 12:14:24:

it hurts the middle class in the coastal expensive real estate market (hey, why should we care about those liberal gay San Fransiscoers?) and upper middle class elsewhere.

"While details are still being worked out, the bipartisan panel is leaning toward lowering the cap for mortgage deductions to about $300,000, disallowing deductions for interest payments to the extent the mortgage exceeds that amount. That would put the deduction more closely in line with the Federal Housing Administration's maximum insurance on loans. Currently, the deduction cap is $1 million. "

I still don't understand whether this threshodl is marginal or not. If it is, those with a house more than $1 million had deduction of the interest of amount up to that $1m. Now the highest amount of their increased payment is 700k*interest*apporpirate marginal rate. Biggest in absolute value, but you need to compare it with the income of those able to live in a house with $1m (actually more than that as you need down payment). If not marginal (i.e. if your mortgage is more than $1m or exactly that number, you can not deduct ANY interest from your income. And there is a different b/w 999.999k and 1m), those in these houses have no lost.

Those with a mortgage of $400m needs to paid 100m*interest rate*marginal rate if the threshold is marginal, or 400m*interest rate *marginal rate if not marginal. With the median home price is $220k and suppose the mortgage rate is about 70% of the house price (I don't the reasonable number, so don't picky on it), this is not very generously exclusive to the middle class homeowner. I guess those in New York or Bay area middle class and even lower middle class hits the hardest.



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