Tuesday, December 18, 2012

At Least Three-Fourths of Homes Impacted by End of Mortgage Interest Deduction in Blue States

Beautiful Inglewood CA track home 4/3. Zillow 12/2012 $637k
Are the Republicans targeting the mortgage interest deduction as a source of tax revenue (estimated at $100 b per year), because the "rich" who would be impacted are mostly Democrats?  You see, only homes with mortgages over $400,000 are significantly impacted.  Where are the vast majority of homes with those valuations.  New York and California.  Add in Chicago, Boston, and Washington DC, and you have covered all but the mansion class in the rest of the country.  And what do NY, CA, MA, IL, and DC have in common.  They are all solid blue.  

For the hapless remaining Republicans that haven't left California for Texas, they may feel stung by Boehner's and Romney's version of class warfare.  But the Democratic Senators and Congressfolks from those districts are unlikely to fight against changes in the mortgage interest deduction that impact the rich, even if it is their own constituency. 

By the way, if you are a Californian who needs a mortgage, be sure to give us a call at 310-295-6213 and ask for Bill.


1 comment:

  1. Are the Republicans targeting the mortgage interest deduction as a source of tax revenue (estimated at $100 b per year), because the "rich" who would be impacted are mostly Democrats? hard money lenders California

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